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The commercial aircraft PMA market is estimated to grow at a CAGR of 5.66% between 2022 and 2027. The size of the market is forecast to increase by USD 206.72 million. The growth of the market depends on several factors, including the growing number of air passengers, the relatively low cost of PMA-made parts, and expansions of air routes.
This report extensively covers market segmentation by type (engine, component, and others), application (small widebody, medium widebody, and large widebody), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
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Technavio categorizes the global commercial aircraft parts manufacturer approval (PMA) market as a part of the global aerospace and defense market within the global capital goods market. The global aerospace and defense market covers products and companies engaged in the production of aerial platforms used under commercial and general aviation, defense platforms used under naval, land, and air domains, arms and ammunition; defense electronics, defense logistics equipment, and space platforms, equipment, and launch vehicles. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing number of air passengers is notably driving the market growth, although factors such as the growing popularity of recycled aircraft parts may impede the market growth. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Commercial Aircraft PMA Market Driver
The growing number of air passengers is notably driving the market growth. The number of air passengers is growing across the globe, especially in countries such as India, Vietnam, Iran, Colombia, and Saudi Arabia. These countries are significantly investing in upgrading the commercial aviation industry for both international and domestic air transport. Some of these countries are also allowing foreign direct investments (FDI) to attract international players, which will support the growth of the commercial aviation industry.
Moreover, the number of air passengers is expected to grow rapidly due to the rapidly increasing global travel and tourism industry. The global travel and tourism industry is expected to grow due to the rise in the promotional activities undertaken by countries to attract tourists, as well as the growing willingness of people to spend on recreational activities, including travel. Moreover, many governments across the globe are taking initiatives to boost the travel and tourism industry in their respective countries. This will lead to growth in the number of air passengers, thus, encouraging service providers to enhance their overall air transport services and increase the number of fleets in order to cater to the growing demand. This, in turn, will lead to global commercial aircraft parts manufacturer approval market growth during the forecast period.
Significant Commercial Aircraft PMA Market Trend
The increase in the adoption of additive manufacturing is an emerging trend in the market. Additive manufacturing or 3D printing is a computer-controlled process that creates three-dimensional objects by depositing materials, usually in layers. It is used in the aerospace sector to manufacture aircraft and engine components. The use of additive manufacturing technology enables aircraft companies to verify a design before investing in expensive molding tools. The designing and printing of new prototypes are far cheaper than replacing existing molds, which reduces the costs and time associated with new product development and minimizes the risks involved in new product launches.
Furthermore, components manufactured using additive manufacturing generally comprise fewer parts than those made using traditional manufacturing methods. Thus, additive manufacturing reduces inventory costs and decreases the weight of components, which makes an aircraft much lighter and thus improves its efficiency and performance. This will lead to an increase in the adoption of additive manufacturing. Hence, this will support the growth of the commercial aircraft parts manufacturer approval market in focus during the forecast period.
Major Commercial Aircraft PMA Market Challenge
The growing popularity of recycled aircraft parts is a major challenge impeding market growth. The recycling of aircraft parts from end-of-life aircraft is becoming increasingly popular owing to the aviation industry's attempts to become more environment-friendly and cost-effective. Therefore, the focus is growing on choosing advanced materials that can help extend the durability and service life of an operational engine while simultaneously ensuring efficient performance.
Engine service providers and leasing companies are witnessing an increasing demand for some of the older engine types in their portfolios, such as the Rolls-Royce Trent 700 and the Airbus A330 powerplant. In order to save on operational expenditure, some of these service providers opt to buy recycled aircraft parts, especially for commercial aircraft that are used on short-haul flights. This will lead to a reduction in the demand for commercial aircraft parts from PMA enterprises, thus, negatively impacting the growth of the commercial aircraft parts manufacturer approval market during the forecast period.
Key Commercial Aircraft PMA Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Commercial Aircraft PMA Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ADPma LLC - The company operates under one segment. The company under this segment offers a comprehensive range of PMA solutions such as 606802 waste blowers among others to airline operators and maintenance service providers. The key offerings of the company include commercial aircraft PMA.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, robust, tentative, and weak.
The market share growth by the engine segment will be significant during the forecast period. The engine of a commercial aircraft consists of components such as air intakes, compressors, combustors, turbines, afterburners (reheat), nozzles, and thrust reversers.
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The engine segment was valued at USD 290.39 million in 2017 and continued to grow until 2021. The engines used in commercial aircraft are usually either lightweight piston engines or gas turbines. Some of the major players in the manufacturing of engines are Pratt and Whitney Division, and Rolls-Royce Holdings Plc. These engine manufacturers are incorporating various technologies, such as additive manufacturing, to reduce the weight of the engine along with the manufacturing cost. This encourages various aircraft OEMs to use engines that reduce the manufacturing cost and the weight of commercial aircraft. For instance, in January 2020, GE Aviation, a part of General Electric Co., announced that Boeing had completed the first flight of its 777X jet, which was powered by twin GE9X engines. This engine was equipped with over 300 3D-printed parts. The use of advanced technology by engine manufacturers will encourage commercial aircraft PMA enterprises to improve their manufacturing capabilities so that they can offer cost-effective engine components to airline service providers, which can be used during engine maintenance and repair activities. Hence, these factors will lead to an increase in the demand for commercial aircraft PMA-made engine components during the forecast period.
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APAC is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in APAC is supported by the steady increase in passenger traffic and strong government support in countries such as India and Vietnam to improve the aviation industry. Countries such as China have significantly contributed to the growth of global air traffic in the past few years due to the increasing adoption of the low-cost carrier model in both domestic and international air travel. The country is witnessing a transition toward a more service-based economy, which provides sustainable air travel. At present, most of the country's commercial aircraft are imported. This provides opportunities for PMA enterprises to enter the regional market.
Additionally, the fast growth of the region can be primarily attributed to the increased inclination for air travel among people living in the region. APAC, which has about half of the global population, has a large consumer base with an ever-increasing number of middle-class households. Countries such as Australia, Vietnam, and Thailand witnessed a surge in air passenger traffic in 2019, primarily because of increased spending by middle-class households. With huge untapped potential in the region, the number of air passengers traveling on the domestic, regional, and international levels is expected to increase in the coming years. Moreover, in countries such as India, the government is investing in enhancing domestic air connectivity and making air travel affordable and approachable to citizens. Thus, such factors will boost the market in this region during the forecast period.
In 2020, COVID-19 seriously impacted the regional market. However, mass vaccination campaigns and the restart of supply chain activities for key PMA used in commercial aircraft production, helped the market rise again in 2021. The regional market has expanded as a result of the R&D efforts relating to commercial aircraft PMA starting up again. The growth of the regional economy, financial stimulus packages from governments across the region to revive crucial industries like aviation, and rising industry 4.0 adoption in the manufacturing sector will all contribute to the growth of the regional commercial aircraft parts manufacturer approval market over the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Commercial Aircraft PMA Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.66% |
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Market growth 2023-2027 |
USD 206.72 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.26 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ADPma LLC, Aero Brake and Spares Inc., Airforms Inc., AirGroup America Inc., AMETEK Inc., Aviation Component Solutions, BAE Systems Plc, Fluid Components LLC, General Electric Co., HEICO Corp., Parker Hannifin Corp., Precision Castparts Corp., Raytheon Technologies Corp., RBC Bearings Inc., Safran SA, Sequa Corp., Spirit AeroSystems Holdings Inc., The Timken Co., Triumph Group Inc., and Wencor Group LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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