An increase in the number of airline passengers will also cause prominent growth in the business and general aviation sectors, and subsequently the MROs that service all of these aircraft, from 2017 to 2022, according to Esticast Research and Consulting. Its research showed that the global MRO market will increase at a compound annual growth rate of 3.8 percent over the five-year period.

The consulting firm also found that the engine sector had the highest revenue share in the 2016 MRO market, but the continued growth of the global MRO market might be stunted because of regulations in the sector. Esticast's research showed that OEM partnerships between contractors, local market players and sometimes military depots are growing in popularity in the engine maintenance sector to overcome swings in the market. Some of the key market players include Lufthansa Technik, GE Aviation, AFI KLM E&M, ST Aerospace, MTU, AAR, SR Technics (Mubadala), SIA Engineering, Delta TechOps, Haeco, Ameco Beijing, Iberia Maintenance, ANA, JAL Engineering, Korean Air, and KAI.

In 2016, the Asia Pacific region held approximately 35 percent of revenue market share of the global MRO market, Esticast said. The market is expected to continue to broaden in this region because of the development of new airports, the expansion of current airports, and the expansion of domestic fleets. Governments in this region are also offering financial incentives for MRO companies. For example, the Korean government is offering incentives to expanding MRO capabilities while keeping a focus on fast-growing carriers. Similarly, tax breaks in China—along with better MRO infrastructure, inexpensive labor, and increasing joint ventures—have paved the way for new aircraft MRO facilities there.

At the same time, the Middle East MRO market is expected to expand at a faster rate than the global average, the consulting firm said.