December 19, 2019
According to the research report titled ‘Power by the Hour (PBH) Market Size By Component (Engine, Landing Gear & Brakes, Spare Parts & Components, Airframes), By Platform (Commercial Aviation, Business Jet, Commercial Helicopters), By Application (Line Maintenance, Heavy Maintenance), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global power by the hour (PBH) market is estimated to amass USD 30 billion by the year 2025.
Over the past few years, there has been a noticeable increase in passenger traffic and cargo movement across countries like India, China and Africa. To meet growing demand for sustainable air travel, manufacturers are bringing in new aircraft models across the globe. Deployment of aircraft segments rigged with advanced technologies like Artificial Intelligence (AI) and Augmented Reality/Virtual Reality (AR/VR) has encouraged airline carriers to invest more in MRO maintenance, which is evidently supporting power by the hour (PBH) market growth.
Increasing demand for fuel-efficient engines in the aviation sector would aid PHB market expansion. Companies in this market are focusing on providing airlines with long-term engine maintenance contracts. Taking JetSMART for instance, the company reportedly signed a 12-year contract with aerospace company Pratt & Whitney for the maintenance of GTF engines for its orders of AirbusA320neo aircraft portfolio. Apparently, Pratt & Whitney will provide services under the EngineWise program, which will offer a flexible maintenance option to JetSMART.
Apart from this, proliferation in the tourism & trade industry along with a sizable increase in the number of air passengers opting for long-haul routes has supported the growth of wide body aircraft. Well-established airlines are lately seen focusing on long-haul routes to enhance their geographical reach as well as boost their overall revenue. Strategies like this would directly influence the demand for wide body aircrafts, thereby supporting PHB market expansion.
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As per component type, PBH market is classified as airframes, engine, spare parts & components, and landing gear & brakes. While based on platform, the market is segmented into commercial helicopters, commercial aviation, and business jet. Speaking of application spectrum, the industry is categorized as heavy maintenance and line maintenance.
The key players operating in power by the hour market are Hong Kong Aircraft Engineering Co. Ltd., Guangzhou Aircraft Maintenance Engineering Co. Ltd., GE Aviation, Exodus Aviation, EFTEC UK Ltd., Evergreen Aviation Technologies Corp., Ameco, A J Walter Aviation Ltd., and AAR among others.
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