Visiongain has published a new report on Military Aircraft Maintenance, Repair & Overhaul (MRO) Market Report 2021-2031: Forecasts by Product (Heavy Engine Maintenance, Components, Heavy Airframe Maintenance, Operational and Field Maintenance), Application (Narrow body, Widebody, Regional, Turboprop), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) PLUS Analysis of Leading Military Aircraft MRO Companies AND COVID-19 Recovery Scenarios.
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Big spenders on defense devote approximately or more than 2 percent of their GDP to defense, a substantial amount. It is projected that various factors will play a vital role in the purchase of command and control equipment moving ahead of COVID-19 especially for emerging economies as these countries would need to prioritize on defense expenditure. The global defense sector is not affected due to COVID as compared to other industries, but defense contracts are of high value, and losing a contract means the loss of millions of dollars in revenue. Moving ahead, the companies will have to make difficult choices on how they will run the company in the future.
MRO Investment to Increase in The Short to Medium Term
Visiongain anticipates that the military aircraft maintenance, repair, and overhaul activity is projected to grow in the short to medium term. Over 50% of the airlines across the globe are expecting that there will be a significant increase in the investment prospects over the next few years. The MRO activity is popular and is still rising with the shifting of MRO activities from developed to developing or low- & middle-income economies owing to the availability of cheap and skilled labour. To further cut down the expense, the major airline companies are looking to develop sophisticated materials management solutions, cut inventory budgets, and improve airline operations & reliability. The MRO service providers are also expanding their geographical reach in order to become regional & global full-service providers. This growth is attributed to the rising number of mergers and acquisitions among large entities along with rising interest among private equity and non-strategic investors.
Growing Demand for MRO Services Owing to Expansion by Major Companies
Over the next 10 years, the MRO industry would need to change significantly to satisfy growing demand led by expansion, regional changes, fleet mix patterns and new technologies. Meanwhile, aircraft departure will stay brisk. The primary cause of aircraft retirement was tiny regional jets and narrow bodies, resulting in a relatively young retirement age of around 18 years. Net world area fleet development will be inconsistent, contributing to shifts in global size rankings over the century. The main growth driver will be Asia, especially China and India, which will become the largest area, almost doubling in the in-service fleet and related demand for MROs. North America, by comparison, will see little actual growth while the fleet will be dramatically revamped throughout the span. North America would fall behind Asia and Europe into the third-largest country.
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How the Military Aircraft MRO Market report helps you
In summary, our 330+ page report provides you with the following knowledge:
Revenue forecasts to 2031 for Military Aircraft Maintenance, Repair & Overhaul (MRO) Market, with forecasts for Platform, Technology, and Application, each forecasted at a global and regional level– discover the industry’s prospects, finding the most lucrative places for investments and revenues.
Revenue forecasts to 2031 for 5 regional and 20 key national markets – See forecasts for the Military Aircraft MRO market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Argentina, Brazil, Germany, France, UK, Italy, Spain, China, India, Japan, and Australia among other prominent economies.
Prospects for established firms and those seeking to enter the market– including company profiles for 27 of the major companies involved in the Military Aircraft MRO Market.
Some of the major companies operating in the global military aircraft maintenance, repair & overhaul (MRO) market are Airbus Group, AMMROC, BAE Systems PLC, Boeing Defense, Space and Security, Dassault Aviation, DynCorp International, Embraer S.A, GE Aviation, Hindustan Aeronautics Limited (HAL), Honeywell Aerospace, L-3 Communications, Leonardo, Lockheed Martin Corporation, Northrop Grumman Corporation, Pratt & Whitney, Rolls Royce Defense Aerospace, RUAG Aviation, Safran SA, ST Aerospace, United Aircraft Corporation, Lufthansa Technik AG, AAR, AFI KLM E&M, Thales, Curtis Wright, Hensodlt, and General Dynamics.
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