Global Narrowbody Aircraft MRO Market by MRO Type (Airframes and Modification, Components, Engines, and Line Maintenance), by Platform (Military and Commercial), and by Region – Global Forecast to 2023.
Market Scenario
Air travel in developing countries is growing, thus, increasing the demand for aircraft maintenance services. Aircraft Maintenance, Repair, Overhaul (MRO) is crucial for sustaining the lifespan of narrowbody aircraft and assuring the crashworthiness of an aircraft. It consists of maintenances, overhauls, routine checks, repairs, and modifications disbursed on narrowbody aircraft and their elements. Many new maintenance and service centers have been set up in numerous countries in recent years. This increases the participation of regional manufacturers and tier-1 suppliers in the field of aircraft MRO. Moreover, the growing international trade between countries has increased the travel frequencies of cargo planes. Thus, it is essential to conduct timely checks or repairs of airplanes to ensure efficient performance and safe air travel. However, there are some shortcomings in the global narrowbody aircraft MRO market, such as high cost of repair and replacement, retrofit of older aircraft with upgraded systems, and environmental hazards.
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The global narrowbody aircraft MRO market comprises of the maintenance and repair of narrowbody aircraft components, engines, and air fins. Moreover, the aerospace industries are early adopters of emerging market trends in maintenance service, which has led to the development of aircraft MRO system. The rise in popularity of radio-frequency identification (RFID) and integration of portable devices for the effective turnaround is estimated to drive the market during the forecast period.
Although the narrowbody aircraft has a lesser capacity than the wide-body aircraft, they are larger in number. Some major narrowbody aircraft are Airbus A318, A319, A320, and A321; the Boeing B727s, and B737s. These planes fly over short routes, and are, therefore suited to cater to budget passengers. As of 2016, there have been over 15,000 narrow-body planes, across the world, which might get replaced by approximately 12,000 such planes by 2035. At the same time, there has been an increase in the number of low-cost carriers in the recent years that have propelled the market for narrow-body planes, globally. Therefore, there have been some developments in the aircraft MRO market for narrow-body planes, in the recent years.
The factors that are responsible for the growth of the global narrowbody aircraft MRO market are increased procurement of narrowbody aircraft, outsourcing of MRO activities, and usage of 3D manufacturing in aircraft components. Other key drivers expected to contribute towards the growth of narrowbody market is increased focus of OEMs on aircraft MRO service and rapid aircraft fleet expansion.
The global narrowbody aircraft MRO market is segmented based on MRO type, platform, and region. On the basis of MRO types, the engine MRO is widely used and captures the majority of global narrowbody aircraft MRO market due to the need for proper maintenance of engines and engine components. On the basis of platform, the commercial segment is estimated to grow at the highest CAGR during the forecast period.
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The market is segmented based on North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America is expected to dominate the market in the future, due to the growth in air traffic in the international long-haul routes. European region is second to Asia Pacific in the global narrowbody aircraft MRO aircraft market, due to the presence of major MRO service providers, such as Lufthansa Technik. Thus, the global narrowbody aircraft MRO market is estimated to witness approximately 5% CAGR during the forecast period of 2017-2023.
Key Players
The key players in the global narrowbody aircraft MRO market are GE Aviation (U.S.), Honeywell Aerospace (U.S.), Lufthansa Technik (Germany), Pratt & Whitney (U.S.), Rolls-Royce (U.S.), Air Works (India), Jet Maintenance Solutions (Lithuania), GMF AeroAsia (Indonesia), and Singapore Technologies Aerospace (Singapore).
Scope of Report
The report for Global Narrowbody Aircraft MRO Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macroeconomic and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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