Asia Pacific will contribute significantly toward the commercial aircraft MRO market. This growth is credited to the improving aviation sector across the region. Further, the increasing popularity of low-cost carriers along with the proliferating tourism sector is playing a major role in improving the industry share till 2024.
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Continuous requirement for refurbishment & maintenance of aircraft for optimum performance and complying to stringent government regulations are supporting the commercial aircraft MRO proliferation over the study timeframe. The introduction of efficient lean manufacturing techniques for producing aircraft along with the availability of multiple aircraft at varied price range is augmenting the market growth till 2024. Increasing preference of low-cost carriers with wide airline network is providing a positive outlook for the commercial aircraft MRO market growth.
Aircraft manufacturers are continuously investing in their manufacturing facilities for increasing their aircraft production to meet customer demands and clear backlogs. For instance, in 2018, Boeing announced the increase in production of 747 aircraft by 52 units, thereby contributing significantly toward lowering the aircraft production backlog and improving its commercial aircraft MRO market share over the forecast timeframe.
Commercial aircraft MRO market is classified into airframe, engine, and components. The daily operation of an aircraft across long distance affects the performance of the components considerably. The requirement for continuous and periodic maintenance services for aircraft after definitive flight cycles along with the replacement of aging components to comply with stringent regulations and maintain the aircraft airworthiness contributes majorly toward enhancing the commercial aircraft MRO market growth over the projected timeframe.
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Higher costs associated with aircraft maintenance, repair, and overhaul operations may limit the commercial aircraft MRO market growth over the forecast timeframe. Higher priced spare components along with higher aircraft downtime duration owing to complex operations involved for maintaining such aircraft may hamper the commercial aircraft MRO share till 2024. However, the introduction of advanced sensors and RFID technologies enables industry participants to easily sort and group their components, contributing significantly toward lowering the time involved in aircraft MRO operations.
Innovations in the MRO of aircraft including the incorporation of IoT systems, smart sensors, non-destructive inspection technologies, and RFID tagging are positively influencing the commercial aircraft MRO market growth till 2024. The incorporation of these technologies for improving the operational efficiency and reducing the duration of aircraft downtime during MRO operations play a major role in expanding the business share over the forecast timeframe.
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A few players in the commercial aircraft MRO market include Airbus, Boeing Company, GE Aviation, Delta TechOps, ST Aerospace, Gameco, and MTU Aero Engines AG. The industry participants are engaged in strategic joint ventures and partnerships for increasing their market share.