Technological advancements such as AI and AR/VR are expected to bolster power by the hour market share during the assessment period of 2019-2025. Dynamic growth witnessed in power by the hour market is mainly credited to unprecedented demand for passenger traffic and cargo movement from APAC countries, along with sublime aircraft deliveries across the globe.
Soaring demand for fuel-efficient aircraft engines is set to augur well for power by the hour market size expansion. Leading companies are increasingly focusing on offering long-term engine maintenance contracts to airlines. For instance, JetSMART inked a 12-year contract with Pratt and Whitney meant for the proper maintenance of GTF engines for the 85-firm order of AirbusA320neo aircraft family. The company is set to offer services under the EngineWise program that will offer a flexible maintenance option to the airline.
Power by the hour market size is expected to surpass US$ 30 bn by 2025, according to the latest research report by Global Market Insights, Inc.
With notable rise in the number of passengers for long-haul routes, government initiatives have witnessed a notable uptick. Further, facets such as development of megacities, burgeoning urbanization and soaring passenger traffic stemming from non-traditional market are anticipated to spur power by the hour market share.
Modification of existing aircraft fleet and robust demand for upgrades by leading airlines have been indispensable in the development of heavy maintenance. The advent of state-of-the-art aircraft engines and marked demand for lightweight components have further contributed to the growth of heavy maintenance.
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Escalating demand for next-generation wide body aircraft by North American and European airlines is set to underpin power by the hour market outlook. For instance, AirAsia X bolstered its contract with AFI KLM E&M in June 2019 to propel the new A330neo aircraft.
Rising call for fuel-efficient wide body aircraft is slated to undergird power by the hour market share. In a bid to propel power by the hour market share, prominent companies are vying to offer more tailor-made and flexible maintenance program to aircraft operators.
The emergence of MRO services and IoT sensors has streamlined aircraft maintenance given the sensors keep an eye on aircraft systems and offer invaluable data. Further, AI has helped aircraft maintenance prophesize the system or component failure in advance and propel the operational efficiency of an aircraft, negating the chance for unscheduled maintenance.
Meanwhile, high manufacturing cost and dearth of trained MRO maintenance professional may mar the growth of power by the hour market. With soaring demand for on-time performance, airlines are heavily focusing to offer on-time services. Moreover, shortage of trained aircraft technicians is expected to derail the growth of power by the hour market. As such, leading companies are increasingly investing in on-time services and low-cost carriers (LCC) are inclined toward outsourcing MRO activities.
Prominent companies are focusing on novel technology, including wearables, MRO services and big data analytics to gain competitive advantage. Some of the leading companies eyeing to expand power by the hour market size are AAR, Collins Aerospace, Rolls-Royce, Lufthansa Technik, among others.
Author Name : Sunil Jha
Aerospace landing gear market to derive commendable proceeds via commercial aviation over 2018-2024, surging MRO services to expedite the industry expansion
Over the recent years, the global aerospace landing gear market share has observed an exponential growth owing to a significant uptick in air passenger traffic and the consequent increase in the demand for lightweight aircrafts. Owing to the criticality of these subsystems, which support aircraft weight during landing and ground operations, the commercial airlines have focused on incorporating high-grade landing gears in the recent times. Moreover, the swift escalation in the number of commercial aircraft production across the world has emerged as one of the foremost factors to have contributed toward rapid growth of the aerospace landing gear industry.
U.S. Aerospace Landing Gear Market, By Position, 2013-2024, (Units)
Elaborating further, the U.S. based Boeing for instance, delivered an astonishing 763 commercial airplanes in the year 2017. Reportedly, the aerospace behemoth surpassed its previous delivery record set in 2015. In this context, it would be prudent to mention that 2017 was the seventh consecutive year that registered a decent increase in the delivery of commercial aircrafts by foremost manufacturers.
Apparently, the number of commercial aircraft deliveries stood at 1740 in 2017. This remarkable surge in the total fleet of the commercial airplanes, which was estimated to be around 31,000 worldwide in the same year, has been instrumental in establishing the prominence of commercial aircrafts in the aerospace landing gear market. In fact, the commercial aircraft space is projected to be the major growth segment in the overall aerospace landing gear industry in the upcoming years. Incidentally, commercial aviation held over 58% of the aerospace landing gear market share in 2017 and will emerge as a dominant segment by 2024.
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Concurrently, it has been observed that there has been a gradual uptick in the number of collaborations being formed between firms operating in MRO (maintenance, repair and operations) industry and various commercial microsatellites & orbital transportation service providers. Needless to mention, these collaborations have invariably boosted the commercialization scale of the overall aerospace landing gear market in the recent times. The U.S. headquartered Triumph Group for instance, has recently teamed up with a systems integrator specializing in microsatellite services, Sierra Nevada Corporation (SNC), to provide landing gear system for the Dream Chaser spacecraft.
In this regard, the agreement mentions that Triumph Group’s Washington based Integrated Systems business unit will work together with SNC to supply the main and nose landing gear to a lifting-body vehicle, the Dream Chaser. Reportedly, this spacecraft would be utilized to support NASA’s Commercial Resupply Services 2 project that is slated to resupply the International Space Station. The partnership is being increasingly termed as quite remarkable in the aerospace landing gear industry given that the contract further includes the supply of integrated actuation solutions for the landing gear and door systems which would be developed by both the firms.
Speaking in the similar context, numerous dominant commercial and defense aircraft manufacturers around the globe have continued assisting airline operators to leverage exchange offerings of landing gears and overhaul of performing equipment as well. Powered with a robust global network of repair service centers, these aircraft manufacturers are well-positioned to lower maintenance time and provide reliable landing gear repair services to major airlines. To cite an instance of the same, Boeing had declared the launch of its new landing gear exchange programs in 2014 for Air Canada’s 777-200LE (Longer Range) and 777-300ER (Extended Range) airframes.
As per the contract, the American aerospace behemoth had agreed to provide certified and fully overhauled landing gear shipsets for a total of 23 aircrafts belonging to the largest domestic and international airline in Canada. Apparently, such cost-effective offerings by prominent aircraft manufacturers have optimistically influenced and proliferated the aerospace landing gear industry space over the past few years.
The prominent aerospace regulating authorities such as Federal Aviation Authority and Civil Aviation Safety Authority have laid out strict guidelines to deploy advanced technologies including Radio-Frequency Identification and wireless sensor network to enhance operational safety of airplanes. Furthermore, the increasing adoption of advanced landing gear systems across major airlines would impel product penetration, cite analysts. Driven by a rapid increase in commercial aircraft deliveries coupled with the burgeoning air passenger traffic, the aerospace landing gear market is slated to grow at an exceptional pace in the years ahead. In fact, as per a research report collated by Global Market Insights, Inc., the revenue portfolio of aerospace landing gear industry is estimated to surpass USD 21 billion by 2024.
Author Name : Saif Ali Bepari