Asia Pacific Aircraft MRO Market Forecast to 2030
Asia Pacific Aircraft MRO Market Forecast to 2030 – Regional Analysis – by Components (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Others), Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft), and End Users (Commercial and Military)
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Description
Increasing Adoption of Sustainable Aviation Fuel (SAF) Boosts Asia Pacific Aircraft MRO Market
Investing in sustainable aviation fuels (SAFs) and related services presents a significant opportunity for aircraft MRO providers. As the aviation industry intensifies its efforts to reduce carbon emissions and achieve sustainability goals, MRO companies can play a pivotal role in SAF adoption. By offering SAF-related services and technologies, MRO providers can position themselves as leaders in environmental sustainability and contribute to the industry’s commitment to greener aviation practices. This opportunity aligns with the growing demand for eco-friendly aviation solutions and can open new revenue streams while fostering a more sustainable future for the sector. For instance, in February 2022, SIA Engineering Company Limited announced a trial using SAF with SIAEC’s joint venture with Rolls-Royce and Singapore Aero Engine Services Private Limited (SAESL) to perform engine tests at its engine test facility. This is anticipated to position SIAEC as a sustainability-centric MRO service provider in the coming years. Similarly, in February 2023, Boeing entered into agreements to acquire 5.6 million gallons (equivalent to 21.2 million liters) of blended sustainable aviation fuel (SAF) from Neste, a global leader in SAF production. Boeing’s significant SAF procurement highlights a growing opportunity for Aircraft MRO providers.
As airlines increasingly prioritize eco-friendly operations, MRO companies can offer services related to SAF integration and usage. This includes retrofitting aircraft to accommodate SAF, conducting SAF-related maintenance, and ensuring compliance with SAF standards and regulations.
Asia Pacific Aircraft MRO Market Overview
Asia Pacific is a diverse region that houses more than 4 billion people and also comprises dynamic economies that cumulatively generate 35% of the global GDP. The aviation industry in the region is a pivotal contributor to its social and economic development. In 2017, Asia Pacific surpassed North America in terms of the leading digital travel market. The growth of Asia has been primarily attributed to the wide range of income levels and the rapidly growing middle class. This resulted in robust sales gains in fast-developing economies of the region, such as India and China. Asia Pacific is expected to be the region experiencing ample opportunities for providers of aircraft MRO services. Asia Pacific has several growing economies, which are leading the growth of a variety of sectors, including aerospace, military & defense, and technology. Many emerging economies in Asia Pacific are attracting investment from the regulatory bodies to bring enhancement to their technologies. This would eventually propel the growth and adoption of advanced technologies to be integrated into aircraft.
Numerous global players are expanding their MRO facilities in Asia Pacific. For instance, in July 2022, Safran AB (one of the leading suppliers of key aircraft components, including landing gear, wheels and brakes, and wiring) announced an investment of US$ 305 million in India. The company is planning to invest US$ 204.15 million in one of the largest MRO facilities in the world in Hyderabad. Investments of global players will boost the growth of the aircraft MRO market during the forecast period.
Asia Pacific has had a strong import of advanced commercial aircraft since the past few years owing to an increase in international travelers from across the globe in countries such as India, China, Japan, and Taiwan. Owing to the increasing count of aircraft and airports, the demand for aircraft MRO services will soar during the forecast period. The region is expected to account for ~40% of the future airline production to suffice the aircraft demand. The increasing number of airports and rising regional flight transportation between Asian countries are encouraging the demand for aircraft MRO services and systems to perform safer operations. To fulfill these needs, new and existing players are developing new systems, which, in turn, is expected to drive the market.
Apart from this, Southeast Asian countries are also witnessing growth over the recent years. As a result, the key players in the aircraft MRO market are enhancing their capabilities in this region. For instance, in September 2023, Pratt & Whitney announced plans to increase the capacity of its Singapore engine center, Eagle Services Asia (ESA). The company is planning to increase its facilities to 48,000 sq. ft, which will increase its capabilities by two-thirds of its current capacity. Thus, potential countries in terms of the aviation industry in Southeast Asia, such as Singapore, Malaysia, and Thailand, generate more revenue for the aircraft MRO market in Asia Pacific.
