Maintenance, repair and overhaul is a complex process in the aeronautical industry that possesses strict & precise requirements defined by air authorities to ensure passenger and aircrew safety. Airline owners are found spending billions of dollars to comply with such standards and is a relevant portion of their total operational costs. On the basis of manufacturer, the global defense military aircrafts maintenance, repair and overhaul market is segmented into military aircraft, engine manufacturer, aircrafts manufacturer, component manufacturer, specialty MRO companies and airlines.
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The key driving factors responsible for the growth of Defense
Military Aircrafts market :
In case of military/defense
aircrafts MRO market reflects robust & resilient market dynamics ranging
from military aircraft fleet size, structure and flight hours. With the due
course of time, the older planes and their components need to be replaced with
the new ones and replaced with newer ones which ultimately impact the MRO
spending. Also, political decisions influence the deployment of defense
aircrafts which directly impacts the MRO industry. For instance, alone in the
US, the global economic crisis hit the MRO industry resulting out of financial
constraints borne by leading defense spenders.
Commercially, the defense military
aircrafts maintenance, repair and overhaul market is directly proportional to
political influence and funding. Any of these factors vary, the MRO industry is
affected accordingly. Therefore, the current scenario in the MRO market being
positive, the market is set to witness a higher CAGR for the forecast period.
The key driving factors
attributing to the growth of defense military aircrafts maintenance, repair and
overhaul market include growth in military activities conducted by developed
and developing nations. Additionally, growth in air surveys to determine the
territories and the need to understand the location precisely is contributing
to the market growth. Moreover, growth in commercialization of aircraft
maintenance business is growing at a rapid pace resulting in growth of local
players is contributing to the market growth. However, significant costs and
shortage of skilled personnel for maintenance and overhaul is likely to impede
the market growth slightly during the forecast period.
On the basis of type, the global
defense military aircrafts maintenance, repair and overhaul market is segmented
into combat, trainer, transport, unmanned aircraft, special mission aircraft,
attack helicopters and utility helicopters. On the basis of component, the
global defense military aircrafts maintenance, repair and overhaul market is
segmented into airframe, line, engine, component maintenance and modifications.
On the basis of geographic
segmentation, the global defense military aircrafts maintenance, repair and
overhaul market spans North America, Latin America, Europe, Middle-East,
Asia-Pacific and Africa. Europe is anticipated to grow during the forecast
period owing to growth in military activities in order to safeguard borders.
North America stands second in the market owing to rising imports of aircrafts
in order to strengthen the defense system and conduct military activities.
APAC regions are anticipated to
grow during the forecast period with regards to commercialization of aircraft
maintenance business and technological advancement. Middle-East and African
regions are anticipated to grow at a moderate CAGR owing to low investment and
low spending on aircraft business. The key players in the global defense
military aircrafts maintenance, repair, and overhaul market include Airbus
Group, Hong Kong Aircraft Engineering Company Limited (HAECO), Honeywell
Limited, Lockheed Martin, Singapore Technologies Aerospace.
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