Air Transport Used Serviceable Material Market Revenue and Growth Rate 2019-2027
Air Transport Used Serviceable Material Market Size, Share, Outlook By 2027
In terms of revenue, the Air Transport Used Serviceable Material Market was valued at US$ 4,980.2 million in 2018 and is projected to reach US$ 8,307.9 million by 2027 at a CAGR of 5.9% during the forecast period.
The aviation industry is continuously witnessing several significant changes in terms of manufacturing technology, MRO technology, and aircraft procurement trends. The civil airline companies, business jet owners, and regional airline companies are benefiting massively by the drop in aviation turbine fuel cost over the past few years. On the other hand, the engine manufacturers are heavily emphasizing and capitalizing on the production of extended life aircraft engines. The extended life of aircraft engines is leading to the squeezed aftermarket supply chain in the aero-engine industry. Similarly, the fall in aviation turbine fuel costs is facilitating the aircraft owners to hold their existing fleet for a longer period, which is resulting in less teardown time of aircraft. The two factors are positively impacting on the growth of air transport used serviceable materials.
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The competition in aircraft MRO business segments is intensifying day-by-day, thereby threatening the traditional maintenance, repair, and overhaul business modules. The disruptions in the aircraft MRO business segment are majorly catered by an increasing number of companies in the segment using advanced technologies, increasing the number of aircraft fleet, and reduction in the price of MRO services. Engine and airframe are the two critical components driving the aircraft MRO business segment. Rising demand for repair and replacement of airframe components and engine components has led to the rise in the adoption of used serviceable materials among the MRO service providers. This has created a unique business model among the MRO service providers and is also expected to drive the air transport used serviceable material market in the forthcoming years.
The top five market leaders in this market include AAR CORP, Honeywell International Inc., A J Walter Aviation Limited, Delta Material Services, and AFI KLM E&M. The above listing of top players is based on multiple factors such as overall sales, current USM inventory, and services portfolio, investment in technology up-gradation, and industry activities. Companies have taken several market initiatives to expand their business lines and footprint across the world and to fulfill the growing demand of the market. In 2019, Boeing, one of the aircraft manufacturing peers, has expanded its service portfolio by introducing the used serviceable material business segment. The USM capability would benefit Boeing by offering a range of parts and components choice to the customers. In 2018, AAR Announced Joint Venture with Indamer for New MRO Facility in India.
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