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Aircraft Engine MRO Market Size, Share, and Analysis, By Engine Type (Turbine Engine, Piston Engine), By Aircraft Type (Fixed-Wing Aircraft, Rotary-Wing Aircraft), By Application (Civil Aviation, Military Aviation) and Regional Forecasts, 2022-2032
Aircraft Engine MRO Market size was USD 44.46 billion in 2021 and projected to grow from USD 49.6 billion in 2023 to USD 82.1 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period.
MRO, elongated as Maintenance, Repair, and Overhaul are the services essential for any sector that uses machinery to execute operations. The term "MRO aviation" in the aviation industry refers to all the operations intended to keep aircrafts ready to fly any time. Usually, the engines or airframe of the airplanes are the center of maintenance operations. However, component MRO is now included in MRO activities for the aircraft industry.
Aircraft Engine MRO Market is expected to reach USD 82.1 billion, growing at a CAGR of 5.7% during the forecast period owing to the speedy fleet growth plans of the military and airlines forces. The demand for aircraft engine MRO will rise even further as newer generation engines are installed in new aircraft. As compared to the older aircraft, the new engines will require more expensive materials. This factor is expected to significantly drive the Aircraft Engine MRO Market over the forecast period.
Aircraft Engine MRO Market is classified based on the Engine Type into Turbine Engine and Piston Engine. The Turbo Engine segment is expected to hold the maximum market share over the estimated period. The main driving forces behind turbo engines are their high thrust and greater fuel efficiency. The three types of turbine engines are turbofans, turboprops, and turboshafts. The increasing demand for turboshaft and turboprop aircraft and turboprop fleet is fuelling the Aircraft Engine MRO Market.
Aircraft Engine MRO Market is classified based on the Application into Civil Aviation and Military Aviation. The Civil Aviation segment is projected to hold the major market share over the estimated period. The segment growth is being largely fuelled by the rising passenger traffic and also rising growth and penetration of low-cost carriers. Commercial aircraft have a larger fleet as compared to the military aircraft, and their maintenance expenses are also higher than those for general aviation aircraft.
Expanding Fleet of Commercial Aviation and Increasing Contracts for Better Maintenance of Aircraft Engines are Expected to Boost the Market Growth
The commercial aviation sector currently accounts for the larger market share and is anticipated to dominate over the future as well. Owing to commercial aviation, having much larger fleet as compared to military aircraft and holding costly engine maintenance than the general aviation. Airlines and MRO service providers have recently entered into a number of new contracts for the maintaining aircraft engines. Also, MRO facility providers are expanding their geographic reach to satisfy the rising need of such services for commercial engines. These factors are majorly propelling the Aircraft Engine MRO Market.
Increasing Number of Air Travel and Development of Next-Generation Engines are Expected to Boost the Market Growth
The increase in air travel is what is driving the market for aircraft engine maintenance and repair. In recent years, a number of brand-new support centers of MRO have been established in the major nations. Regional businesses (suppliers at the Tier-II or Tier-III level) are now more prevalent in the market. The cargo flights frequency has increased along with growth in international trade. Therefore, prompt inspections or repairs of aircraft are crucial for maximum effectiveness and safety due to a number of circumstances, including rapid expansion of fleets and the development of next-generation engines. Besides strict restrictions on flight regulations, the necessity to successfully maintain engine components and aircraft engines is driving the Aviation Engine MRO Market.
Environmental Hazards related to MRO Services May Restrain the Market Growth
Environmental risks associated with MRO services for aircraft engines are limiting the industry growth. The engines can bring a variety of risks whether they are running or have recently been running. Engines are capable of producing high temperatures, noise, lubrication using oil systems, pressurized fuel systems, and electrical supply. These hazards act as restraining factor to the Aircraft Engine MRO Market.
Aircraft Engine MRO Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific will dominate the greater portion of the market due to the extensive civil aviation industry in nations like China. Every day, numerous aviation operations are operated in China. According to air passenger traffic, Asia Pacific is currently the second-biggest aviation market in the world, and by 2022, it is expected to surpass the United States to become the leading aviation market worldwide. Owing to the sustainable goals attained with cutting-edge technologies, North America holds the major market share after Asia Pacific in the Aircraft Engine MRO Market.
The COVID-19 epidemic has had a substantial effect on the MRO business for airplane engines. The need for aircraft engine maintenance and repair drastically decreased in 2020 due to large number of parked aircraft and lower utilization. However, a slow recovery in the aviation industry started in 2021, which increased aircraft movements and passenger traffic. Hence, there is now more demand for overhaul, maintenance, and repair work on airplanes.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.7% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Engine Type |
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Aircraft Type |
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Application |
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By Region |
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Aircraft Engine MRO Market size was estimated at USD 44.46 billion in 2021 and is expected to reach USD 82.1 billion in 2032.
MRO, elongated as Maintenance, Repair, and Overhaul are the services essential for any sector that uses machinery to execute operations. The term "MRO aviation" in the aviation industry refers to all the operations intended to keep aircrafts ready to fly any time.
Turbine Engine and Civil Aviation segments accounted for the largest Aircraft Engine MRO Market share.
Key players: MTU Aero Engines, General Electric Company, Safran SA, Collins Aerospace, Rolls-Royce Holding PLC, GE Aviation, Pratt & Whitney, Lufthansa Technik, Hong Kong Aircraft Engineering Company Limited, Air France Industries KLM Engineering & Maintenance, Delta TechOps, CFM International, ST Aerospace, SIA Engineering Company, Sigma Aerospace and Other Prominent Players are the key players in the Aircraft Engine MRO Market.
The growing air travel in the developing regions and increasing investment in MRO services are the factors driving the Aircraft Engine MRO Market.
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