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Aircraft Maintenance Market Overview, Scope and Advancement Outlook till 2030

 

Aircraft Maintenance: Introduction

·         Aircraft maintenance refers to tasks required to ensure the continuation of operation of an aircraft part or aircraft, including replacement, defect rectification, inspection, overhaul, and the embodiment of modifications, and compliance with airworthiness directives and repair. Aircraft maintenance is highly regulated to ensure proper and safe functioning during flight. National Aviation Authorities have to implement International Civil Aviation Organization standards to regulate maintenance tasks, personnel, and inspection system.

·         Aircraft maintenance plays an essential role in extending the lifespan of an aircraft

Key Drivers and Restraints of Aircraft Maintenance Market

·         Rise in number of aviation accident rate has boosted focus of the aviation industry on the adoption of aircraft maintenance service. This, in turn, is expected to drive the global aircraft maintenance market. Furthermore, an increase in the number of advanced new generation airplanes is also estimated to propel the aircraft maintenance market in the near future.

·         Expansion of existing aircraft capacity and ongoing investments in the development of aviation infrastructure are key factors that are estimated to boost the aircraft maintenance market during the forecast period

·         Increase in requirement of refurbishment and proper functioning of aircraft in order to maintain their optimum performance and comply with stringent regulatory norms is anticipated to stimulate the global aircraft maintenance market during the forecast period. However, high cost of maintenance service of aircraft is projected hamper the market in the near future.

COVID-19 Impact Analysis

·         Governments of several nation across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to essential goods and services, have come to a halt because of lockdowns. This has adversely affected the demand for air travel, thereby hampering the demand for aircraft maintenance.

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Commercial Aviation Segment to Hold Prominent Share of Global Market

·         The global aircraft maintenance market can be segmented based on maintenance service, application, and region

·         Based on maintenance service, the global aircraft maintenance market can be segregated into line maintenance, engine maintenance, airframe heavy maintenance, and component maintenance. Line maintenance includes scheduled minor repairs, daily check of fluids, pre-flight checks, and modifications, and troubleshooting. Component maintenance is also referred to as shop maintenance. Rise in focus on repair or overhaul of specific parts of the aircraft is expected to boost the component maintenance segment of the global aircraft maintenance market.

·         In terms of application, the global aircraft maintenance market can be classified into commercial aviation, military aviation, and general aviation. Expansion of the commercial aviation segment can be attributed to a rise in passenger traffic.

 

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Asia Pacific to Constitute Major Share of Global Aircraft Maintenance Market

·         In terms of region, the global aircraft maintenance market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America

·         North America held a vital share of the global aircraft maintenance market in 2019. This trend is anticipated to continue during the forecast period. Rise in number of aging aircraft fleet is fueling the demand for MRO activities in the region. This, in turn, is anticipated to boost the aircraft maintenance market in North America.

·         The aircraft maintenance market in Asia Pacific is expected to expand at a significant pace during the forecast period. The market in the region is driven by expansion of MRO network across the region. For instance, InterGlobe Aviation Ltd is planning to construct the second MRO center of 13,000 sq. m at Kempegowda International Airport in Bengaluru, India. This MRO center is anticipated to become operational by the end of 2020. Furthermore, ongoing expansion and launch of new airlines, primarily in developing economies due to continuous rise in number of air traveler, is also key factor propelling the aircraft maintenance market in the region.

·         Europe is projected to dominate the global aircraft maintenance market during the forecast period. This can be ascribed to technological innovation in the design of aircraft to enhance operational efficiency.

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Key Players Operating in Global Market

Leading companies operating in the global aircraft maintenance market include:

·         AAR Corporation

·         Aviation Technical Services

·         Boeing Company

·         Bombardier Inc.

·         British Airways Engineering

·         GE Aviation

·         ST Engineering

·         Pemco

·         SIA Engineering Company

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