Power by the Hour Market to hit USD 30 bn by 2025: Global Market Insights, Inc.

The power by the hour market holds more than 40% industry share from engines components in 2018 and is expected to continue the growth owing to rising demand for narrow body aircraft from low-cost airlines in Asia Pacific.


Selbyville, Delaware, Oct. 23, 2019 (GLOBE NEWSWIRE) --

According to a report by GMI, the global power by the hour market is slated to cross USD 30 billion by 2025. The growth of this PBH market can be attributed to the increasing demand for passenger traffic and cargo movement from India, China, and Africa along with new aircraft deliveries across the globe and favourable government policies in Asia Pacific and Africa. Increasing technological advancements, such as Artificial Intelligence (AI) and Augmented Reality/Virtual Reality (AR/VR), are acting as a driver for the market.

Some major findings of the PBH market report include:

  • Increasing investment in MRO maintenance by major airlines in North America and Europe is supporting the PBH market growth
  • The demand for narrow body aircraft is increasing across the globe due to rising passenger traffic and cargo movement
  • Low Cost Carriers (LCC) are focused on outsourcing MRO activities, supporting the PBH market growth
  • Major players operating in the PBH market are Rolls-Royce, Collins Aerospace, AAR, Lufthansa Technik, AIR FRANCE-KLM Engineering & Maintenance, etc.
  • Companies are focusing on new technology with digital MRO services, wearables, and big data analytics to gain competitive edge over their rivals
  • Increasing demand for tailored aircraft maintenance program by the airlines is driving the PBH market growth

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Increasing demand for fuel-efficient aircraft engines is driving the demand for the PBH market. Major companies in the market are focused on providing long-term engine maintenance contracts to airlines. For instance, JetSMART signed a 12-year contract with Pratt and Whitney for the maintenance of GTF engines for its 85-firm order of AirbusA320neo aircraft family. The company will provide services under the EngineWise program, which will provide a flexible maintenance option to the airline. 

Lack of trained MRO maintenance professional and high manufacturing cost of parts & components are acting as major restraints for market growth. With the rising number of available seat miles, the demand for on-time performance is increasing. Airlines are now focusing to provide on-time services as any delay can cost a hefty amount of penalty. The lack of trained aircraft technicians is posing a major restraint for the PBH market growth.

Increasing number of passengers for long-haul routes and government initiatives to boost the economy by tourism & trade is supporting the growth of wide body aircraft across the globe. Increasing urbanization, development of megacities, and rising passenger traffic from the non-traditional market are some of the major drivers for the growth of the overall aviation industry. Most of the established big airlines are now focusing on long-haul routes to increase their geographical reach and expand their revenue pockets, directly supporting the demand for wide body aircraft.

Browse key industry insights spread across 260 pages with  300 market data tables & 27  figures & charts from the report, “Power by the Hour (PBH) Market Size By Component (Engine, Landing Gear & Breaks, Spare Parts & Components, Airframes), By Platform (Commercial Aviation, Business Jet, Commercial Helicopter), By Application (Line Maintenance, heavy Maintenance), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/power-by-the-hour-market

The demand for upgrades and modification of existing aircraft fleet by major airlines is contributing to the growth of heavy maintenance. The introduction of more efficient aircraft engines and rising demand for lightweight components are fueling the demand for heavy maintenance. With the increasing demand for next-generation wide body aircraft by airlines in North America and Europe, the growth of next-generation wide body aircraft is expected to increase over the forecast timeframe. For instance, in June 2019, AirAsia X has expanded its contract with AFI KLM E&M to support the new A330neo aircraft. Under this contract, the company will provide component pool and repair services to the airlines along with logistic services for major components.

The upgrading of existing aircraft fleet with advanced system and demand for new long-range wide body aircraft by airlines are driving the demand for the PHB market in North America. The demand for fuel-efficient wide body aircraft is supporting the PBH market growth. With the presence of major aircraft, engine & component manufacturers as well as aircraft maintenance service providers, the PBH market share is expected to have a steady growth over the forecast timeframe.

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Companies are focusing on providing more flexible and tailor-made maintenance program to the aircraft operators to increase their market share. OEMs and service providers are focusing on long-term contracts with the operators to increase their profitability. With the introduction of digital MRO services and Artificial Intelligence (AI), aircraft maintenance has become more simple and economical as AI helps in predicting the component or system failure in advance, narrowing the chances for unscheduled maintenance that help airlines to reduce their overall maintenance expenditure and increase the operational life of an aircraft. The introduction of IOT sensor is also supporting the PBH market growth as this sensor continuously monitors the aircraft systems and provides vital data by which aircraft maintenance can be more predictable, eliminating any unexpected failure and increasing operational efficiency.

Partial chapters from the table of content:
Chapter 3.   Power by the Hour Industry Insights

3.1.  Introduction

3.2.  Industry segmentation

3.3.  Industry landscape, 2014 – 2025

3.4.  Market evolution

3.5.  Industry ecosystem analysis

3.6.  Technology & innovation landscape

3.6.1. Artificial Intelligence (AI)

3.6.2. Augmented reality/ Virtual reality (AR/VR)

3.6.3. Wearables

3.6.4. Big data analytics

3.7.  Regulatory landscape  

3.7.1. North America

3.7.2. Europe

3.7.3. Asia Pacific

3.7.4. Latin America

3.7.5. Middle East and Africa

3.8.  Industry impact forces

3.8.1. Growth drivers

3.8.1.1.    Rising transparency between industry players and customers

3.8.1.2.    Strategic shift from product oriented to service-oriented approach

3.8.1.3.    Stringent government regulations for maintaining operational quality

3.8.1.4.    Introduction of Aerospace 4.0

3.8.1.5.    Rise in air traffic in Asia Pacific

3.8.2. Industry pitfalls & challenges

3.8.2.1.    High manufacturing cost

3.8.2.2.    Shortage of resources

3.9.  Porter’s analysis

3.10.    PESTEL analysis

3.11.    Growth potential analysis, 2018

Chapter 4.   Competitive Landscape

4.1.  Introduction

4.2.  Company market share, 2018

4.3.  Competitive analysis of major Power by the Hour market players, 2018

4.3.1. Lufthansa Technik

4.3.2. Rolls Royce

4.3.3. United Technologies

4.3.4. Honeywell International

4.3.5. AAR

4.4.  Competitive analysis of other prominent market players, 2018

4.4.1. Guangzhou Aircraft Maintenance Engineering Company Ltd (GAMECO)

4.4.2. GE Aviation

4.4.3. AFI KLM E&M

4.4.4. Turkish Technic

4.4.5. EFTEC UK LTD


Browse Related Report:

Aerospace Avionics Market Size & Forecast 2019 – 2025
https://www.gminsights.com/industry-analysis/aerospace-avionics-market


About Global Market Insights 
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


            

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