Strategic Assessment of Aerospace Aftermarket to grow at a CAGR of 3.87% from 2020 to 2030

The strategic assessment of aerospace aftermarket provides detailed market information for segmentation on the basis of type, aircraft class, industry, and region.
FREMONT, Calif. - June 18, 2021 - PRLog -- In the recent years, the global airline industry has shown significant financial results owing to integration of advanced technologies into an aircraft. Further, various airlines have become more focused toward regular maintenance of their operations in order to serve their passengers with optimized customer experience. Such regular maintenance is expected to lead to huge opportunities for MRO service providers who can expand and diversify their capabilities by getting a contract from airlines, such as line maintenance, fleet management, and airframe services.

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The complex structure of various aircraft components such as engines, airframes, systems, and related components leads to adoption of maintenance, repair, and overhaul (MRO) services for inspection and maintenance. Further, implementation of safety regulation by Civil Aviation Authorities (CAA) in various regions also make necessary upgrades of different aircraft components and parts, driving more revenue growth for aerospace aftermarket.

According to Colins Aerospace, everyday hundreds-of-thousands of transactions take place between airlines and their aftermarket service providers for aircraft services. However, various MROs are engaged in implementing new technologies including hangars & paperless shops, virtual maintenance training, predictive maintenance, and drone-supported maintenance to operationalize aircraft monitoring, improve technician efficiency and productivity, and bring actionable solutions to the airlines faster. The global aerospace aftermarket industry is one of the most competitive industries, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the aerospace aftermarket industry exhibits an inclination toward emerging strategies and developments by market players.

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The prominent players in the aerospace aftermarket adopted strategies of facility expansion, service launches, contracts, and partnerships, and collaborations to expand their businesses. The companies are also involved in some of the other developments that include acquisition, certifications from the government to set up their facilities or introduction of new services, and investment to develop advanced systems for aircraft. Due to the intensive competition, the aerospace aftermarket requires MROs and OEMs to constantly provide cost-effective service solutions with the existing and forthcoming industry standards pertaining to the commercial and military industry.

About BIS Research:

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Bhavya Banga
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