Aircraft Aftermarket Parts Market Revenue
In recent years, the aviation industry has been focusing on investing in establishing a greater number of MRO facilities fueled by advancements in MRO equipment and machines. Concurrently, favorable government policies such as exemption from customs and duties are expected to drive investments in the aircraft aftermarket parts market.
The key players in the global aftermarket parts market are AAR (US), A.J. Walter Aviation Limited (UK), Avail (US), Eaton (Ireland), General Electric (US), Honeywell International Inc. (US), Meggitt PLC (England), Parker Hannifin Corporation (US), Collins Aerospace (US), and Kell Strom Aerospace (US).
The global aircraft aftermarket parts market has been segmented based on parts, application, and region.
On the basis of New World Aftermarket Parts Market, the global aircraft aftermarket parts market has been classified as MRO parts, ratable scrap replacement parts, consumable, and expendable. The MRO parts segment is estimated to be the largest while the ratable scrap replacement parts segment is expected to be the fastest-growing during the forecast period. Maintenance, repair, and overhaul (MRO) parts include engines, components, and airframe parts. MRO is carried out by companies to retain or restore aircraft parts for smooth functioning. In the US, all companies offering MRO services must be certified by the FAA, and all employees must be trained and qualified. Airlines also have to carry out MRO services at certified stations.
Based on application, the aircraft aftermarket parts market has been divided into commercial and military. The commercial segment is projected to be larger and the military segment is estimated to register the higher CAGR during the forecast period. Commercial aircraft are used to transport passengers, cargo, and mail. They include narrow-body and wide-body aircraft. Commercial aircraft offer speedy transportation and can be used for rescue operations during earthquakes, accidents, and floods. Due to a rise in commercial air transport, there has been increased demand for aircraft aftermarket parts in recent years. Moreover, many currently operational aircraft would have to be modernized by 2023, which is expected to drive market growth.
The geographic analysis of the global aftermarket parts market covers North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.
North America is expected to dominate the market during the forecast period due to the increasing number of MRO service providers and growing aircraft fleets in the US. The market in Asia-Pacific is expected to register the highest CAGR during the forecast period.
In December 2018, Meggitt PLC signed a long-term contract for five years with Turkish Technic for the supply of MRO and spares services. Meggitt will provide products and services such as high-performance sensing systems, fire protection and control, fluid control, pneumatic, thermal management, and electro-mechanical equipment.
In June 2017, Parker Hannifin Corp. launched Parker360 to provide world-class aerospace aftermarket solutions on a single platform.
Aircraft Aftermarket Parts Market: Information by Parts (MRO Parts, Rotatable Scrap Replacement Parts, Consumable, Expendable), By Application (Commercial and Military) – Forecast till 2027 @ https://www.marketresearchfuture.com/reports/commercial-aircraft-aftermarket-parts-market-1382
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