LONDON–(BUSINESS WIRE)–Technavio analysts forecast the global aircraft engine MRO market to grow at a CAGR of around 6% during the forecast period, according to their latest market research report.
The introduction of 3D printing technology is one of the major trends being witnessed in the global aircraft engine MRO market 2018-2022. Additive manufacturing comprises the use of digital three-dimensional design data to build a component in layers by depositing material. The application of this technique has been growing in aerospace manufacturing because of the advancement in 3D printing.
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According to Technavio analysts, one of the key factors contributing to the growth of the global aircraft engine MRO market is the increasing investments in MRO facilities
Global aircraft engine MRO market: Increasing investments in MRO facilities
An increase in setting up new MRO facilities, particularly in developing economies such as India, is contributing to market growth. Developing countries are the primary focus of MRO companies due to the increase in air passengers, rising middle-class income, and expansion of LCC. For instance, in June 2018, a major vendor announced the expansion of its MRO capabilities by opening a new facility in South Florida.
According to a senior analyst at Technavio for research on maintenance repair and overhaul (MRO), â€œIn January 2017, two major vendors confirmed Poland as the location for their new joint venture to service two crucial engine types that are manufactured by one of the vendors. These two engine types are being used in the aircraft of a key airline carrier. This MRO facility is expected to be located in the Legnica Special Economic Zone.â€�
Global aircraft engine MRO market: Segmentation analysis
The global aircraft engine MRO market research report provides market segmentation by engine type (turbofan and turbojet and turboprop) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
EMEA held the largest share of the market in 2017, accounting for close to 38% share. It was followed by APAC and the Americas respectively. In mature markets such as North America and Europe, the domestic growth rates are below the global average. But, the increasing flight connectivity in emerging markets provides more growth opportunities.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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