Aircraft engine market continues growth – what does that mean for MROs?
Recent reports state that the aircraft engine segment will continue growing throughout the decade. According to Enginestands.com, an engine stands and aircraft tooling rental company, this will not only benefit engine manufacturers but also have an industry-wide impact.
The aircraft engine market is expected to grow from USD 60.8 billion in 2021 to USD 92.9 billion by 2026, at a CAGR of 8.9%. “There are many different factors driving the market,” states Hanna Lavinskaja, Head of Business Development at Enginestands.com. “Rising commercial aviation industry’s demands, growing need for fuel-efficient and sustainable aircraft engines as well as rising investment in the defence aviation sector, have a positive impact on the market situation.”
Additionally, despite the undeniable impact the global Covid-19 pandemic had on the aviation industry as a whole and the aircraft engine market, leading industry players continue to innovate and introduce next-generation ideas. “Rolls-Royce is one of many large companies working on innovating in the aircraft engine market. They have officially started building the world’s largest aero-engine, which will have a large impact on sustainable air travel. The engine will be the basis for a potential new family of UltraFan engines able to power both narrow-body and wide-body aircraft while delivering a 25% fuel efficiency improvement compared with the first generation of Trent engine,” Hanna Lavinskaja shares industry news.
According to Enginestands.com Head of Business Development, MRO shops of all sizes can seize the opportunity of the industry growth and undertake more ambitious maintenance projects to increase the market share. “While such opportunities can undeniably have a positive impact on business development, undertaking more projects sometimes puts pressure on existing equipment. Yet ordering new engine stands or tooling for one project may not be a financially sound decision. As a result, with the sector growing more and more organisations turn their attention to stand rental or leasing solutions while waiting for their own engine stands’ to be delivered, or in situations when companies simply want to try out the working conditions with an increased number of projects undertaken,” she explains.
“The growing aircraft engine segment also has had an impact on our, Enginestands.com business. To meet the growing demand we have begun further developing our supply of engine stands, increasing the number of units as well as the variety of models. Our goal is to be able to offer the best solution for any client, no matter the engine, thus we are focusing on broadening our portfolio,” Hanna Lavinskaja adds.