Asia Pacific Aircraft MRO Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Aircraft MRO Market Segmentation
The Asia Pacific aircraft MRO market is categorized into components, aircraft type, end users, and country.
Based on components, the Asia Pacific aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment held the largest market share in 2022.
In terms of aircraft type, the Asia Pacific aircraft MRO market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held a larger market share in 2022.
By end users, the Asia Pacific aircraft MRO market is bifurcated into commercial and military. The commercial segment held a larger market share in 2022.
By country, the Asia Pacific aircraft MRO market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific aircraft MRO market share in 2022.
AAR CORP, Barnes Group Inc, Collins Aerospace, Delta TechOps, GE Aviation, Lufthansa Technik, Rolls-Royce plc, Singapore Technologies Engineering Ltd, and Turkish Technic Inc are among the leading companies operating in the Asia Pacific aircraft MRO market.
Summary Info
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According to the Research Team’ research, the Asia Pacific aircraft MRO market was valued at US$ 28,315.86 million in 2022 and is projected to reach US$ 46,482.95 million by 2030, registering a CAGR of 6.4% from 2022 to 2030. Rising presence of MRO service providers in emerging economies and blockchain technology changing MRO landscape are among the critical factors attributed to drive the Asia Pacific aircraft MRO market growth.
With the rapidly growing aviation industry over the past few years, the demand for airline MRO services is also increasing. Emerging economies, such as those in Asia Pacific, are highly focused on extending MRO services to commercial as well as military aircraft companies. Major aircraft MRO businesses in Asia Pacific include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Heavy spending on aviation infrastructure, economic growth, and increase in passenger count are the factors propelling the adoption of aircraft maintenance services. Moreover, the soaring number of middle-class travelers—especially in Asia Pacific countries, such as China, Singapore, and India—is the main factor contributing to air travel growth, which is consequently increasing the need for aircraft maintenance services in the region. The Rest of Asia Pacific countries, which include Singapore, Malaysia, and Thailand, produce a large amount of revenue from the aviation MRO market due to well-established MRO hubs. For instance, Singapore dominates the Rest of Asia Pacific due to its established MRO hubs, and major market players such as GE Aviation, Airbus, and Rolls-Royce have substantial footprints in Singapore. According to the Wisconsin Economic Development Corporation (WEDC), Singapore houses 120 aerospace companies, which have gathered one-quarter of the Asia Pacific’s MRO market.
On the contrary, OEMs entering aftermarket hampers the growth of Asia Pacific aircraft MRO market.
Based on components, the Asia Pacific aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment held 41.9% market share in 2022, amassing US$ 11,863.16 million. It is projected to garner US$ 21,384.65 million by 2030 to register 7.6% CAGR during 2022–2030.
In terms of aircraft type, the Asia Pacific aircraft MRO market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held 68.3% share of Asia Pacific aircraft MRO market in 2022, amassing US$ 19,332.60 million. It is anticipated to garner US$ 30,687.04 million by 2030 to expand at 5.9% CAGR during 2022–2030.
By end users, the Asia Pacific aircraft MRO market is divided into commercial and military. The commercial segment held 73.8% share of Asia Pacific aircraft MRO market in 2022, amassing US$ 20,886.64 million. It is projected to garner US$ 34,123.56 million by 2030 to expand at 6.3% CAGR from 2022 to 2030.
Based on country, the Asia Pacific aircraft MRO market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 36.8% share of Asia Pacific aircraft MRO market in 2022. It was assessed at US$ 10,431.17 million in 2022 and is likely to hit US$ 17,593.80 million by 2030, registering a CAGR of 6.8% during 2022–2030.
Key players operating in the Asia Pacific aircraft MRO market are AAR CORP, Barnes Group Inc, Collins Aerospace, Delta TechOps, GE Aviation, Lufthansa Technik, Rolls-Royce plc, Singapore Technologies Engineering Ltd, and Turkish Technic Inc, among others.
