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Posted by Poddar College on May 15, 2024 at 1:31am 0 Comments 0 Likes
Political Science helps students accelerate their career with a multitude of exciting opportunities. The study of Political Science is an ideal choice for students interested in understanding and evaluating the functions of politics, the government and the society. Political Science is a perfect subject for anyone interested in learning how political systems function and those who aspire to develop essential critical thinking and analytical skills. Poddar International College, one of the…
ContinuePosted by Sakina Burhan on May 15, 2024 at 1:28am 0 Comments 0 Likes
The global Aircraft MRO Market size is anticipated to reach USD 129.25 billion by 2030, registering a CAGR of 4.57% from 2022 to 2030. According to a new report by Grand View Research, Inc. Aircraft, MRO implies overhaul, inspection, repair, and modification of aircraft and its components. Majorly the market is covered by the Original Equipment Manufacturing industries (OEMs) or Aerospace Engineering Service Providers (AESPs). The high-level EPSs are highly monitored with the help of the Service Level Agreement (SLA) to maintain a high level of confidentiality.
AXISCADES is a leading aircraft ESP with over two decades of experience in various aircraft areas. Furthermore, the advancement in predictive maintenance propelled the MRO industry with an increase in problems, technological and manpower related. Predictive maintenance requires innovative technologies, such as digital twins, through which rapid improvements and growths are detected within a short period. This states that not all organizations are fully equipped with the entire infrastructure, which also says that this concept has limited reach; few MRO are interested in investing to increase these skills among themselves.
The ongoing COVID-19 pandemic situation resulted in crises on a very large scale. Further, restrictions and cancellations of flights in a global effort to restrict the spread of the virus have reduced passenger traffic and restricted aircraft movement. Due to this, the aircraft MRO industry for maintenance, repair, and overhaul was affected significantly in 2020. But in 2021, decrease in travel restrictions and a steady increase in flight movements, the demand for aircraft maintenance, repair, and overhaul is anticipated to grow positively in forecasted years.
For instance, in September 2021, Civil aviation minister Jyotiraditya Scindia of India declared a recent MRO policy for civil aviation space, intending to attract investments for MRO services, including renting land via open bidding and canceling royalty charges by AAI. Further, the minister has allocated eight airports to attract investment for MRO installations. The following airports are Begumpet, Juhu, Tirupati, Telangana, Bhopal, Chennai, Chandigarh, Delhi, and Kolkata.
The integration of advanced engines in new aircraft is expected to create lucrative opportunities. For instance, in December 2021, the Saudi Arabia airlines flynas signed a multiple-year rate per flight hour (RPFH) contract with CFM international for the LEAP-1A engines joining the airline fleet of eighty Airbus A320 neo aircraft. Due to this agreement, CFM will ensure the airline’s 160 LEAP-1A engine maintenance cost per engine flight hour. This will help propel the growth of the engine MRO segment of the market during the forecast period.
Related Press Release@ Aircraft MRO Market Report
Aircraft MRO Market Report Highlights
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