Pune, INDIA, JUNE, 23, 2022 /MarketWatch/– According to the new research report published by The Insight Partners, titled “Air Transport Used Serviceable Material Market – Global Analysis and Forecast to 2027”, the global air transport used serviceable material market is expected to reach US$ 8,307.9 Mn by 2027, registering a CAGR of 5.9% during the forecast period 2019-2027.
Increasing Demands for a Cost-Efficient Aircraft Component Replacement is a Catalzer to Air Transport Used Serviceable Material Market. 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.
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The key air transport used serviceable material market players include; A J Walter Aviation Limited, AAR Corp, AFI KLM & E&M, Delta Material Services, GA Telesis, LLC, General Electric, Liebherr Group, Lufthansa Technik, Pratt & Whitney, and Honeywell International Inc., among others. Several other companies are operating in the market, and are extensively supporting the market growth year-over-year.
The report segments the global air transport used serviceable material market as follows:
The air transport used serviceable material market is analyzed based on various parameters, including product type, aircraft type, providers, and geography. The product type segment includes engine, components, and airframe. Based on different aircraft fleet in use, the aircraft type segment is categorized as narrowbody aircraft, widebody aircraft, business jets, and regional jets. The providers’ segment in air transport used serviceable material market is bifurcated into OEMs and non-OEMs. Geographically, the air transport used serviceable material market is analyzed on the basis of five strategic regions, namely; North America, Europe, Asia Pacific, Middle East and Africa, and South America. Further, these regions have been analyzed by different countries to gather granular and specific market trends.
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 global airspace is experiencing huge demand for air travel in terms of commercial aircrafts. This is leading the airlines and defense forces to keep their fleets ready with the latest technology and ensure robust components integrated. Refurbishment of existing commercial aircrafts is a major trend prevailing in the aviation industry at present. The trend is expected to surge over the period leading to huge opportunity for the aircraft component suppliers and the Maintenance, Repair, and Overhaul (MRO) companies. The refurbishment of aircrafts includes engine, landing gears, radars and antennas among others. The USM suppliers ensure the availability of some of the major aircraft components at lesser costs and higher reliability, which is increasing the interest among the aircraft manufacturers
The air transport used serviceable market is surging in the current scenario and is also expected to accentuate in the coming years till 2027, as the number of existing aircraft and engine fleet is rising in developed countries as well as developing countries. Additionally, the demand for USM is at a constant rise among the commercial aviation end-users, business jet owners, and regional jet users. Moreover, the air transport used serviceable material market in recent years has been experiencing substantial numbers of partnerships, mergers & acquisitions, and OEM’s entrance to the Air Transport Used Serviceable Material market. Some of the latest developments in the air transport used service material market include.
Since the legacy and mature fleet, customers prefer the procurement of alternative solutions for supporting the aircraft fleet operations and maintenance activities in a highly cost-effective manner. This also includes the optimization of inventories and maintenance, where the adoptions of serviceable materials are increasing at a quicker pace. Therefore, the air transport used serviceable material market is anticipated to grow at a rapid pace during the coming years.
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Key findings of the study:
The rising demand for surplus airline components has played a major role in reshaping the airline aftermarket strategies. The shift toward non-engine power-by-the-hour and other guaranteed service level agreements gives USM a more prominent role, which increases demand for the parts.
The global Air Transport Used Serviceable Material market for air transport used serviceable material has been segmented into five major regions — North America, Europe, APAC, MEA, and South America. In 2018, North America led the global air transport used serviceable material market, followed by Asia Pacific and Europe. The presence of well developed countries such as the US and Canada and high focus on aerospace sector are two of the major factors responsible for the growth of air transport used serviceable material market in North America.
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