SAN FRANCISCO, June 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Aviation MRO Logistics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: January 2021
Executive Engagements: 1401
Companies: 44 - Players covered include CMA CGM S.A.; Deutsche Post AG; DSV Panalpina A/S; Expeditors International of Washington, Inc.; FedEx Corporation; Kuehne + Nagel International AG; Nippon Express Co., Ltd.; SEKO Worldwide, LLC; United Parcel Service, Inc. and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Civil Aviation, Military Aviation, Business Aviation)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Singapore; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Aviation MRO Logistics Market to Reach $12.5 Billion by 2026
The Aviation Maintenance, Repair, Overhaul and Logistics (Aviation MRO Logistics) forms an important part of the MRO industry, representing those companies engaged in MRO of aircraft and related systems and components. The presence of MRO logistics is imperative all through the lifecycle of an aircraft, right from their introduction into service till its final disposal. The main activities of the MRO logistics sector include maintenance, repair or replacement, overhaul and logistics. The maintenance work includes the routine process of keeping the aircraft in airworthy condition. The repair and replacement activities require MRO logistics to continue repairing or replacing the damaged parts or components. The overhaul activities focus on reconditioning the aircraft systems, which may have deteriorated owing to performance degradation, wearing off or weakening of original strength of parts and components. The aerospace industry is anticipated to remain soft despite attempts to re-open the borders & economy. Airlines are unlikely to touch the pre-crisis levels in terms of passenger traffic and overall revenues. The spreading of fixed costs to more travelers is likely to reduce unit costs. However, measures to control the virus amid multiple waves of infections are anticipated to impede these gains and affect aircraft utilization rates.
Amid the COVID-19 crisis, the global market for Aviation MRO Logistics estimated at US$9.8 Billion in the year 2020, is projected to reach a revised size of US$12.5 Billion by 2026, growing at a CAGR of 4.2% over the analysis period. Civil Aviation, one of the segments analyzed in the report, is projected to grow at a 4.5% CAGR to reach US$7.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Military Aviation segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 29.5% share of the global Aviation MRO Logistics market.
The U.S. Market is Estimated at $1.7 Billion 2021, While China is Forecast to Reach $1.3 Billion by 2026
The Aviation MRO Logistics market in the U.S. is estimated at US$1.7 Billion in the year 2021. The country currently accounts for a 17.81% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 5.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR while Rest of European market (as defined in the study) will reach US$1.4 Billion by the close of the analysis period.
In the post COVID-19 period, aviation MRO will witness greater use of Blockchain. The use of Blockchain systems will help eliminate the need to maintain a central authority by using a chain of cryptographically protected records. The addition of the technology to existing MRO operations not only adds cost-effectiveness but also improves efficiency of the business processes. With a number of leading MRO organizations already forming alliances to provide blockchain services, and many more expected to follow their footsteps, the aircraft MRO logistics market stands to benefit in the coming years.
Business Aviation Segment to Reach $1.4 Billion by 2026
In the global Business Aviation segment, USA, Canada, Japan, China and Europe will drive the 3.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$744.9 Million in the year 2020 will reach a projected size of US$949.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$290.4 Million by the year 2026, while Latin America will expand at a 4.3% CAGR through the analysis period. More
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