Dublin, Ireland – Analysts forecast the global aviation MRO market to grow at a compound annual growth rate (CAGR) of 3.82% over the period 2012-2016. One of the key factors contributing to this market growth is the increasing focus of OEMs on MRO.
The Global MRO market is discussed in a new report, Global MRO Market:2012-2016, from Research and Markets.
It says the market has also been witnessing the emergence of next-generation technology. However, complex regulatory requirements are creating confusion with end-users and could pose a challenge to the growth of this market, the report contends.
The key vendors dominating this market space are CFM International S.A., General Electric Co., Royce Holdings plc, and Pratt and Whitney. Other vendors mentioned in the report are Honeywell International Inc., and PowerJet Parts Inc.
Commenting on the report, an analyst from the market research firm’s automotive team said: “The Global MRO market is expected to witness increasing demand for commercial aerospace MRO activities in emerging countries in the coming years, leading to market consolidation and expansion. Many companies are focusing on expanding their presence in developing countries by embarking on diverse strategic initiatives, which are expected to enhance their top line growth and their market reach.
“For instance, in March 2011, Bombardier Inc. carried out a major expansion of aftermarket services for its aircraft business operators in China. This ramp-up included the creation of a new regional support office and a parts depot in Hong Kong and a new line maintenance facility in Jinan, China. This expansion in China, which was part of the company’s planned investment of up to US$30 million, has helped the company boost the support for its growing customer base in China.”
Further, the report states that one of the major challenges in this market is the increase in the regulations being introduced by various governments. Several vendors in the Global MRO market work for ministries and government agencies; therefore, they have to comply with stringent regulations.
For more information, see http://www.researchandmarkets.com/research/sdpvcw/global_mro_market