Report : Asia Pacific Aircraft Engine MRO Market Forecast to 2028 – COVID-19 Impact and Analysis – by Engine (Turbine Engine and Piston Engine), Application (Commercial, General, and Military), and Aircraft Type (Fixed Wing and Rotary Wing)
At 6.9% CAGR, the Asia Pacific aircraft engine MRO market is speculated to be worth US$ 11.91 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific aircraft engine MRO market was valued at US$ 7.98 billion in 2022 and is expected to reach US$ 11.91 billion by 2028, registering an annual growth rate of 6.9% from 2022 to 2028. The increasing demand for fuel–efficient aircraft and resuming of grounded aircraft post–pandemic are the critical factors attributed to the market expansion.
Fuel-efficient aircraft is important due to the increasing price of oil, and airline manufacturers can save a significant amount of money by utilizing less fuel through better fuel–efficiency. If an aircraft uses less fuel, it will produce less CO2 emissions. Aircraft manufacturers are focusing on delivering more fuel-efficient aircraft in upcoming years. Aircraft manufacturers, such as Boeing and Airbus, are taking several initiatives, such as replacing old aircraft with new fuel–efficient aircraft and improving flight operations. Airbus forecasted that air transport demand would dynamically move from fleet development to the sped up retirement of older, less fuel-efficient aircraft. This shift is anticipated to result in a requirement for more than 39,000 new commercial and freighter aircraft over the next few years. As a result, the majority of the passenger aircraft operating will be technologically advanced, with considerably better CO2 efficiency in passenger aircraft fleets. Just 1% of the reduction in the average annual fuel burn of Airbus A320 and Boeing B737-300 will save approximately 100 tons of fuel by 2040, and about 400 tons of CO2 will not be emitted. Fuel-efficient aircraft are expected to increase the demand for aircraft engine MRO services, supporting the market in the years to come.
On the contrary, suspension of older aircraft fleets hurdles the growth of Asia Pacific aircraft engine MRO market.
Based on engine, the Asia Pacific aircraft engine MRO market is bifurcated into a turbine engine and piston engine. The turbine engine held 81.5% market share in 2022, amassing US$ 6.51 billion. It is projected to garner US$ 10.01 billion by 2028 to expand at 7.4% CAGR during 2022–2028.
The turbine engine segment is further sub-segmented into turboprop engine, turbofan engine, and turboshaft engine. The turbofan engine held 73.2% market share in 2022, amassing US$ 4.76 billion. It is projected to garner US$ 7.24 billion by 2028 to expand at 7.2% CAGR during 2022–2028.
On the basis of application, the Asia Pacific aircraft engine MRO market is segmented into commercial, general, and military. With 66.3% share of the domain, the commercial segment dominated the market in 2022. It accrued US$ 5.30 billion in 2022 and is estimated to generate US$ 7.81 billion by 2028 to grow at a CAGR of 6.7% over the forecast period.
On the basis of aircraft type, the Asia Pacific aircraft engine MRO market is categorized into fixed wing and rotary wing. With 77.5% share of the domain, the fixed wing segment dominated the market in 2022. It accrued US$ 6.19 billion in 2022 and is estimated to generate US$ 9.12 billion by 2028 to grow at a CAGR of 6.7% over the forecast period.
Based on country, the Asia Pacific aircraft engine MRO market is categorizsed into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 27.3% market share in 2022. It was assessed at US$ 2.18 billion in 2022 and is likely to hit US$ 3.45 billion by 2028, exhibiting a CAGR of 8.0% during the forecast period.
Key players dominating the Asia Pacific aircraft engine MRO market are CFM International, Delta Air Line, GE Aviation, Lufthansa Technik, MTU Aero Engines AG, Raytheon Technologies Corporation, Rolls-Royce plc, Safran, SIA Engineering Company, and Sigma Aerospace.
- In 2021, Pratt & Whitney has announced the induction of the first GTF engine for maintenance, repair and overhaul (MRO) in China.
- In 2022, Collins Aerospace has announced investing more than US$ 27 million to nearly double the size of its MRO operations in Xiamen, China and quadruple the size of its MRO footprint in Selangor, Malaysia.
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