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companies offer valuable services to ensure that the commercial/military aircraft are safe, durable and operational; thus, they
cater to a market that has an ever increasing demand. However, as the MRO industry expands, the dynamics will likely change
with consolidation and globalization gaining in prominence.
Current Scenario
In 2007, the global MRO industry was valued at $41 billion. The industry is projected to expand at a CAGR of 4.5% to $62
billion in 2017. Due to globalization, the airline industry is growing at a rapid pace; the associated MRO industry is also
expected to grow at the same rate.
Chart 1 – Market Size of the Global MRO Industry
Source: www.teamsai.com
Broadly, the MRO industry comprises four main service groups – Line Maintenance, Component Maintenance, Engine
Maintenance, and Heavy Maintenance & Modification. Of these, Engine Maintenance accounts for the largest share (35%) of
the total expenses incurred on aircraft maintenance. These groups are treated as separate business lines by MRO companies as
they require diverse skill sets and are supported by different budget lines. The service groups outsource most jobs, helping them
increase profit margins. Hence, the growing trend in outsourcing is likely to help the MRO industry expand globally.
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any
Security.
Component
Maintenance, 21% Line Maintenance,
21%
Engine Overhaul,
35%
Heavy
Maintenance &
Modification, 23%
2007
North America,
37%
Europe, 25%
Asia/Pacific
(Including India,
China), 21%
Others, 17%
2017E
North America,
31%
Europe, 24%
Asia/Pacific
(Including India,
China), 26%
Others, 19%
Chart 2 – Air Transport MRO Market- 2006
Source: www.aerostrategy.com
Going forward, as the global MRO industry grows; developing nations are expected to outplay the developed ones with a
robust increase in air traffic infrastructure. Developing nations are buying new aircraft to suffice their needs. Some developing
nations also intend to purchase used aircraft from western countries to lower costs; therefore, the need for maintenance is of
prime importance for them. Though the maintenance industry is spread globally, it is mostly concentrated in North America
and Europe. As of 2007, North America comprised 37% of the global MRO industry, while Europe constituted 25%.
Chart 3 – Global market share differentials 2007–2017E
Source: www.aviationweek.com
In the next decade, major geographical regions, such as the U.S. and Europe, could witness a decline in their share of the global
MRO industry. However, developing nations, such as India, China, and the overall Asia-Pacific region, are expected to witness
an increase in their share. North America and Europe comprise nearly two-third of the global market; however, the focus is
likely to shift toward the Asia-Pacific region. The MRO industry in Asia-Pacific is expected to witness the highest growth and
be worth $16.2 billion in 2017 from $8.61 billion in 2007.
© Khandaker Partners. All rights reserved. The information and data contained herein is not warranted or represented to be accurate and complete.
This report is intended for U.S. residents and for information purposes only and should not be considered as advice or solicitation to buy or sell any
Security.
0
5,000
10,000
15,000
20,000
25,000
30,000
2007 2012E 2017E
Number of Commercial Aircrafts
Developing nations are not only benefiting from demand for aircraft maintenance at home, but also from the rising number of
outsourcing contracts from companies across the globe. Several developing nations have a low-cost labor advantage; as a result,
they compete with companies operating out of the U.S. in terms of providing low-cost MRO services. In the next 10 years,
outsourcing activities in the global MRO industry are projected to rise to 65% compared to 52% in 2006. However, the MRO
industry is a capital intensive industry requiring a specialized set of skills and services. Therefore, established MRO and airline
companies across the U.S. and Europe prefer to set-up an operating unit in low-cost countries to exploit the labor and achieve
economies of scale. Recently, Boeing and Snecma Services were amongst the major MRO companies that have set up a unit in
the Asia-Pacific region. Other major companies in the MRO industry include Dubai Aerospace Enterprise, Air Portugal, Air
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