Report : South America Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Others), Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft), and End-User (Commercial and Military)
Military Segment is Expected to be Fastest Growing During Forecast Period for SAM Region
According to a new market research study on “SAM Aircraft MRO Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Aircraft Type, and End-User” is expected to reach US$ 2.84 billion by 2028 from US$ 2.46 billion in 2021. The market is estimated to grow at a CAGR of 2.1 % from 2021 to 2028. The report provides trends prevailing in the SAM aircraft MRO market along with the drivers and restraints pertaining to the market growth.Rising demand for MRO services and emergence of digital technology for MRO industry are the major factor driving the growth of the SAM aircraft MRO market. However, escalating share of original equipment manufacturers (OEMs) in the aftermarket hinders the growth of SAM aircraft MRO market.
In case of COVID-19, SAM is highly affected, especially Brazil, followed by Peru, Chile, Colombia, and Ecuador, among others. The governments in SAM have taken an array of actions to protect their citizens and contain COVID-19’s spread. Brazil is the largest spender in the aerospace industry and has the highest number of airports in the region. The Brazilian government is eyeing on developing airport infrastructure; however, the COVID-19 outbreak has shifted the focus toward human well-being. This has resulted in allocation of limited resources and investments toward airport infrastructure and services, thereby slowing the adoption of aircraft MRO services. This factor has negatively impacted the aircraft MRO market. Furthermore, closing of airline businesses in the region is also expected to hamper the growth of the market in the region. For example, Argentinian branch of LAN Argentina is closing due to the economic uncertainty caused by COVID-19.
The SAM aircraft MRO market has been segmented on the basis on component, aircraft type, end-user, and country. Based on component, the market has been segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment dominated the SAM aircraft MRO market in 2020 and is also expected to be fastest growing during forecast period. The market by aircraft type has been bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment dominated the SAM aircraft MRO market in 2020 and is also expected to be fastest growing during forecast period. Further, based on end-user, it has been categorized into commercial and military. The commercial segment dominated the SAM aircraft MRO market in 2020 and military segment is expected to be fastest growing during forecast period.
AAR, Barnes Group Inc., Collins Aerospace, Delta TechOps, GE Aviation, Lufthansa Technik, and Rolls-Royce plc. are among the leading companies in the SAM aircraft MRO market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Lufthansa Technik and the Mexican carrier MasAir Cargo Airline have signed a comprehensive Total Component Support contract covering repair and overhaul of components for MasAir's Boeing 767F fleet. The new contract governs supply for up to 14 aircraft over a period of five years. This is the first contract signed directly between Lufthansa Technik and MasAir.
The report segments the SAM Aircraft MRO Market as follows:
SAM Aircraft MRO Market – By Component
- Engine MRO
- Avionics MRO
- Airframe MRO
- Cabin MRO
- Landing Gear MRO
SAM Aircraft MRO Market – By Aircraft Type
- Fixed Wing Aircraft
- Rotary Wing Aircraft
SAM Aircraft MRO Market – By End-User
SAM Aircraft MRO Market – By Country
- Rest of SAM
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