Aug 22, 2022   SOURCE: BusinessWire

Global Aircraft Engine MRO Market Forecast to 2028 - Expected Future Delivery of Aircraft Will Bring Lucrative Opportunities - ResearchAndMarkets.com

The "Aircraft Engine MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Engine, Application, and Aircraft Type" report has been added to ResearchAndMarkets.com's offering.

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% during 2022-2028.

Aircraft engine MRO providers are offering several services, such as routine engine maintenance. Some aircraft engine providers focus on manufacturing one or two engines, whereas others have large engine portfolios for multiple uses. All the aircraft engines require routine maintenance and daily check before aircraft fly. In transition, the aircraft fleet redefines the aircraft engine MRO market because of many permanent retirements of older aircraft.

The popularity of narrow-body aircraft has been growing since 2021 due to the European Union Aviation Safety Agency and Federal Aviation Administration's decisions to recertify Boeing 737 MAX commercial use. In 2021, more than 23,700 aircraft flew, out of which more than 14,000 were narrow-body aircraft, owing to this the narrow body segment accounted for a significant share in the global aircraft engine MRO market share.

The aircraft engine MRO market ecosystem is evolving. Further, major players occupy places in the first node of the aircraft engine MRO market ecosystem. Moreover, engine manufacturers and MRO service vendors 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 AG; SIA Engineering Company; Sigma Aerospace; Safran S.A.; Raytheon Technologies Corporation; 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) withs Engineering to study the use of Sustainable Aviation Fuel (SAF) in helicopter engines, with the objective of assisting helicopter operators in their transition to the use of SAF.

In March 2022, Safran signed a "Memorandum of Understanding" with Hindustan Aeronautics Limited (HAL) to extend their cooperation and explore opportunities for new helicopter engines in civil and military markets, reflecting their commitment to the Indian Government's vision of "Atmanirbhar Bharat" towards achieving self-reliance in defence technologies and MRO (Maintenance, Repair and Overhaul).

The aircraft engine MRO market study is segmented into engine, application, and aircraft type. Based on engine, the aircraft engine MRO market is segmented into turbine engine and piston engine. In 2020, the turbine engine segment led 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 in the global aircraft engine MRO market. Based on aircraft type, the market is segmented into fixed wing aircraft and rotary wing aircraft.

The 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), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant market share of the aircraft engine MRO market.

Market Dynamics

Drivers

  • Resuming of Grounded Aircraft Post- Pandemic is driving the Aircraft Engine MRO Market
  • Stringent Government Regulations Related to Carbon Emissions

Restraints

  • Suspension of older aircraft fleets is restraining the market growth

Opportunities

  • Expected Future Delivery of Aircraft will bring lucrative opportunity for Aircraft Engine MRO Market

Future Trends

  • The increasing demand for fuel- efficient aircraft

Companies Mentioned

  • Delta Airlines, Inc.
  • GE Aviation
  • CFM International
  • Lufthansa Technik
  • MTU Aero Engines AG
  • SIA Engineering Company
  • Sigma Aerospace
  • Safran S.A.
  • Raytheon Technologies Corporation
  • Rolls-Royce PLC

For more information about this report visit https://www.researchandmarkets.com/r/ci6yhe