Narrowbody Aircraft MRO Market
Narrow body Aircraft MRO Market Size is expected to reach USD 87 Billion by 2030, registering a CAGR of 4.56% during 2020-2030.
The global Narrowbody Aircraft MRO Market Insights is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global market of narrowbody aircraft MRO will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2030, which will be a surplus growth at a moderate CAGR during the projected period (2020 -2030).
Many new narrowbody aircraft MRO centers have been set up in numerous countries in recent years. This increases the participation of manufacturers in the field of narrowbody aircraft MRO service. Moreover, the growing demand for narrowbody aircraft MRO equipment’s that satisfy the demand for aircraft fleet expansion. The expansion of aircraft fleet is estimated to rise in aircraft MRO expenses and as well as it is expected to add to the growth of the market. However, the high cost of repair and replacement, retrofit of older aircraft with upgraded systems, and environmental hazards acts as a barrier to the growth of narrowbody aircraft MRO market.
The growing demand for the low-cost aircraft directly has an impact on the market. Moreover, the factor responsible for the growth of narrowbody aircraft MRO market increased procurement of narrowbody aircraft, outsourcing of MRO activities, and usage of 3D manufacturing in aircraft components. This is the primary factor that drives the growth of the narrowbody aircraft MRO market and has gained prevalence in the recent times, with the usage of best in class technologies in aircraft. Narrowbody aircraft has a lesser capacity than the wide-body aircraft, they are larger in number. These planes generally fly over short routes, and are, thus suited to cater to budget travellers. Thus, the growth of the narrowbody aircraft MRO market is expected to go hand in hand with the growth of low-cost carriers in the aircraft industry.
The expansion of the military aircraft fleets, which has resulted in the development of a set of narrowbody aircraft MRO market. The increased focus of manufacturers on narrowbody aircraft MRO will lead to an increase in the use of military aircraft, due to which there will be growth in market. The expansion of the existing military aircraft fleets along with the launch of new airlines would result in increased narrowbody aircraft MRO the forthcoming years. Hence, it is expected that the rapid fleet expansion would eventually drive the market. Moreover, the popularity of radio-frequency identification (RFID) and integration of portable devices for an effective turnaround, will drive the growth of narrowbody aircraft MRO market during the forecast period.
GE Aviation, Honeywell Aerospace, Lufthansa Technik, Pratt Whitney, Rolls-Royce, Air Works, Jet Maintenance Solutions, GMF AeroAsia and Singapore Technologies Aerospace and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Narrowbody Aircraft MRO Market Players.
The global Narrowbody Aircraft MRO Market Outlook is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding.
Segmentation by MRO Type: Comprises Airframes and Modification, Components, Engine and Line Maintenance
Segmentation by Platform: Comprises Military and Commercial
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia-Pacific, Middle East Africa and South America.
North America region market is dominating the market of narrowbody aircraft MRO market due to growth in air traffic in the international long-haul routes. The market in the developed countries is largely driven by fleet size expansion which helps in growth of market.
European region is referred to as the second largest narrowbody aircraft MRO’s market due to factors such as presence of major MRO service providers have fuelled the demand for narrowbody aircraft MRO market.
Industry/ Innovation/ Related News:
November 2014 – Air works India has formed a joint-venture with Nepal-based Yasaka Investment that will provide aviation maintenance services to international airlines.
March 2018 - Lufthansa Technik AG have signed a Total Component Maintenance contract for Jet Airways' narrowbody fleet of 80 Boeing 737NG, with single components repaired in a closed-loop and flat rate-based pro
Narrowbody Aircraft MRO Market Research Report: Information by MRO Type (Airframe Modification, Component, Engine and Line Maintenance), Aircraft Type (Fixed-Wing and Rotary-Wing), Application (Commercial Air Transport and Business General Aviation) and Region (North America, Europe, Asia-Pacific, Middle East Africa and Latin America) - Forecast till 2030
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