Report : Asia Pacific Airframe MRO Market Forecast to 2030 - Regional Analysis - by Aircraft Type (Fixed-Wing Aircraft and Rotary-Wing Aircraft) and Component (Fuselage, Wings and Rotors, Landing Gear, and Others)
At 5.4% CAGR, Asia Pacific Airframe MRO Market is Projected to be Worth US$ 10,759.90 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific airframe MRO market was valued at US$ 7,085.01 million in 2022 and is expected to reach US$ 10,759.90 million by 2030, registering a CAGR of 5.4% from 2022 to 2030. Retrofitting of older aircraft fleet and increasing adoption of sustainable aviation fuel (SAF) are among the critical factors attributed to the Asia Pacific airframe MRO market expansion.
Retrofitting, which refers to the installation or addition of newer technologies on older aircraft fleets, helps increase passenger comfort and safety and facilitates the airlines in maintaining their older fleets. Continuous advancements in aircraft technologies are resulting in the upgrade of MRO capabilities. MRO service providers are constantly seeking upgrades and procurement of newer technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. In the current scenario, global commercial airlines are keeping their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. Hence, the integration of advanced and modern technologies into older aircraft fleets is expected to change the Asia Pacific airframe MRO market landscape as well as revolutionize the aviation industry. Adoption of technology has enabled many aircraft fleet owners to manage their maintenance schedule. Retrofitting such technology in the older aircrafts is supporting the fleet owners to provide enhanced comfort and safety to their passengers with the help of timely maintenance. Thus, the retrofitting of older aircraft fleets is likely to create opportunities for the Asia Pacific airframe MRO market growth during the forecast period.
On the contrary, entry of OEMs in aftermarket hampers the growth of Asia Pacific airframe MRO market.
Based on aircraft type, the Asia Pacific airframe MRO market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held 68.6% share of the Asia Pacific airframe MRO market in 2022, amassing US$ 4,859.42 million. It is projected to garner US$ 7,193.49 million by 2030 to expand at 5.0% CAGR during 2022-2030.
In terms of component, the Asia Pacific airframe MRO market is segmented into fuselage, wings and rotors, landing gear, and others. The fuselage segment held 44.8% share of the Asia Pacific airframe MRO market in 2022, amassing US$ 3,175.74 million. It is estimated to garner US$ 4,623.27 million by 2030 to expand at 4.8% CAGR during 2022-2030.
Based on country, the Asia Pacific airframe MRO market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 36.7% share of Asia Pacific airframe MRO market in 2022, amassing US$ 2,596.80 million. It is projected to garner US$ 3,970.40 million by 2030 to expand at 5.5% CAGR during 2022-2030.
Key players operating in the Asia Pacific airframe MRO market are AAR CORP, Barnes Group Inc, GE Aviation, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Lufthansa Technik, Delta TechOps, Rolls-Royce Holdings Plc, and Collins Aerospace
2023: FL Technics Indonesia (PT Avia Technics Dirgantara), a subsidiary of FL Technics, a leading aircraft maintenance solutions group, and PT Angkasa Pura Property, together with PT Angkasa Pura I (Persero), starts the development of 17,000 sq. m. aircraft MRO hub, the first at I Gusti Ngurah Rai International Airport (DPS) in Bali. FL Technics is set to invest US$25 million in the initial stage to undertake an MRO construction and development project set to be finished in a year.
2022: Collins Aerospace announced that it has entered into a long-term Maintenance Repair Overhaul (MRO) agreement with Singapore Airlines and Scoot, to support the Singapore Airlines Group fleet of 55 Boeing 787 aircraft. Through its FlightSense program, Collins will provide the airlines with full lifecycle support for high-performance pool access, maintenance services and reliability upgrades.
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