According to the research report titled ‘Commercial Aircraft MRO Market Size By MRO Services, By Service Provider, By Aircraft, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report, global commercial aircraft MRO market is expected to experience substantial growth during 2020-2026.
 

Regular maintenance requirement for aging and in-service fleet, digitalization of MRO service along with strict policies pertaining to airworthiness are propelling the growth of commercial aircraft MRO market. MRO refers to inspection, repair, and servicing of an aircraft or aircraft components. These services are vital to ensure safety and effective working order of aircrafts with respect to international standards.
 

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Rise in number of air passengers, improving spending capacity, consumer inclination towards air travel and flourishing tourism sector are further augmenting commercial aircraft MRO market outlook. However, high cost of aircraft spare parts & components in tandem with losses due to aircraft downtime will impede the market growth to some extent.  
 

With regards to MRO services, the market is divided into modification, airframe, line, components, and engine. Airframe segment is expected to grow with a CAGR of 6.6% during 2020-2026, mainly due strict regulatory norms to ensure safety and airworthiness of aircrafts.
 

As per the report, line segment is expected to account for 15% revenue share by the year 2026. Focus towards monitoring the readiness of aircraft for regular flight by run routine and light maintenance checks is boosting the demand for line service. Further, the service also includes component replacement, defect rectification, overnight maintenance, and troubleshooting to make sure that there are no delays in aircraft schedules.
 

Based on aircraft type, global commercial aircraft MRO industry is segmented into regional jet, widebody, narrowbody, and turboprop. Narrowbody aircraft segment is anticipated to contribute 50% revenue share throughout the forecast period, owing to rising demand for low-cost carriers and new aircraft launches.
 

From regional overview, Asia Pacific commercial aircraft MRO market is expected to hold 27% revenue share during 2020-2026, mainly due to swift expansion of tourism sector and launch of low-cost carriers in the region. Strong presence of various airlines with huge flight network will further augment the market outlook in APAC.
 

Parallelly, Latin America commercial aircraft MRO market is anticipated to record a y-o-y growth rate of 4.9% through 2026, owing to flourishing tourism sector along with surging air passenger travel in the region.
 

Key companies operating in global commercial aircraft MRO market include AAR Corporation, Airbus SAS, Delta TechOps, General Dynamics Corp., Boeing Company, MTU Aero Engines AG, GE Aviation, Rolls-Royce plc, Honeywell Aerospace, Bombardier Inc., Embraer S.A., Safran SA, Air France Industries KLM Engineering & Maintenance, Hong Kong Aircraft Engineering Company (HAECO) Ltd, and Lufthansa Technik AG.