Global Aircraft Engine MRO Market Forecast to 2028 – Expected Future Aircraft Delivery Will Bring Lucrative Opportunities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The report “Aircraft Engine MRO Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Engine, Application and Aircraft Type” has been added to from ResearchAndMarkets.com offer.
The Aircraft Engine MRO Market size was valued at US$32.04 million by 2028, from US$22.15 million in 2021; it is expected to grow at a CAGR of 5.7% over the period 2022-2028.
Aircraft engine MRO providers offer several services, such as routine engine maintenance. Some aircraft engine suppliers are focused on manufacturing one or two engines, while others have large multi-purpose engine portfolios. All aircraft engines require routine maintenance and daily checks before aircraft flight. In transition, the aircraft fleet is redefining the aero engine MRO market due to the many permanent retirements of older aircraft.
The popularity of narrow-body aircraft has been increasing since 2021 due to decisions by the European Union Aviation Safety Agency and the Federal Aviation Administration to recertify commercial use of the Boeing 737 MAX. In 2021, more than 23,700 aircraft flew, of which more than 14,000 were narrow-body aircraft, due to this, the narrow-body segment accounted for a significant share of the global aircraft engine MRO market share.
The ecosystem of the aircraft engine MRO market is evolving. In addition, major players occupy positions in the first node of the Aircraft Engine MRO market ecosystem. Additionally, engine manufacturers and MRO service providers provide maintenance, repair and overhaul services to commercial airlines, military forces and general aviation owners.
Companies such as Delta Airlines, Inc.; GE Aviation; CFM International; Lufthansa Technik; MTU Aero Engines SA; SIA Engineering Society; Sigma Aerospace; Safran SA; Raytheon Technologies Company; and Rolls-Royce PLC are among the leading manufacturers in the aircraft engine MRO market. These companies are engaged in providing a wide range of aircraft engine MRO services to end users, such as commercial airliners, military forces, general aviation owners and other customers.
In February 2022, Safran Helicopter Engines signed a Memorandum of Understanding (MoU) with engineering to study the use of Sustainable Aviation Fuel (SAF) in helicopter engines, with the aim of helping operators in helicopters in their transition to the use of SAF.
In March 2022, Safran signed a “Memorandum of Understanding” with Hindustan Aeronautics Limited (HAL) to expand their cooperation and explore opportunities for new helicopter engines in the civil and military markets, reflecting their commitment to the Indian government’s vision “Atmanirbhar Bharat” towards achieving autonomy in defense technologies and MRO (Maintenance, Repair and Overhaul).
The Aircraft Engine MRO Market study is segmented into Engine Type, Application, and Aircraft. Based on the engine, the aircraft engine MRO market is segmented into turbine engines and piston engines. In 2020, the turbine engine segment dominated the aircraft engine MRO market with a larger share. Based on application, the market is segmented into commercial aviation, general aviation, and military aviation. In 2020, the commercial segment accounted for the largest share of the global aircraft engine MRO market. Based on aircraft type, the market is segmented into fixed-wing aircraft and rotary-wing aircraft.
Fixed-wing aircraft dominated the aircraft engine MRO market in 2020 with a larger share. By geography, the market is primarily segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2020, Asia-Pacific accounted for a major market share of the aircraft engine MRO market.
Post-pandemic aircraft ground recovery boosts aero-engine MRO market
Strict government regulations on carbon emissions
Suspension of older aircraft fleets is hampering market growth
Expected future delivery of aircraft will provide a lucrative opportunity for the aircraft engine MRO market
Growing demand for fuel-efficient aircraft
Delta Airlines, Inc.
MTU Aero Engines AG
SIA Engineering Society
Raytheon Technologies Corporation
Rolls Royce API
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