24 November 2020
Visiongain has published a new report on Military Aircraft Maintenance, Repair & Overhaul (MRO) Market Report 2021-2031: Forecasts by Product (Heavy Engine Maintenance, Components, Heavy Airframe Maintenance, Operational and Field Maintenance), Application (Narrow body, Widebody, Regional, Turboprop), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) PLUS Analysis of Leading Military Aircraft MRO Companies AND COVID-19 Recovery Scenarios.
Global military aircraft MRO market size is estimated to reach US$ xx million in 2026 while growing at a CAGR of xx% during the first half of the forecast period i.e. 2021 to 2026. The global market size is further projected to reach US$ xx million by 2031 at a CAGR of xx% from 2025 to 2031.
Big spenders on defence devote approximately or more than 2 percent of their GDP to defence, a substantial amount. It is projected that various factors will play a vital role in the purchase of command and control equipment moving ahead of COVID-19 especially for emerging economies as these countries would need to prioritize on defence expenditure. The global defence sector is not affected due to COVID as compared to other industries, but defence contracts are of high value, and losing a contract means the loss of millions of dollars in revenue. Moving ahead, the companies will have to make difficult choices on how they will run the company in the future.
MRO Investment to Increase in The Short to Medium Term
Visiongain anticipates that the military aircraft maintenance, repair, and overhaul activity is projected to grow in the short to medium term. Over 50% of the airlines across the globe are expecting that there will be a significant increase in the investment prospects over the next few years. The MRO activity is popular and is still rising with the shifting of MRO activities from developed to developing or low- & middle-income economies owing to the availability of cheap and skilled labour. To further cut down the expense, the major airline companies are looking to develop sophisticated materials management solutions, cut inventory budgets, and improve airline operations & reliability. The MRO service providers are also expanding their geographical reach in order to become regional & global full-service providers. This growth is attributed to the rising number of mergers and acquisitions among large entities along with rising interest among private equity and non-strategic investors.
Growing Demand for MRO Services Owing to Expansion by Major Companies
Over the next 10 years, the MRO industry would need to change significantly to satisfy growing demand led by expansion, regional changes, fleet mix patterns and new technologies. Meanwhile, aircraft departure will stay brisk. The primary cause of aircraft retirement was tiny regional jets and narrow bodies, resulting in a relatively young retirement age of around 18 years. Net world area fleet development will be inconsistent, contributing to shifts in global size rankings over the century. The main growth driver will be Asia, especially China and India, which will become the largest area, almost doubling in the in-service fleet and related demand for MROs. North America, by comparison, will see little actual growth while the fleet will be dramatically revamped throughout the span. North America would fall behind Asia and Europe into the third-largest country.
Some of the major companies operating in the global military aircraft maintenance, repair & overhaul (MRO) market are Airbus Group, AMMROC, BAE Systems PLC, Boeing Defence, Space and Security, Dassault Aviation, DynCorp International, Embraer S.A, GE Aviation, Hindustan Aeronautics Limited (HAL), Honeywell Aerospace, L-3 Communications, Leonardo, Lockheed Martin Corporation, Northrop Grumman Corporation, Pratt & Whitney, Rolls Royce Defence Aerospace, RUAG Aviation, Safran SA, ST Aerospace, United Aircraft Corporation, Lufthansa Technik AG, AAR, AFI KLM E&M, Thales, Curtis Wright, Hensodlt, and General Dynamics.
Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to email@example.com or call her on +44 (0) 20 7549 9987.
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.
Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.
Developing data processing algorithms that can distinguish between moving targets and background objects is a major challenge for the radar industry, which could hinder its growth in the coming years.
17 November 2021
Ongoing CBRN defense projects; rise in defense spending of the countries; and alarming terrorism activities are some of the major factors that boosting the growth of global CBRN defense market.
15 November 2021
Rise in defense budgets of countries; increasing territorial disputes among the countries; increase in investment towards the procurement of robust military shelter systems among the developing countries; and features & benefits associated with the military shelter are some of the major factors that boosting the growth of global military shelter market.
15 November 2021
We predict strong revenue growth through to 2032. Discover capabilities, progress, and commercial prospects, helping you stay ahead.