Forecast Predicts Major Growth in Commercial MRO Market
As the global economy begins to recover, the commercial aircraft MRO market can look forward to strong growth this year and beyond, according to a Visiongain report entitled “The Commercial Aircraft Maintenance, Repair and Overhaul (MRO) Market 2011-2021.”
The global fleet of commercial aircraft is expected to reach nearly 30,000 units by 2021, increasing the demand for commercial aircraft maintenance.
The report suggests the driving force behind air travel growth has been the industrialization of countries such as India and China. “As these highly populated countries continue to develop and invest in the aviation industry, combined with the growing global presence of the aviation industry in the Middle East, strong, sustained growth is forecast within the global commercial aircraft MRO market as more and more aircraft take to the skies.
“Strong medium- to long-term growth for the commercial MRO industry will be driven by the aviation industry emerging from the financial crisis of 2009 with airlines and operators keen to clear the backlog of deferred maintenance of aircraft to maximize fleet potential. In addition, smaller airlines and operators with aging fleets who lack capital to purchase new aircraft deliveries will increasingly look to fleet maintenance,” according to the report.
According to Daniel Harrison, Visiongain’s industry analyst manager, sources for the study include company annual reports, SEC filings, contract announcements, information from company web sites, news reports, online and in-house databases, industry journals, interviews with key industry leaders and statistical publications.
“We believe such a diverse approach, reinforced with the views of industry specialists and experts, produces an accurate and objective sector and regional analysis and provides a sound basis for forecasting,” Harrison told AIN.
The company has been producing defense reports for more than five years and has just entered into the aviation sector. “It was a natural progression to diversify into aviation as there is considerable overlap, especially in aircraft platforms,” he said. The company also publishes “The Commercial Aircraft Leasing Market 2011-2021” and “The Aviation Security Market 2011-2021.”
London, UK-based Visiongain produces business-to-business conferences, newsletters, management reports and e-zines focusing on the aviation, defense, energy, telecoms, pharmaceutical and materials sectors.