Market Research Report
Power by the Hour Market Size By Component, By Platform, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||916049|
|Published||Content info||260 Pages
Delivery time: 2-3 business days
|Power by the Hour Market Size By Component, By Platform, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025|
|Published: October 21, 2019||Content info: 260 Pages||
Power by the Hour (PBH) Market Size By Component (Engine, Landing Gear & Brakes, Spare Parts & Components, Airframes), By Platform (Commercial Aviation, Business Jet, Commercial Helicopters), By Application (Line Maintenance, Heavy Maintenance), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025.
Power by the Hour (PBH) market is projected to exceed USD 30 billion by 2025. The growth of this market can be attributed to the increasing demand for passenger traffic and cargo movement from India, China, and Africa along with new aircraft deliveries across the globe and favorable government policies in Asia Pacific and Africa. Increasing technological advancements, such as Artificial Intelligence (AI) and Augmented Reality/Virtual Reality (AR/VR), are acting as a driver for the market.
Some major findings of the PBH market report include:
Increasing demand for fuel-efficient aircraft engines is driving the demand for the PBH market. Major companies in the market are focused on providing long-term engine maintenance contracts to airlines. For instance, JetSMART signed a 12-year contract with Pratt and Whitney for the maintenance of GTF engines for its 85-firm order of AirbusA320neo aircraft family. The company will provide services under the EngineWise program, which will provide a flexible maintenance option to the airline.
Lack of trained MRO maintenance professional and high manufacturing cost of parts & components are acting as major restraints for market growth. With the rising number of available seat miles, the demand for on-time performance is increasing. Airlines are now focusing to provide on-time services as any delay can cost a hefty amount of penalty. The lack of trained aircraft technicians is posing a major restraint for the PBH market growth.
Increasing number of passengers for long-haul routes and government initiatives to boost the economy by tourism & trade is supporting the growth of wide body aircraft across the globe. Increasing urbanization, development of megacities, and rising passenger traffic from the non-traditional market are some of the major drivers for the growth of the overall aviation industry. Most of the established big airlines are now focusing on long-haul routes to increase their geographical reach and expand their revenue pockets, directly supporting the demand for wide body aircraft.
The demand for upgrades and modification of existing aircraft fleet by major airlines is contributing to the growth of heavy maintenance. The introduction of more efficient aircraft engines and rising demand for lightweight components are fueling the demand for heavy maintenance. With the increasing demand for next-generation wide body aircraft by airlines in North America and Europe, the growth of next-generation wide body aircraft is expected to increase over the forecast timeframe. For instance, in June 2019, AirAsia X has expanded its contract with AFI KLM E&M to support the new A330neo aircraft. Under this contract, the company will provide component pool and repair services to the airlines along with logistic services for major components.
The upgrading of existing aircraft fleet with advanced system and demand for new long-range wide body aircraft by airlines are driving the demand for the PHB market in North America. The demand for fuel-efficient wide body aircraft is supporting the PBH market growth. With the presence of major aircraft, engine & component manufacturers as well as aircraft maintenance service providers, the PBH market share is expected to have a steady growth over the forecast timeframe.
Companies are focusing on providing more flexible and tailor-made maintenance program to the aircraft operators to increase their market share. OEMs and service providers are focusing on long-term contracts with the operators to increase their profitability. With the introduction of digital MRO services and Artificial Intelligence (AI), aircraft maintenance has become more simple and economical as AI helps in predicting the component or system failure in advance, narrowing the chances for unscheduled maintenance that help airlines to reduce their overall maintenance expenditure and increase the operational life of an aircraft. The introduction of IOT sensor is also supporting the PBH market growth as this sensor continuously monitors the aircraft systems and provides vital data by which aircraft maintenance can be more predictable, eliminating any unexpected failure and increasing operational efficiency.