In September 2023, ST Engineering announced that its Commercial Aerospace business has secured multi-year contracts to provide Japan Airlines with its component Maintenance-By-the-Hour (MBHTM) solutions, strengthening a longstanding relationship with the airline in integrated MRO support.
In June 2023, StarFlyer and Lufthansa Technik recently signed a long-term exclusive contract for MRO (maintenance, repair and overhaul) services on the engines of the Japanese airline’s Airbus A320ceo and A320neo fleets. Under the terms of the contract, Lufthansa Technik will provide StarFlyer with comprehensive technical support for CFM56-5B and LEAP-1A powerplants even into the next decade. The MRO company is thus further expanding its customer base for the modern CFM LEAP* engine in Asia.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific aircraft MRO market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific aircraft MRO market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Aircraft MRO Market Landscape
4.1 Overview
4.2 Porter’s Analysis
4.3 Ecosystem Analysis
4.3.1 Component Suppliers
4.3.2 MRO Service Providers
4.3.3 End Users
5. Asia Pacific Aircraft MRO Market – Key Industry Dynamics
5.1 Aircraft MRO Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increasing Air Travel
5.2.2 Rising Presence of MRO Service Providers in Emerging Economies
5.2.3 Growing Integration of Digital Technology in MRO Industry
5.2.4 Rising Outsourcing Trends in the Aviation Industry
5.3 Market Restraints
5.3.1 OEMs Entering Aftermarket
5.4 Market Opportunities
5.4.1 Retrofitting of Older Aircraft Fleet
5.4.2 Increasing Adoption of Sustainable Aviation Fuel (SAF)
5.5 Future Trends
5.5.1 Blockchain Technology Changing MRO Landscape
5.6 Impact of Drivers and Restraints:
6. Aircraft MRO Market – Asia Pacific Market Analysis
6.1 Asia Pacific Aircraft MRO Market Revenue (US$ Million), 2020 – 2030
6.2 Asia Pacific Aircraft MRO Market Forecast and Analysis
7. Asia Pacific Aircraft MRO Market Analysis – Components
7.1 Overview
7.1.1 Asia Pacific Aircraft MRO Market, By Components (2022 and 2030)
7.2 Engine MRO
7.2.1 Overview
7.2.2 Engine MRO Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Avionics MRO
7.3.1 Overview
7.3.2 Avionics MRO Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Airframe MRO
7.4.1 Overview
7.4.2 Airframe MRO Market, Revenue and Forecast to 2030 (US$ Million)
7.5 Cabin MRO
7.5.1 Overview
7.5.2 Cabin MRO Market, Revenue and Forecast to 2030 (US$ Million)
7.6 Landing Gear MRO
7.6.1 Overview
7.6.2 Landing Gear MRO Market, Revenue and Forecast to 2030 (US$ Million)
7.7 Others
7.7.1 Overview
7.7.2 Others Market, Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Aircraft MRO Market Analysis – Aircraft Type
8.1 Overview
8.1.1 Asia Pacific Aircraft MRO Market, By Aircraft Type (2022 and 2030)
8.2 Fixed Wing Aircraft
8.2.1 Overview
8.2.2 Fixed Wing Aircraft Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Rotary Wing Aircraft
8.3.1 Overview
8.3.2 Rotary Wing Aircraft Market, Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Aircraft MRO Market Analysis – End Users
9.1 Overview
9.1.1 Asia Pacific Aircraft MRO Market, By End Users (2022 and 2030)
9.2 Commercial
9.2.1 Overview
9.2.2 Commercial Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Military
9.3.1 Overview
9.3.2 Military Market, Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Aircraft MRO Market – Country Analysis
10.1 Asia Pacific
10.1.1 Asia Pacific Aircraft MRO Market Overview
10.1.2 Asia Pacific Aircraft MRO Market Revenue and Forecasts and Analysis – By Country
10.1.2.1 Australia Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.1.1 Australia Aircraft MRO Market Breakdown by Components
10.1.2.1.2 Australia Aircraft MRO Market Breakdown by Aircraft Type
10.1.2.1.3 Australia Aircraft MRO Market Breakdown by End Users
10.1.2.2 China Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 China Aircraft MRO Market Breakdown by Components
10.1.2.2.2 China Aircraft MRO Market Breakdown by Aircraft Type
10.1.2.2.3 China Aircraft MRO Market Breakdown by End Users
10.1.2.3 India Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 India Aircraft MRO Market Breakdown by Components
10.1.2.3.2 India Aircraft MRO Market Breakdown by Aircraft Type
10.1.2.3.3 India Aircraft MRO Market Breakdown by End Users
10.1.2.4 Japan Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.4.1 Japan Aircraft MRO Market Breakdown by Components
10.1.2.4.2 Japan Aircraft MRO Market Breakdown by Aircraft Type
10.1.2.4.3 Japan Aircraft MRO Market Breakdown by End Users
10.1.2.5 South Korea Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.5.1 South Korea Aircraft MRO Market Breakdown by Components
10.1.2.5.2 South Korea Aircraft MRO Market Breakdown by Aircraft Type
10.1.2.5.3 South Korea Aircraft MRO Market Breakdown by End Users
