Aircraft Aftermarket Parts Market to Reach USD 47.33 Billion by 2028; Increasing Number of Phased Out Aircraft to Augment Growth, Says Fortune Business Insights™
Top companies covered in aircraft aftermarket parts market report are The Boeing Company (The US), Collins Aerospace (The US), Honeywell International Inc. (The US), General Electric Company (The US), Eaton Technologies (The US), Meggitt PLC (The UK), UTC Aerospace Systems (The US), AJW Group (The UK) and more players profiled.
Pune, India, July 06, 2021 (GLOBE NEWSWIRE) -- The global aircraft aftermarket parts market size is expected to gain momentum by reaching USD 47.33 billion by 2028 while exhibiting a CAGR of 6.12% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Aircraft Aftermarket Parts Market, 2021-2028.” The report further mentions that the market stood at USD 29.44 billion in 2020. Factors such as the increasing number of phasing out of the aging aircraft and the estimated growth in air travel in near future are expected to favor the product’s demand. For instance, according to Airbus SAS, the growth of passenger fleets will double from 21,000 aircraft in 2019 to 45,000 by 2035 due to the rising air travel worldwide.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
What does the Report Include?
The global market for aviation PMO parts report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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Market Segmentation:
Based on parts type, the market is bifurcated into MRO parts and rotable replacement parts.
Based on parts type, the MRO parts segment held a market share of about 66.9% and is expected to dominate during the forecast period. This is due to increasing demand for maintenance of next-generation aircraft worldwide.
On the basis of component type, the market is categorized into engine, airframe, interior, cockpit systems, and others. Moreover, on the basis of platform, the market is segmented into narrow-body, wide-body, and regional aircraft. Lastly, on the basis of region, the market is divided into Rest of the World, Asia-Pacific, North America, and Europe.
DRIVING FACTORS
Increasing Number of Phased Out Aircraft to Propel Market Growth
The COVID-19 has disrupted the aviation industry due to reduced demand for air travel. The government worldwide had put traveling restrictions to contain the spread of the disease. Therefore, the coronavirus resulted in several airlines phasing out their aging airlines across the globe. This is expected to drive the demand for aircraft disassembly, dismantling, and recycling services that will contribute to the global aviation PMO parts market growth in the forthcoming years.
REGIONAL INSIGHTS
North America – The region is expected to dominate the market and hold the largest global Aircraft Aftermarket Parts market share during the forecast period. This is attributable to the increasing investment by the companies to expand their aftermarket service facilities in countries such as the U.S. North America stood at USD 11.45 billion in 2020.
Asia-Pacific – The region is expected to showcase significant growth backed by the increasing focus of the manufacturers to establish aftermarket hubs in countries such as Singapore, Japan, and Australia that will drive the adoption of aviation PMO parts in the region.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/aircraft-aftermarket-parts-market-105451
Market Segmentation:
On the basis of type, the market is trifurcated into mini, micro, and nano.
Based on the type, the microsatellite segment is expected to hold the largest global small satellite market share of about 24.40% in 2020. Moreover, it is likely to dominate the market in the forthcoming years, backed by the increasing adoption of these types of satellites for space research purposes globally.
On the basis of the component, the market is divided into structure, payload, electric power system, solar panel & antenna systems, propulsion systems, and others. Moreover, based on the application, the market is classified into communication, earth observation, navigation, technology development, and others. Based on the end-user, the market is segmented into commercial, military, civil, and government.
DRIVING FACTORS
Increasing Adoption of IoT in Manufacturing Sector to Promote Growth
IoT ensures advanced connectivity options across industrial applications for the production and control of machines through satellites. They further aid in exchanging real-time data to improve the production and operations of the industries. In the manufacturing sector, IoT-enabled devices adopt satellite connectivity for data transmission between the systems and components. Owing to their several benefits, such as process automation, the surging adoption of IoT is likely to favor the global small satellite market growth during the forecast period.
REGIONAL INSIGHTS
North America – The region stood at USD 2.11 billion in 2020 and is expected to remain at the forefront during the forecast period. This is due to the increasing focus on deploying small satellites for military purposes in countries such as the U.S. For instance, in July 2020, the U.S. CubeSat initiative announced the deployment of the 109th CubeSat from the international space station.
Asia-Pacific – The market in the region is expected to showcase considerable growth in the forthcoming years. This is ascribable to factors such as the growing demand for advanced small satellites for space observation programs in countries such as India, Japan, and China. For instance, by 2021, the Indian Space Research Organization (ISRO) plans to deploy several satellites, such as ten earth observation satellites, two navigational satellites, three communication satellites, and three space science satellites.
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Detailed Table of Content:
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Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
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Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
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Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
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Quantitative Insights- Impact of COVID-19 Pandemic on Global Aircraft Aftermarket Parts Market
- Impact of the COVID-19 Pandemic on the Market
- Steps Taken by Industry/ Companies/ Governments to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19 pandemic
- Potential Opportunities due to COVID-19 Outbreak
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Global Aircraft Aftermarket Parts Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
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Market Analysis, Insights and Forecast – By Parts Type
- MRO Parts
- Rotable Replacement Parts
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Market Analysis, Insights and Forecast – By Component Type
- Engine
- Airframe
- Interior
- Cockpit Systems
- Others
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Market Analysis, Insights and Forecast – By Aircraft Type
- Narrow-body
- Wide-body
- Regional Aircraft
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Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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