According to the latest research report titled "Aircraft Engine MRO Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to grow from US$ 22.15 billion in 2021 to reach US$ 32.04 billion by 2028; it is estimated to grow at a CAGR of 5.7% from 2022 to 2028.

Fuel-efficient aircraft is important due to the increasing price of oil, and airline manufacturers can save a significant amount of money by utilizing less fuel through better fuel–efficiency. If an aircraft uses less fuel, it will produce less CO2 emissions. Aircraft manufacturers are focusing on delivering more fuel-efficient aircraft in upcoming years. Aircraft manufacturers, such as Boeing and Airbus, are taking several initiatives to replace old aircraft with new fuel-efficient aircraft and improve flight operations. Thus, the factors mentioned above are further driving the growth of the aircraft engine MRO market. Airbus forecasted that air transport demand would dynamically move from fleet development to the speed up retirement of older, less fuel-efficient aircraft. This shift is anticipated to result in a requirement for more than 39,000 new commercial and freighter aircraft over the next few years. As a result, the majority of the passenger aircraft operating will be technologically advanced, with considerably better CO2 efficiency in passenger aircraft fleets. The United Nation's Intergovernmental Panel on Climate Change estimated that carbon emissions will increase by 3% by 2050. International Air Transport Association (IATA) takes several initiatives to reduce carbon emissions, such as shortening flight routes. Fuel-efficient aircraft is expected to increase the demand for aircraft engine MRO services, supporting the aircraft engine MRO market share in the years to come.

Get Sample Report at:- https://www.theinsightpartners.com/sample/TIPRE00007899/

The North American aircraft engine MRO market, based on country, is segmented into the US, Canada, and Mexico. North America is the largest aerospace market globally due to the presence of various military and commercial aircraft manufacturers and MRO service providers. Positive outlook towards adopting new technologies, skilled workforce presence, favorable economic policies, and high GDP per capita drive in the North American aerospace industry. Thus, the growing aerospace industry would increase the engine demand, which would bolster the aerospace engine MRO market in the coming years.

Northrop Grumman, Gulfstream Aerospace, Boeing, Textron, Bombardier, and Lockheed Martin are among the major aircraft manufacturers in North America. The aircraft OEMs have various manufacturing facilities in the region. Each manufacturing facility produces significant volumes of aircraft models, which need maintenance and repair. Thus, all these factors drive the growth of the aircraft engine MRO market and are projected to offer growth opportunities for the market players during the forecast period. In addition, the presence of the significant aircraft engine MRO market players in North America, such as Delta Air Lines, Inc.; Raytheon Technologies Corporation; and General Electric, is propelling the market growth.

According to the General Aviation Manufacturers Association (GAMA), the general aviation industry contributes more than US$ 247 billion in the US economy annually and employed more than 1.2 million people in 2018. In the US, every year, general aviation aircraft log 25.5 million flight hours of which two-thirds of this traffic is for business purposes. Moreover, in 2020, there were more than 440,000 general aviation aircraft in the worldwide fleet, ranging from small training aircraft and helicopters to intercontinental business jets, which are propelling the demand for aircraft engines MRO services. Canadian and the US-based airlines, such as Delta Air Lines, American Airlines, Air Canada, United Airlines, and Southwest Airlines, have placed numerous orders for commercial aircraft scheduled to be delivered between 2021 and 2025. For instance, Delta Airlines placed an order of 95 A220 aircraft, out of which 12 A220 aircraft were supplied by May 2020, and the rest are scheduled to be delivered by the end of 2023. United Airlines focuses on replacing some of its aging Boeing 767s and 757s with new aircraft, such as the Boeing 787 or long-range A321LR, which increases the repair and maintenance of an aircraft. Thus, the increasing number of aircraft orders and rising production of aircraft for commercial and military applications would drive the growth of the aerospace engine MRO market in the region in the coming years. Further, with the rising aircraft fleet, the MRO service providers are also expanding their presence across North America to cater to the growing demand for commercial aircraft engine MRO services.

The top five companies in the market are Delta Airlines, Inc.; GE Aviation; CFM International; Lufthansa Technik; MTU Aero Engines AG; SIA Engineering Company; Sigma Aerospace; Safran S.A.; Raytheon Technologies Corporation and Rolls–Royce PLC. The above listing of key players is derived by considering multiple factors such as overall market insights, dynamic trends, revenue, current general aviation portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below:  

About The Insight Partners

The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in industries such as healthcare, media, and telecommunication.

Our research model is very simple. We believe in client servicing and delivering the best quality to our customers. Through our research content, we are making sure that our customers get value for their money along with better quality data and analysis.

Our research content is majorly focused toward market trends in terms of market sizing, competitive landscaping, company analysis, regional or country analysis, etc. We provide a detailed break-up of segmentation in terms of geography, product and service, radioisotope types, application and end user, which helps our clients to gain a deeper analytical understanding of various research topics.

Contact Us

If you have any queries about this report or if you would like further information, please contact us:

North America: +1 646 491 9876

Asia Pacific: +91 20 6727 8686

Email: sales@theinsightpartners.com