Airframe MRO Market is expected to reach US$ 32,896.27 by 2030
Retrofitting of Older Aircraft Fleet is Driving the Airframe MRO Market Growth
According to our latest market study on “Airframe MRO Market Forecast to 2030 — Global Analysis — by Aircraft Type and Component,” the market was valued at US$ 23,657.85 million in 2022 and is expected to reach US$ 32,896.27 million by 2030; it is anticipated to record a CAGR of 4.2% from 2022 to 2030.
Retrofitting, which refers to the installation or addition of newer technologies on older aircraft fleets, helps increase passenger comfort and safety and facilitates the airlines in maintaining their older fleets. Continuous advancements in aircraft technologies are resulting in the upgrade of MRO capabilities. MRO service providers are constantly seeking upgrades and procurement of newer technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. In the current scenario, global commercial airlines are keeping their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with the latest technologies. Hence, the integration of advanced and modern technologies into older aircraft fleets is expected to change the airframe MRO market landscape as well as revolutionize the aviation industry. In addition, there is a rise in demand for real-time data analytics, especially in technologically advanced potential regions such as Europe and North America, where the adoption of the above-mentioned technology is maturing at an exponential rate. The adoption of such technology has enabled many aircraft fleet owners to manage their maintenance schedules. Retrofitting such technology in older aircraft supports fleet owners in providing enhanced comfort and safety to their passengers with the help of timely maintenance. Thus, the retrofitting of older aircraft fleets is likely to create opportunities for the airframe MRO market growth during the forecast period.
Based on component, the airframe MRO market share is segmented into fuselage, wings and rotors, landing gear, and others. The airworthiness of an aircraft can be achieved by scheduling MRO activities of its components at regular intervals. The airframe MRO market has been analyzed on the basis of revenue generated from these MRO activities. The demand for each component’s MRO service is rising and is expected to grow at a steady rate during the forecast period. The cost incurred in fuselage MRO facilitates service providers to generate significantly higher revenues than other components. Also, the cost incurred in maintaining aircraft fuselage rises in new and aged aircraft fleets, which fuels the fuselage segment growth, and it is foreseen to continue growing during the forecast period. Thus, in 2022, the fuselage segment captured the largest market share; it is also likely to record the highest CAGR from 2022 to 2030. In addition, the future of landing gear and wings and rotors segments also seems to offer promising opportunities for airframe MRO market growth.
Airframe MRO Market Share — by Region, 2022
To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00031437
Source: The Insight Partners Analysis
Asia Pacific is a diverse region that houses more than 4 billion people and also comprises dynamic economies that cumulatively generate 35% of the global GDP. The aviation industry in the region is a pivotal contributor to its social and economic development. The growth of Asia Pacific airframe MRO market has been primarily attributed to the wide range of income levels and the rapidly growing middle-class population. This resulted in robust sales gains in fast-developing economies of Asia Pacific, such as India and China. The region is expected to create ample opportunities for providers of airframe MRO services. APAC has several growing economies, which are leading the growth of a variety of sectors, including aerospace, military & defense, and technology. Many emerging economies in APAC are attracting investment from the regulatory bodies to enhance technologies.
Numerous global players are expanding their MRO facilities across APAC. For instance, in July 2022, Safran AB (one of the leading suppliers of key aircraft components, including landing gear, wheels and brakes, and wiring) announced an investment of US$ 305 million in India to expand their MRO activities in the region. The company is also planning to invest US$ 204.15 million in one of the largest MRO facilities in the world, which is located in Hyderabad. Such investments by global players is anticipated to boost the growth of the airframe MRO market during the forecast period.
Shell Plc, BP Plc, Associated Energy Group LLC, Viva Energy Group Ltd., TITAN Aviation Fuels Inc., CSI Enterprises Inc., Total Energies, EPIC Aviation LLC, Avfuel Corp, and Kropp Holdings are among the key airframe MRO market players profiled during this study. In addition, several other important airframe MRO market players have been studied and analyzed during the study to get a holistic view of the airframe MRO market and its ecosystem.
Contact Us
Contact Us: The Insight Partners
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com
