Commercial Aircraft Maintenance, Repair, and Overhaul (MRO) Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by MRO Type (Airframe, Engine, Component, Line), and Geography

Market Snapshot

commercial aircraft MRO market over
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

4.35%

Key Players:

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Market Overview

The commercial aircraft MRO market is estimated to register a CAGR of 4.35% during the forecast period, 2019 - 2024.

  • With the growing air traffic, carriers are more inclined toward maintaining the health of their current fleet, going for new aircraft only if they have no other option, since the cost of buying a new aircraft is considerably higher than the cost for the maintenance of the current fleet. Different airports have introduced improvement processes to enhance efficiency, and several are using new technological systems to gain additional upgrades and prepare for the bigger data requirements of next-generation aircraft, and this shall lead to the growth of the market in the near future.
  • Governments have started various initiatives to encourage airports to support MRO as a strategic activity. Various holistic approaches are now being undertaken by the governments to ensure that adequate space is mandatorily allocated at various airports within the country for MRO, and this shall lead to an enhancement in terms of commercial aircraft MRO in the years to come.

Scope of the Report

Aircraft MRO refers to overhaul, inspection, repair, or modification of an aircraft or its component. The market study covers the MRO services only for commercial aircraft, not for military and general aviation aircraft.

MRO Type
Airframe
Engine
Component
Line
Geography
North America
Europe
Asia-Pacific
South America
Middle East & Africa

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Key Market Trends

Engine Segment is Expected to Grow at a High Pace

Currently, the engine MRO segment has the highest share out of all the segments and is expected to have the highest growth during the forecast period. The global air passenger traffic is growing at a steady pace, which has forced the airlines to increase their flight movements and to introduce new aircraft. Since engines are the most vital part of an aircraft, that supports the propulsion of the aircraft, regular engine maintenance checks and repairs generate large revenues for the engine MRO providers. Also, the engine experiences the highest percentage of damage, among the other major aircraft components. According to FAA, aircraft engines were the component most frequently reported as being damaged by bird strikes, between 1990 and 2017, and accounted for 27% of all the damaged components. Such unavoidable incidents, in several instances, lead to the overhauling of the engine. Such factors are supporting the growth of the engine segment during the forecast period.

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Asia-Pacific is Expected to See the Highest Growth

At present, Asia-Pacific is generating the highest revenue in the commercial aircraft MRO market. Singapore dominates the MRO market in Asia. In the recent years, several other Asian countries have also increased their investment in MRO facilities, trying to replicate the success of Singapore and Hong Kong in this sector. Low-cost carrier, to some extent, has changed the face of civil aviation in Asia. In tandem with the rise, the market for aircraft maintenance is also changing, as companies in countries like Indonesia and Thailand are also entering the market to challenge the dominance of established Singaporean players. Government policy also plays a key role, and the Singaporean government has been very forward-looking in supporting the aerospace industry. With the growing frequency of flights to and from the Asian countries, the demand for MRO centers is expected to rise in this region in the coming years. Moreover, due to the huge potential of the Asia-Pacific aviation market, several global players are establishing new centers in the region to cater to the growing demand.

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Competitive Landscape

The commercial aircraft MRO market is highly fragmented, with only a handful of players controlling the market. TAP M&E is currently the largest player in the market, followed by United Technologies Corporation, Lufthansa Technik, ST Aerospace, and L3 Technologies. The MRO operation per aircraft is expected to decrease in frequency compared to older aircraft, due to improvement in technology and advancement in the engine and structural design of aircraft. The long aircraft order backlog will force older aircraft to run longer shifts and as population rises, globally, the active aircraft fleet will find it difficult to cater to the required capacity demand. Commercial airline MRO is expected to be active during the forecast period, as airlines compete to bring in more passengers and provide better facilities inside the aircraft cabin. Joint ventures between the players can help the companies strengthen their market presence.

Major Players

  1. TAP M&E
  2. GE Aviation
  3. Lufthansa Teknik AG
  4. United Technologies Corporation
  5. L3 Technologies Inc.

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 MRO Type

      1. 5.1.1 Airframe

      2. 5.1.2 Engine

      3. 5.1.3 Component

      4. 5.1.4 Line

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 South America

      5. 5.2.5 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Vendor Market Share

    3. 6.3 Company Profiles

      1. 6.3.1 AAR Corp.

      2. 6.3.2 Delta TechOps

      3. 6.3.3 General Electric Company

      4. 6.3.4 Hong Kong Aircraft Engineering Co. Ltd

      5. 6.3.5 Lufthansa Technik AG

      6. 6.3.6 L3 Technologies Inc.

      7. 6.3.7 United Technologies Corporation

      8. 6.3.8 SIA Engineering Company Ltd

      9. 6.3.9 TAP Maintenance & Engineering

      10. 6.3.10 Singapore Technologies Engineering Ltd

      11. 6.3.11 MTU Aero Engines AG

      12. 6.3.12 Rolls-Royce Holding PLC

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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