Feb 22, 2022   SOURCE: BusinessWire

Global Aircraft Component MRO Market Outlook 2022-2027: RFID Services Continue to be Outsourced by Many Airlines - ResearchAndMarkets.com

The "Aircraft Component MRO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global aircraft component MRO market reached a value of US$ 18.3 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 24.5 Billion by 2027, exhibiting a CAGR of 4.9% during 2022-2027.

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use sectors. These insights are included in the report as a major market contributor.

Aircraft component MRO, also known as maintenance, repair and overhaul, is a set of administrative, managerial, and supervision activities. They are employed for restoring aircraft components to their original state of performance and function. MRO in the aeronautical industry has strict and precise requirements stated by the airworthiness authorities to guarantee the safety of cargo, passengers and aircrew. It plays a vital role in maintaining product quality, reliability and availability.

The services encompass components including mechanical actuators, avionics and electronics, fuel systems and carburetors, and landing gear and auxiliary power units (APUs).

Market Trends:

Over the past few years, airline operators and OEMs have been using radio-frequency identification (RFID) in the commercial aerospace component MRO market to enhance the cost-effectiveness of the services provided by them. However, airline companies are now outsourcing these activities to third-party organizations for contract organizations.

As aircraft component MRO accounts for a significant portion of airline expenses, this trend has created numerous growth opportunities in the market. In addition to this, improving economic conditions in regions like the Middle East, Asia and Africa has led to the demand for low-cost air travel services.

Apart from this, the introduction of innovative software technologies has helped OEMs in fulfilling the airworthiness standards of EASA and FAA. Such software programs offer features like labor-hour tracking, maintenance scheduling, and service bulletins for airline operators and service providers.

Key Market Segmentation:

This report provides an analysis of the key trends in each sub-segment of the global aircraft component MRO market, along with forecasts at the global and regional level from 2022-2027. The report has categorized the market based on aircraft type, component and application.

Breakup by Aircraft Type:

  • Narrow Body
  • Wide-Body
  • Regional Jets/Turboprop

Breakup by Component:

  • Fuselage
  • Empennage
  • Landing Gear
  • Wings
  • Engine
  • Others

Breakup by Application:

  • Commercial Air Transport
  • Business and General Aviation
  • Military Aviation

Breakup by Region:

  • Europe
  • North America
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being:

  • Delta TechOps
  • Lufthansa Technik AG
  • Air France Industries KLM Engineering & Maintenance
  • Hong Kong Aircraft Engineering Company Limited
  • Honeywell International Inc.
  • ST Engineering
  • AAR Corp.
  • Barnes Aerospace, Inc. (Barnes Group)
  • FL Technics (Avia Solutions Group)
  • Turkish Technic Inc. (Turkish Airlines)

Key Questions Answered in this Report:

  • How has the global aircraft component MRO market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global aircraft component MRO industry?
  • What has been the impact COVID-19 on the global aircraft component MRO industry?
  • What is the breakup of the market based on the aircraft type?
  • What is the breakup of the market based on the component?
  • What is the breakup of the market based on the application?
  • What are the various stages in the value chain of the global aircraft component MRO industry?
  • What are the key driving factors and challenges in the global aircraft component MRO industry?
  • What is the structure of the global aircraft component MRO industry and who are the key players?
  • What is the degree of competition in the global aircraft component MRO industry?
  • What are the profit margins in the global aircraft component MRO industry?

For more information about this report visit https://www.researchandmarkets.com/r/2yqwpl