Pune, India, March 31, 2022 (GLOBE NEWSWIRE) -- The global aircraft line maintenance market size was valued at USD 18.34 billion in 2021. The market is estimated to rise from USD 19.30 billion in 2022 to USD 28.73 billion by 2029 at a 5.8% CAGR during the forecast period 2022-2029. Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Aircraft Line Maintenance Market, 2022-2029.”
According to the study, stakeholders are likely to expand their penetration across major markets on the back of the adoption of advanced technologies. The industry is likely to gain traction from investments in increasing fleet size. Moreover, leading companies could emphasize digital services, components training and aircraft maintenance.
COVID-19 Impact
Supply of Medical Equipment and Suspension of Travel Services Disrupt Industry
Industry players grappled with major supply chain disruptions in 2020 and 2021 with the suspension of passenger air travel services. With the aviation sector witnessing a gloomy outlook, the penetration of cargo and rescue flights augured well for the business forecast. According to an estimate, approximately 46,400 special cargo flights transported 1.5 million tons of cargo, majorly medical equipment, in the midst of the pandemic.
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Fortune Business Insights™ lists out all the aircraft line maintenance market companies that are presently striving to reduce the impact of the Covid-19 pandemic on the market:
- ANA Line Maintenance Technics Co., Ltd. (Japan)
- Ameco (China)
- BCT Aviation Maintenance Ltd (U.K.)
- Monarch Aircraft Engineering Ltd (Germany)
- STS Aviation Group, Inc. (U.S.)
- United Airlines, Inc. (U.S)
- Nayak Aero (Germany)
- Delta TechOps (U.S.)
- Hong Kong Aircraft Engineering Company Limited (China)
Report Coverage
The report sheds light on quantitative and qualitative assessments to provide a holistic view of the global market. Further, a host of primary interviews has been conducted with opinion leaders, suppliers and other stakeholders. Primary data has been collated through emails, telephonic conversations and questionnaires. The secondary sources referred are press releases, SEC filings and websites. The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping.
Drivers and Restraints
Bullish Uptake of Outsourcing and Air Traffic to Accentuate Industry Growth
Industry players are likely to explore opportunities with the growing prominence of outsourcing across emerging and advanced economies. Amidst escalating labor- and maintenance costs, outsourcing is likely to gain traction. Furthermore, the need for low-cost carriers and product portfolio expansion could foster aircraft line maintenance market share. Budget airlines have become trendier globally, with China receiving major impetus. The IATA asserts that China is on course to outperform the U.S. as the largest passenger traffic globally by 2024.
However, potential delays and cancellations of aircraft deliveries did not bode well for the industry outlook. For instance, in April 2020, Airbus SE reportedly received 16 cancellations for the A220 series. Prevailing challenges witnessed in the aviation industry will continue to redefine the strategies in the ensuing period.
Segmentation
In terms of type, the market is segmented into routine checks and transit checks.
Based on aircraft type, the industry is segregated into military and commercial.
With respect to platform, the market is fragmented into digital line maintenance and traditional line maintenance.
On the basis of service, the industry is segmented into component replacement and rigging services, engine and APU service, aircraft on ground service, and others.
With regards to geography, the market includes North America, Asia Pacific, Europe, the Middle East & Africa, South America and the Rest of the World.
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Regional Insights
North America to Witness Investments Galore with Presence of Leading Companies
North America aircraft line maintenance market growth will be pronounced during the forecast period, largely due to the presence of major players in the U.S. Some of the leading companies, such as American Airlines and Delta, have upped investments in the aviation sector. Moreover, the boost in the fleet size could augur well for the industry outlook.
Industry participants expect Europe to emerge as a happy hunting ground against the backdrop of the adoption of advanced technologies. Stakeholders expect the U.K., France, Italy and Germany to lead from the front with growing investments in aircraft line maintenance services.
Asia Pacific market forecast will be strong following the expansion of aircraft line maintenance operators across India, China, Australia and Japan. Prominently, the commercial aviation sector has received impetus due to rising fleet size. Besides, digital line maintenance has gained prominence in the wake of the footfall of AI and IoT in the landscape.
Competitive Landscape
Stakeholders to Invest in Strategic Approaches to Gain Competitive Edge
Major players are poised to infuse funds into product launches, mergers & acquisitions, technological advancements and R&D activities. Prevailing trends suggest leading companies are slated to focus on geographical expansion during the forecast period.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aircraft Line Maintenance Market
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- Impact of COVID-19 Pandemic on Global Aircraft Line Maintenance Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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Key Industry Developments
- June 2021 – Ramco Systems announced it would implement its Aviation M&E MRO Software V5.8 to digitally transform the maintenance and engineering operations of Bristow Group.
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Digital MRO Market Size, Share & Industry Analysis, By Technology (Predictive maintenance, AR/VR, 3D Printing, Artificial Intelligence, Big Data), By Application (Inspection, Monitoring, Part Replacement, Major and Minor Modifications, Mobility and Functionality, Others), By End User (Aircraft OEMs, Engine OEMs, MRO service providers, Airlines) And Regional Forecast 2022-2029
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