Ocean View, DE -- (SBWire) -- 06/23/2020 --Growing demand for cargo and passenger aircraft along with the rising need for fuel-efficient engines might boost the Power by the Hour market. Recently, countries like China, Africa and India have witnessed sizeable demand for air travel and cargo transportation. Advent of advanced technologies like Augmented Reality (AR), Virtual Reality (VR) and Artificial Intelligence (AI) could positively impact PBH market growth. Evidently, several firms in the market are also focusing towards offering long-term contracts for aircraft engine maintenance.
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Power by the hour market share has been anticipated to surpass USD 30 billion by 2025 on account of a major rise in the demand for cargo movement and passenger traffic from countries like China, Africa and India as well as the favorable policies laid by the government in Africa and Asia Pacific.
Growing advancements in technology like augmented reality, virtual reality (AR/VR) and artificial intelligence (AI) will fuel power by the hour market outlook considerably. There has been a major rise in the investments in MRO maintenance by a few main airlines in Europe and North America, deploying digital services and AI-powered solutions.
The emergence of MRO services and IoT sensors has streamlined aircraft maintenance given the sensors keep an eye on aircraft systems and offer invaluable data. Further, AI has helped aircraft maintenance prophesize the system or component failure in advance and propel the operational efficiency of an aircraft, negating the chance for unscheduled maintenance.
Meanwhile, high manufacturing cost and dearth of trained MRO maintenance professional may mar the growth of power by the hour market. With soaring demand for on-time performance, airlines are heavily focusing to offer on-time services. Moreover, shortage of trained aircraft technicians is expected to derail the growth of power by the hour market. As such, leading companies are increasingly investing in on-time services and low-cost carriers (LCC) are inclined toward outsourcing MRO activities.
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Prominent companies are focusing on novel technology, including wearables, MRO services and big data analytics to gain competitive advantage. Some of the leading companies eyeing to expand power by the hour market are AAR, Air France Industries KLM Engineering & Maintenance, AMECO, GE Aviation, Honeywell, HAECO, Jet Support Services, Inc. - JSSI, Lufthansa Technik, MTU Aero Engines, Rolls-Royce, SIA Engineering Company, ST Engineering, Textron, Turkish Technic, United Technologies.
Some Points From Table Of Content: -
Chapter 4. Competitive Landscape
4.1. Introduction
4.2. Company market share, 2018
4.3. Competitive analysis of major Power by the Hour market players, 2018
4.3.1. Lufthansa Technik
4.3.2. Rolls Royce
4.3.3. United Technologies
4.3.4. Honeywell International
4.3.5. AAR
4.4. Competitive analysis of other prominent market players, 2018
4.4.1. Guangzhou Aircraft Maintenance Engineering Company Ltd (GAMECO)
4.4.2. GE Aviation
4.4.3. AFI KLM E&M
4.4.4. Turkish Technic
4.4.5. EFTEC UK LTD
Chapter 5. Power by the Hour Market, By Component
5.1. Key trends, by component
5.2. Engines
5.2.1. Market estimates and forecast, 2014 – 2025
5.3. Landing gear & breaks
5.3.1. Market estimates and forecast, 2014 – 2025
5.4. Spare parts & components
5.4.1. Market estimates and forecast, 2014 – 2025
5.5. Airframes
5.5.1. Market estimates and forecast, 2014 – 2025
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Power by the Hour Market Global Analysis and Forecasts 2025 – GE Aviation, Honeywell, Lufthansa Technik, Rolls-Royce, SIA Engineering Company, United Technologies
Growing demand for cargo and passenger aircraft along with the rising need for fuel-efficient engines might boost the Power by the Hour market