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Southeast Asia Aircraft MRO Market Size Worth $6.5 Billion by 2026 – Exclusive Report by Mordor Intelligence

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Southeast Asia Aircraft MRO Market Size Worth $6.5 Billion by 2026 – Exclusive Report by Mordor Intelligence

September 07
18:32 2021
Southeast Asia Aircraft MRO Market Size Worth $6.5 Billion by 2026 - Exclusive Report by Mordor Intelligence
Mordor Intelligence
Singapore accounted for a major Southeast Asia aircraft MRO market share in 2020

Southeast Asia Aircraft MRO Market Overview

The Southeast Asia aircraft MRO market is valued at USD 4.2 billion in 2020 and is expected to reach a value of USD 6.5 billion by 2026 while registering a CAGR of 8.98% during the forecast period. The strategic position of the Southeast Asia region and the strong local supply chain has contributed to its position as a preferred location for many maintenances, repair, and overhaul (MRO) companies. Technological advancement in additive manufacturing, predictive maintenance, aircraft health monitoring systems, composite repair capabilities, artificial intelligence (AI), and big data will play a major role in the coming years, as most of the MRO players in the Southeast Asia region will opt to streamline their operations through automation to generate higher revenue during the latter half of the forecast period.

Geographical Overview

Singapore accounted for a major market share in 2020 

Singapore is leading the aircraft MRO market in Southeast Asia. The aviation sector is the major contributor to the development of the Singaporean economy. Singapore caters to about 1/4 of Asia’s maintenance, repair, and overhaul (MRO) requirements and 1/10 of the global MRO output, and it possesses comprehensive nose-to-tail MRO capabilities. Singapore’s home-grown aviation companies, ST Aerospace, and SIA Engineering are among the top MRO companies in the world, both in terms of revenues and capabilities. In February 2021, the government of Singapore announced a defense budget of about USD 11.56 billion for the year 2021, which is a 12.7% increase over the 2020 defense budget.

Key Highlights of the Market

  • The market for aircraft MRO services in the Southeast Asia region is moderately consolidated.
  • Singapore Technologies Engineering Ltd, GMF AeroAsia, Safran SA, StandardAero, and Sepang Aircraft Engineering Sdn Bhd are some of the prominent players in the market.
  • In January 2021, ST Engineering entered into a 10-year agreement with Honeywell Aerospace to provide component MRO and warranty repair services to operators in the Asia-Pacific region for Honeywell components installed on LEAP engines used in the Airbus A320neo family, Boeing 737 MAX, and COMAC C919.
  • The commercial aviation segment is projected to exhibit the highest growth rate during the forecast period.
  • Several players from countries like Indonesia, Thailand, and Malaysia have entered the MRO market to capture significant market shares. The low labor costs in countries like Indonesia are attracting foreign players to set up their own MRO facilities in these countries.

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List of Key Players in the Southeast Asia Aircraft MRO Market

  • Singapore Technologies Engineering Ltd
  • AAR Corp
  • MTU Maintenance (MTU Aero Engines AG)
  • StandardAero
  • Garuda Indonesia (GMF AeroAsia)
  • Guangzhou Aircraft Maintenance Engineering Co. Ltd. (GAMECO)
  • General Dynamics Corporation (Jet Aviation)
  • Safran SA
  • Rolls Royce PLC
  • ExecuJet MRO Services
  • AVIA SOLUTIONS GROUP PLC
  • Textron Inc.
  • Lufthansa Technik AG
  • Sepang Aircraft Engineering Sdn Bhd 

Mordor Intelligence has segmented the Southeast Asia aircraft MRO market on the basis of Application and Country:

  • Application (Market Size & Forecast (2018-2026) in USD billion)
    • Commercial Aviation
    • Military Aviation
    • General Aviation
  • Country (Market Size & Forecast (2018-2026) in USD billion)
    • Malaysia
    • Indonesia
    • Singapore
    • Thailand
    • Rest of Southeast Asia

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About Mordor Intelligence

Mordor Intelligence is a market intelligence and advisory firm. Our mission is to map complex business ecosystems across the globe to better predict butterfly effects. To date, we have partnered with 4000+ enterprises across 20 industries, to deliver precise data and actionable insights in over 6000 projects. Our domain-specific teams of research experts continuously track markets, enabling our clients to gain a competitive edge through high-quality market intelligence.

We offer fully tailored intelligence solutions to meet the unique business requirements of any organization. Our deep industry expertise coupled with cross-functional analyst teams ensures we can support the intelligence requirements of even the most specific of business problems.

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