Aircraft spare parts market to reach $ 47.33
Pune, India, July 6, 2021 (GLOBE NEWSWIRE) – The world aircraft spare parts market The size is expected to gain ground reaching $ 47.33 billion by 2028 while posting a 6.12% CAGR between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Aircraft spare parts market, 2021-2028”. The report further mentions that the market was worth $ 29.44 billion in 2020. Factors such as the growing number of phased out aging aircraft and the estimated growth in air travel in the near future are expected to boost demand. of the product. For example, 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 increase in air transport around the world.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented losses. Due to the lockdown announced by government agencies around the world, several manufacturing facilities are shut down with limited operational activities. However, a collective effort by government and industries to bring the economy back is expected to drive the market growth during the forecast period.
What does the report include?
The Global Aviation PMO Parts Market report comprises a qualitative and quantitative analysis of several factors such as key drivers and restraints that will impact the growth. Further, the report provides information on regional analysis which covers different regions, contributing to the growth of the market. It understands the competitive landscape that involves leading companies and adopting strategies to announce partnerships, introduce new products, and collaborate to further contribute to market growth between 2021 and 2028. Further, the research analyst adopted several research methodologies to extract information on current trends and industry developments that will drive the market growth during the forecast period.
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Market segmentation :
Based on the type of parts, the market is divided into MRO parts and Rotary spare parts.
On the basis of the type of parts, the MRO parts segment held a market share of around 66.9% and is expected to dominate during the forecast period. This is due to the growing demand for maintenance of new generation aircraft around the world.
On the basis of component type, the market is categorized into engines, airframes, interiors, cockpit systems, and others. Moreover, on the basis of the platform, the market is segmented into narrow-body, wide-body and regional aircraft. Finally, on the basis of region, the market is divided into Rest of the world, Asia-Pacific, North America, and Europe.
Increased number of discontinued aircraft to propel market growth
COVID-19 has disrupted the aviation industry due to declining demand for air travel. The government around the world had imposed travel restrictions to contain the spread of the disease. As a result, the coronavirus has led several airlines to phase out their aging airlines across the world. This is expected to drive the demand for aircraft dismantling, dismantling and recycling services which will contribute to the growth of the global aviation PMO parts market in the years to come.
North America – The region is expected to dominate the market and hold the largest global aircraft spare parts market share during the forecast period. This is due to the growing investment by companies to expand their after-sales service facilities in countries such as the United States. North America was worth $ 11.45 billion in 2020.
Asia Pacific – The region is expected to exhibit significant growth supported by the increasing desire of manufacturers to establish aftermarket centers in countries such as Singapore, Japan and Australia which will lead to the adoption of aviation PMO parts in the region.
Browse the detailed summary of the research report with the table of contents:
Market segmentation :
On the basis of type, the market is divided into mini, micro, and nano.
On the basis of type, the microsatellite segment is expected to hold the largest global small satellite market share of around 24.40% in 2020. Moreover, it is likely to dominate the market in the coming years, supported by the increasing adoption of these types of satellites. for space research purposes around the world.
On the basis of component, the market is divided into structure, payload, power supply system, solar panel and antenna systems, propulsion systems, and others. Additionally, depending on the application, the market is categorized into communication, earth observation, navigation, technology development, and others. Based on the end user, the market is segmented into commercial, military, civilian, and government.
Growing adoption of IoT in manufacturing to promote growth
The IoT guarantees advanced connectivity options between industrial applications for production and machine control via satellites. They further help to exchange data in real time to improve production and operations of industries. In manufacturing, IoT-enabled devices are adopting satellite connectivity for data transmission between systems and components. Due to their numerous advantages such as process automation, the increasing adoption of IoT is likely to promote the growth of the global small satellite market during the forecast period.
North America – The region was worth $ 2.11 billion in 2020 and is expected to remain at the forefront during the forecast period. This is due to the growing attention to the deployment of small satellites for military purposes in countries like the United States. For example, in July 2020, the American CubeSat initiative announced the deployment of the 109e CubeSat from the International Space Station.
Asia Pacific – The region’s market is expected to experience considerable growth in the coming years. This is due to factors such as the growing demand for advanced small satellites for space observation programs in countries like India, Japan and China. For example, by 2021, the Indian Space Research Organization (ISRO) plans to deploy several satellites, such as ten Earth observation satellites, two navigation satellites, three communications satellites and three space science satellites. .
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Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions & Partnerships
- Latest technological advances
- Porters Five Forces Analysis
- Supply chain analysis
- Quantitative analyzes – Impact of the COVID-19 pandemic on the global aircraft parts market
- Impact of the COVID-19 pandemic on the market
- Measures taken by industry / companies / governments to overcome the impact
- Key Industry Developments in Response to the COVID-19 Pandemic
- Potential opportunities due to the COVID-19 epidemic
- Global Aircraft Spare Parts Market Analysis, Outlook and Forecast, 2017-2028
- Main conclusions / Summary
- Market analysis, information and forecasts – by type of parts
- MRO Parts
- Rotary spare parts
- Market Analysis, Information & Forecast – By Component Type
- Cockpit systems
- Market Analysis, Information & Forecast – By Aircraft Type
- Narrow body
- Wide body
- Regional aircraft
- Market Analysis, Information & Forecast – By Region
- North America
- Asia Pacific
- Rest of the world
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