Asia-Pacific Aircraft Engine MRO Market – Growth, Trends, And Forecast (2020 – 2025)
Asia-Pacific Aircraft Engine MRO market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.
Top Companies like Singapore Aero Engine Services Private Limited, Singapore Technologies Engineering Limited, SIA Engineering Company, Safran SA, Hong Kong Aircraft Engineering Company Limited, General Electric Company, Rolls Royce PLC, Asia Pacific Aerospace (APA) Pty. Ltd, Mitsubishi Heavy Industries Aero Engines Ltd, GMF AeroAsia
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Scope of the Report
The Asia-Pacific aircraft engine MRO market is anticipated to witness a CAGR of over 5% during the forecast period.Aircraft OEMs and engine manufacturers are engaging in extensive integration efforts to enhance performance and extend the aircraft range. Emerging aviation regulations to constrict the emission of greenhouse gases due to the movement of aircraft. These developments have generated a huge demand for engine MRO to maintain the operational readiness of their fleet. The COVID-19 has resulted in the grounding of the total commercial aviation fleet in the region, signifying an increase in the expenditure for the airlines to ensure the airworthiness of their aircraft assets.
Key Market Trends
Increasing Emphasis on Reducing Aviation Emissions
The emissions produced by aircraft engines have an impact on the environment and affect the local air quality and finally cause several problems like the greenhouse effect. Over the past few years, an increasing number of aircraft in the sky led to increasing emissions caused by them. In 2018 alone, aircraft produced 747 million metric tons of carbon dioxide (CO2), which is approximately 11% of the total CO2 emissions from all transport sources. About 80% of the aviation CO2 emissions are from flights traveling over 1,500 km. To tackle the increasing emissions, regulatory bodies, like ICAO and IATA, have adopted a set of targets to address the global challenge of climate change. IATA has targeted to improve the fuel efficiency of aircraft by 1.5% per year, between 2009-2020, and to cap the net aviation CO2 emissions from 2020. It aims to reduce the emissions by 50% by 2050, relative to the 2005 levels. The growth of emission regulations for the airspace by various regulatory bodies, like FAA, EASA, IATA, and ICAO, among others, is generating the demand for better engine maintenance for older aircraft, as their emissions are higher compared to the new-generation aircraft engine. The COVID-19 pandemic has enhanced the demand for engine MRO in Asia-Pacific, as the airlines need to maintain the airworthiness of their aircraft and engine assets.
Singapore to Dominate the Market During the Forecast Period
The favorable government policies and the availability of cheap manual resources have made Singapore a global hub for MRO activities. Singapore hosts a large and diverse ecosystem that caters to engines, components, and avionics for comprehensive nose-to-tail services. Major aerospace leaders such as Rolls Royce plc and Airbus SE have a long-term and significant footprint in Singapore. The high concentration of aerospace industry players means that the domestic market is extensively layered with key support sectors to absorb subcontracting works. Local heavyweights such as SIA Engineering Company and Singapore Technologies Engineering Limited (ST Engineering) continue to expand their operations in the country. ST Engineering has a longstanding relationship with CFM International (CFM) as a licensed service center for its CFM56-5B and -7B engines. On this note, in February 2020, ST Engineering agreed with CFM to provide MRO support for its LEAP-1B engine. Such developments are envisioned to foster the growth prospects of the market in focus in Singapore during the upcoming period.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Asia-Pacific Aircraft Engine MRO Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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