Power by the Hour (PBH) Market Growth 2019 Industry Key Players, Trends, Demand, Analysis & Forecast To 2025
Nov 11, 2019
MarketStudyReport.com Adds New Power by the Hour Market 2019- 2025 research report providing information and By Component, By Platform, By Application, Industry Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast spreading across 260 Pages with table and figures in it.
Selbyville, Delaware - November 11, 2019 /MarketersMedia/ —
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.
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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.
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.
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Some major findings of the PBH market report include:
• Increasing investment in MRO maintenance by major airlines in North America and Europe is supporting the PBH market growth.
• The demand for narrow body aircraft is increasing across the globe due to rising passenger traffic and cargo movement.
• Low Cost Carriers (LCC) are focused on outsourcing MRO activities, supporting the PBH market growth.
• Major players operating in the PBH market are Rolls-Royce, Collins Aerospace, AAR, Lufthansa Technik, AIR FRANCE-KLM Engineering & Maintenance, etc.
• Companies are focusing on new technology with digital MRO services, wearables, and big data analytics to gain competitive edge over their rivals.
• Increasing demand for tailored aircraft maintenance program by the airlines is driving the PBH market growth.
Table of Content:
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3 Power by the Hour Industry Insights
Chapter 4 Competitive Landscape
Chapter 5. Power by the Hour Market, By Component
Chapter 6. Power by the Hour Market, By Platform
Chapter 7. Power by the Hour Market, By Application
Chapter 8. Power by the Hour Market, By Region
Chapter 9 Company Profiles
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