The global air transport maintenance repairs, and operations (MRO) market is projected to experience high technological innovation used by companies to gain higher competitive edge in the market. The market is expected to increase at a moderate growth rate during the forecast period from 2017 to 2026, according to the Transparency Market Research (TMR). The players in the market are looking forward for mergers and acquisitions with other players in the market to strengthen their position in air transport MRO market. Some of the key players in the market includes Air France-KLM SA, China National Aviation Holding Company, John Swire & Sons HK Ltd, Delta Air Lines, Inc., AAR Corporation, General Electric Company, Deutsche Lufthansa Aktiengesellschaft, British Airways PLC, and MTU Aero Engines AG.
According to the report, the global air transport MRO market is expected to generate a revenue up to US$ 101.94 bn by the end of forecast period. The market is projected to rise at a CAGR of 4.2% during the same forecast tenure. On the basis of type of product, engines are estimated to lead the segment by generating a total revenue of US$ 14 billion in a course of nine years. As per the regional analysis, Europe is projected to dominate the air transport MRO market by holding largest number of shares. Replacing old aircrafts with newer advanced aircraft is leading the region.
Globalization Making Lucrative Opportunity for Market to Grow
Globalization has increased the propensity of people travelling from one country to another that has significantly grown the demand for the market in aviation industry. The frequency of flights between the countries have grown largely from past few years. In addition, increasing inclinations towards tourism and growing cross country migration have also boosted the demand for air transport MRO market on a global frontier.
Download PDF Sample For More Information@ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=36641
The deployment of MRO improves the efficiency of the entire aviation industry as it makes the entire process swift. The MRO also helps in reducing certain duties from the aircraft operators such as storage of critical information, swifter ticketing, and power management. Therefore, due to these factors airlines have increased the usage of MROs within the industry, making air transport MRO market to flourish during the forecast period.
Expensive Maintenance Cost to Discourage Growth of Market
On the other hand, some factors may decrease the growth of the air transport MRO market in coming years. Rising aircraft fuel prices and growing expenditure in aviation industry are two main factors that may hinder the air transport MRO market to grow at its full potential. However, government initiatives to invest in the aviation industry regionally can have positive effects on the growth of the market. The need for proper maintenance, repair, and operations of aircraft is important for better functioning of aircraft and aviation industry, the investments by the government will help in growing the market in coming years.