NEW YORK, April 18, 2013 /PRNewswire/ -- Aviation Week (http://www.aviationweek.com) has released its annual forecast for the commercial aviation maintenance, repair and overhaul (MRO) industry, predicting strong growth for civil MRO worldwide, to $68.5 billion by 2022.
The annual maintenance forecast for airlines, engines and components, presented at Aviation Week's MRO Americas Conference & Exhibition in Atlanta, is based on Aviation Week's database of more than 30,000 commercial aircraft plus hours and cycles, retirement rates and net growth in deliveries.
Key findings from Aviation Week's forecast report include:
- Compound annual growth across all segments is 3.2% during the 10-year forecast period
- Passenger to freighter conversion (PTF) and IFE Components lead among growth markets, both exceed 10% CAGR
- Engine maintenance dominates the market, its share of MRO spend will grow from 39% in 2013 to 41% in 2022
- Engine maintenance is projected to see 3.9% annual growth during the period
- Worldwide, the active civil aircraft jet fleet should grow nearly 46% during this period
- Long-range twin-aisle aircraft will grow rapidly
- Long-range twin-aisle deliveries will enjoy especially robust growth between now and 2018 – more than 9% year over year
- The single-aisle fleet reaches nearly 21,000 aircraft by 2022
- Total jet aircraft retirements during the period will exceed 7,500, heavily weighed toward narrow-bodies
"With its agenda featuring the industry's top executives, presentation of prestigious awards, and the release of mission-critical forecast data, MRO Americas is not only the largest, most essential gathering of the global MRO community, but also the embodiment of Aviation Week's commitment to simplification, integration, and expansion of data and analytic capabilities," said Anne McMahon, Aviation Week's Vice President, Data/Analytics and Marketing.
For more information on the forecast, visit http://www.aviationweek.com or read the April 15 MRO edition of Aviation Week & Space Technology, which will feature rich media in the digital issue.
About Aviation Week: Aviation Week, a division of The McGraw-Hill Companies, is the largest multimedia data information and marketing services provider for the global aviation, aerospace and defense industries. Industry professionals rely on Aviation Week for analysis, marketing and intelligence. Customers include the world's leading manufacturers, suppliers, airlines, militaries, governments and other organizations that serve this global market. Aviation Week produces data and analytics services including the Aviation Week Intelligence Network (AWIN), industry-leading events around the world, as well as ShowNews and Business & Commercial Aviation.
On July 2, 2012, the group's flagship Aviation Week & Space Technology (AW&ST) relaunched with an even greater focus on technology, business and operations that has long been the brand's hallmark. In addition to civil, military and space, AW&ST's market coverage is further expanded with new monthly MRO and Defense Technology editions to include land and sea and aftermarket insights.
Aviation Week's 2012 digital expansion includes a redesigned AviationWeek.com for deeper community engagement and navigation and a comprehensive technology upgrade to the Aviation Week Intelligence Network (AWIN). AWIN, the industry's essential integrated business tool, now has increased capability through more fleet and MRO data and an expanded team of data analysts.
About The McGraw-Hill Companies: The McGraw-Hill Companies, to be renamed McGraw Hill Financial (subject to shareholder approval), is a powerhouse in credit ratings, benchmarks and analytics for the global capital and commodity markets. Leading brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mcgraw-hill.com.
SOURCE Aviation Week