10.1.2.6 Rest of APAC Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.6.1 Rest of APAC Aircraft MRO Market Breakdown by Components
10.1.2.6.2 Rest of APAC Aircraft MRO Market Breakdown by Aircraft Type
10.1.2.6.3 Rest of APAC Aircraft MRO Market Breakdown by End Users
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
12. Company Profiles
12.1 AAR CORP
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Barnes Group Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 GE Aviation
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Turkish Technic Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Singapore Technologies Engineering Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Lufthansa Technik
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Delta TechOps
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Rolls-Royce Holdings Plc
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Collins Aerospace
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
13. Appendix
13.1 About the Research Team
LIST OF TABLES
Table 1. Asia Pacific Aircraft MRO Market Segmentation
Table 2. Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Asia Pacific Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Million) – Components
Table 4. Asia Pacific Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Million) – Aircraft Type
Table 5. Asia Pacific Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Million) – End Users
Table 6. Australia Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Components
Table 7. Australia Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Aircraft Type
Table 8. Australia Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By End Users
Table 9. China Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Components
Table 10. China Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Aircraft Type
Table 11. China Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By End Users
Table 12. India Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Components
Table 13. India Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Aircraft Type
Table 14. India Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By End Users
Table 15. Japan Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Components
Table 16. Japan Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Aircraft Type
Table 17. Japan Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By End Users
Table 18. South Korea Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Components
Table 19. South Korea Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Aircraft Type
Table 20. South Korea Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By End Users
Table 21. Rest of APAC Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Components
Table 22. Rest of APAC Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By Aircraft Type
Table 23. Rest of APAC Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn) – By End Users
LIST OF FIGURES
Figure 1. Asia Pacific Aircraft MRO Market Segmentation, By Country
Figure 2. Porter’s Analysis
Figure 3. Ecosystem: Aircraft MRO Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Asia Pacific Aircraft MRO Market Revenue (US$ Million), 2022 – 2030
Figure 6. Asia Pacific Aircraft MRO Market Share (%) – Components, 2022 and 2030
Figure 7. Engine MRO Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Avionics MRO Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Airframe MRO Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Cabin MRO Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Landing Gear MRO Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Asia Pacific Aircraft MRO Market Share (%) – Aircraft Type, 2022 and 2030
Figure 14. Fixed Wing Aircraft Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Rotary Wing Aircraft Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. Asia Pacific Aircraft MRO Market Share (%) – End Users, 2022 and 2030
Figure 17. Commercial Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Military Market Revenue and Forecasts to 2030 (US$ Million)
Figure 19. Asia Pacific Aircraft MRO Market, by Key Country – Revenue (2022) (US$ Million)
Figure 20. Asia Pacific Aircraft MRO Market Breakdown by Country (2022 and 2030)
Figure 21. Australia Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 22. China Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 23. India Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 24. Japan Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 25. South Korea Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 26. Rest of APAC Aircraft MRO Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – Asia Pacific Aircraft MRO Market
o AAR CORP
o Barnes Group Inc
o Collins Aerospace
o Delta TechOps
o GE Aviation
o Lufthansa Technik
o Rolls-Royce Holdings Plc
o Singapore Technologies Engineering Ltd
o Turkish Technic Inc.
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