Strategic Assessment of Aerospace Aftermarket Growing Demand, Size, Analysis and Forecast to 2030
Currently, narrowbody aircraft are gaining more popularity owing to significant new additions of narrowbody fleets by replacing old narrowbody and turboprop fleets during the forecast period. 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&A). Further, it is experiencing further growth because of continued research and development activities through huge investments by various MRO service providers for the maintenance of intermediate narrowbody aircraft.
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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.
According 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.
The increase in the defense budget by various countries, including the U.S., India, Russia, China, Saudi Arabia, South Korea, and South Africa, for modernizing their defense systems by procuring defense-related products and services is playing a major role in strengthening the market growth. Changing outlines of national security, evolving national interests, and geopolitical issues are some of the factors that motivate various economies to reshape their defense strength with modern aircraft along with regular support of airframe logistics and maintenance. The U.A.E. and Saudi Arabia also have an adequate defense budget and are willing to pay for high-end advanced aircraft with improved maintenance services.
Based on type, the aerospace aftermarket is classified in four categories, namely, line maintenance, component, engine, and airframe. Engine dominated the market owing to the rise in the initiative by various companies to manufacture advanced engines (using expensive materials and innovative technologies) to limit the need to replace life-limited parts and other scheduled maintenance visits. Further, the increase in service agreements among MRO and airlines to maximize engine performance, and fleet availability also expected to propel the market growth in the future. For instance, in November 2019, Vietnam Airlines entered into a 12-year EngineWise Comprehensive service agreement with Pratt & Whitney. Under this agreement, Pratt & Whitney is expected to provide its GTF engine maintenance for the Vietnam Airline’s fleet of 20 Airbus A321neo aircraft.
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Based on aircraft class, the aerospace aftermarket is classified into four categories, namely, narrowbody, widebody, regional jet, and turboprop. Narrowbody is expected to dominate the aerospace aftermarket, followed by widebody aircraft, owing to an increase in demand of such aircraft fleets during the forecast period resulting in the outsourcing of various engines, components, and other heavy maintenance services to MRO providers. Further, rise in collaboration among narrowbody and widebody aircraft MRO providers are also expected to boost the market growth. For instance, in November 2019, Sanad Aerotech MRO provider signed an agreement with GE Aviation — also delivers maintenance, repair, and overhaul (MRO) services – to provide performance restoration overhaul services on the GEnx-1B engine and on CFM International’s LEAP engines to be used for next generation of narrow body and wide-body aircraft.