In the recent years, the global airline industry has shown significant financial results owing to integration of advanced technologies into an aircraft. Further, various airlines have become more focused toward regular maintenance of their operations in order to serve their passengers with optimized customer experience. Such regular maintenance is expected to lead to huge opportunities for MRO service providers who can expand and diversify their capabilities by getting a contract from airlines, such as line maintenance, fleet management, and airframe services.
Read Report Overview: Strategic Assessment of Aerospace Aftermarket
The aerospace aftermarket industry analysis by BIS Research projects the market to grow at a significant CAGR of 3.87% on the basis of value during the forecast period from 2020 to 2030. North America dominated the global aerospace aftermarket with a share of 29.60% in 2019.
The complex structure of various aircraft components such as engines, airframes, systems, and related components leads to adoption of maintenance, repair, and overhaul (MRO) services for inspection and maintenance. Further, implementation of safety regulation by Civil Aviation Authorities (CAA) in various regions also make necessary upgrades of different aircraft components and parts, driving more revenue growth for aerospace aftermarket.
The growth of the aerospace aftermarket is expected to be slow in the initial five years (2020-2024) owing to a large number of newer-generation aircraft entering the fleet, which may have longer replacement thresholds and maintenance intervals than older jets. However, the growth is expected to drive slightly in the next six years (2025-2030) as the new-generation aircraft is expected to reach the stage where life-limited parts require replacement with other scheduled maintenance events. Moreover, the number of companies infused with the capital needed for opening new facilities has grown substantially. The airlines also looking to invest heavily for regular maintenance and repair services, which in turn allow MROs and OEMs with an opportunity to expand their aerospace aftermarket in renowned areas with advanced technologies.
In North America, the U.S. is a prominent country in North America which is actively looking to modernize/upgrade the aircraft that can address a range of missions; this in turn, provide MRO service providers with new revenue streams over the next decade. North America is poised to maintain noteworthy aviation traffic growth, especially in domestic markets which enable MRO and network operators to continuously invest in hub strength in the form of increased capacity and airport improvements. For instance, in June 2018, ST Engineering Aerospace introduced a new airframe MRO facility in Pensacola, Florida, U.S at a cost of $46 million, in order to carry out heavy and line maintenance along with aircraft modification work.
Competitive Landscape
The global aerospace aftermarket industry is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the aerospace aftermarket industry exhibits an inclination toward emerging strategies and developments by market players. The key players that are actively participating in the aerospace aftermarket include Airbus,
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Aeroprecision, Collins Aerospace, Cyient, Pratt and Whitney, MTU Aero Engines, Lufthansa Technik AG, GE Aviation, Boeing, Honeywell, ST Aerospace, GKN Aerospace, Rolls Royce Delta TechOps, and Haeco Group, among others.
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In recent years, OEMs are focusing toward introducing aftermarket services such as parts, maintenance, repair, and digital services as such kind of aftermarket services enable OEMs to leverage significant revenue streams with higher profit margins than sales of new equipment.
However, OEMs at times may lose ground to independent MROs or other third-party part manufacturers attributed to less expensive services offered by such MROs and third-party part manufacturers.
Thus, to retain the market share, OEMs must identify the loopholes by having a detailed examination of aftermarket lifetime value, which, in turn, also help them boost the core business during the forecast period.Read Report Overview: https://bisresearch.com/industry-report/strategic-assessment-aerospace-aftermarket.htmlAccording to Colins Aerospace, everyday hundreds-of-thousands of transactions take place between airlines and their aftermarket service providers for aircraft services.
However, various MROs are engaged in implementing new technologies including hangars & paperless shops, virtual maintenance training, predictive maintenance, and drone-supported maintenance to operationalize aircraft monitoring, improve technician efficiency and productivity, and bring actionable solutions to the airlines faster.
In order to deal with such circumstances, the International Air Transport Association (IATA) has taken initiatives to prepare a web-based pricing model which provide aftermarket players and airlines to real-time access to transparent market values for aircraft components, considering availability and delivery times for different parts and equipment.
The market has considerably evolved in developed regions such as North America and Europe and is gaining popularity in geographies such as the Asia-Pacific and Middle East and Africa (ME).
