Report : North America 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 4.9% CAGR, the North America aircraft engine MRO market is speculated to be worth US$ 7.73 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America aircraft engine MRO market was valued at US$ 5.80 billion in 2022 and is expected to reach US$ 7.73 billion by 2028, registering an annual growth rate of 4.9% from 2022 to 2028. Resuming of grounded aircraft post–pandemic and stringent government regulations related to carbon emissions are the critical factors attributed to the market expansion.
During the COVID-19 recovery period, the aviation industry is witnessing a gradual recovery, which has increased aircraft movements and thus driving the growth of the aircraft engine MRO market. Aircraft manufacturers and military forces are implementing strategies to increase fleet expansion is contributing to the growth of the aircraft engine MRO market. Several airline companies implemented various strategies to increase their aircraft engine MRO market share, such as mergers & acquisitions and lining up new flights. The increased number of flights are driving the aircraft engine MRO market significantly. Moreover, the alarmingly high number of recent aircraft accidents due to engine failure has been a concern for internal efficiency and aircraft engine maintenance. This factor is fueling the demand for aircraft engine MRO services, aiding the market's growth. Governments are providing direct support to the aviation industry. Several developed and developing countries, such as the US and Mexico, are surfacing as profitable markets for aircraft engine MRO services.
On the contrary, suspension of older aircraft fleets hurdles the growth of North America aircraft engine MRO market.
Based on engine, the North America aircraft engine MRO market is bifurcated into a turbine engine and piston engine. The turbine engine held 81.9% market share in 2022, amassing US$ 4.75 billion. It is projected to garner US$ 6.44 billion by 2028 to expand at 5.2% CAGR during 2022–2028.
The turbine engine segment is further sub-segmented into turboprop engine, turbofan engine, and turboshaft engine. The turbofan engine held 71.5% market share in 2022, amassing US$ 3.40 billion. It is projected to garner US$ 4.58 billion by 2028 to expand at 5.1% CAGR during 2022–2028.
On the basis of application, the North America aircraft engine MRO market is segmented into commercial, general, and military. With 59.8% share of the domain, the commercial segment dominated the market in 2022. It accrued US$ 3.47 billion in 2022 and is estimated to generate US$ 4.58 billion by 2028 to grow at a CAGR of 4.7% over the forecast period.
On the basis of aircraft type, the North America aircraft engine MRO market is categorized into fixed wing and rotary wing. With 82.4% share of the domain, the fixed wing segment dominated the market in 2022. It accrued US$ 4.78 billion in 2022 and is estimated to generate US$ 6.26 billion by 2028 to grow at a CAGR of 4.6% over the forecast period.
Based on country, the North America aircraft engine MRO market is categorizsed into the US, Canada, and Mexico. Our regional analysis states that the US captured 70.8% market share in 2022. It was assessed at US$ 4.11 billion in 2022 and is likely to hit US$ 5.61 billion by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the North America 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, and SIA Engineering Company among others.
- In 2021, Standard Aero and Mint Turbines have been chosen by GE Aviation as its recommended MRO and limited scope service providers for restricted category and public use T700 engine operators in the United States, respectively.
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