Global Aviation Asset Management Market Size By Service Type(Operating Lease, Direct Purchase), By End-User(MRO Services, Commercial Platforms), By Geographic Scope And Forecast
Global Aviation Asset Management Market Size By Service Type(Operating Lease, Direct Purchase), By End-User(MRO Services, Commercial Platforms), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Aviation Asset Management Market Size By Service Type(Operating Lease, Direct Purchase), By End-User(MRO Services, Commercial Platforms), By Geographic Scope And Forecast
Aviation Asset Management Market Size and Forecast
Aviation Asset Management Market size is growing at a good pace over the last few years and is expected to grow at a CAGR of 15% over the forecasted period i.e 2023 to 2030.
Growing air travel demand and the subsequent increase in aircraft fleet size create a need for effective management of aviation assets. The focus on cost optimization and operational efficiency drives airlines and aircraft lessors to adopt asset management solutions. The rise of predictive maintenance and data analytics in aviation enhances asset performance and reduces maintenance costs. Additionally, regulatory requirements, such as aircraft tracking and compliance, and the need for effective asset lifecycle management further contribute to the growth of the aviation asset management market.
Aviation Asset Management Market Definition
The services and products that help airlines and other aviation-related companies in managing their assets, such as airplanes, engines, and spare parts, throughout their lifecycles are referred to as those that make up the aviation asset management market. The market provides a wide range of services, such as asset tracking and monitoring, repair and maintenance management, asset purchase and disposition, and fleets management and optimization.
Aviation asset management aims to assist companies in maximizing the worth of their assets while lowering costs and dangers and also to make certain that planes are secure and compliant with the law. The increasing need for flights and the complexity of aircraft operations, that call for innovative preservation solutions, are among the market’s primary drivers.
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Global Aviation Asset Management Market Overview
The COVID-19 epidemic had an important impact on the aviation industry, causing a decline in demand for flights, the grounding of fleets, and financial difficulties for carriers. As a result, there is less interest in services like fleet planning and optimization and purchasing and disposition, which has an impact on the aircraft asset management market. However, the need for asset monitoring and tracking has grown as a result of the requirement of ensuring the ongoing upkeep and safety of suspended fleets.
Despite the challenges that the epidemic brought about, there are some growth-promoting factors in the airline asset management business. The rising demand for air travel, one of the primary variables, will likely return when the epidemic is brought under command. To optimize aircraft efficiency and maintenance, this will necessitate bigger fleet numbers and more complex asset management systems. Another significant consideration is the complexity of aviation operations, which requires complex management of asset tools to guarantee efficiency, safety, and conformity. Furthermore, the market players will likely have more chances of offering cutting-edge asset management solutions as a result of the adoption of new technologies like IoT, AI, and cryptocurrency.
There are several obstacles to the marketplace for aviation management of assets, notwithstanding the growth drivers. The substantial capital expense related to installing advanced management of assets solutions constitutes one of the main limitations. Because of the economic challenges brought on by the pandemic and the high expenses of new aircraft and advances in technology, airlines, and other aviation businesses might be reluctant to engage in such measures. The regulatory environment, which can be difficult and susceptible to continual change and necessitates substantial expenditures in risk and compliance management, is another constraint. In addition, businesses may be worried about security risks related to managing asset systems, especially in light of the rising number of cyberattacks in the aviation industry.
The market for aircraft asset management offers a variety more prospects for expansion in the years to come, notwithstanding these challenges. The increasing adoption of novel innovations including artificial intelligence (AI) and machine learning, that can help companies optimize fleet efficiency and save maintenance costs, is one of the market’s primary potentials. Furthermore, the aviation industry’s increasing focus on sustainability is giving vendors the chance to provide environmentally friendly asset management solutions, like the use of sustainable fuels and materials in airplanes. Another possibility is the entry of fresh entrants such as startups and tech firms, which provide innovative solutions and upend conventional asset management frameworks. Lastly, it is expected that the rising demand for drone and air freight operations will open new markets for systems to manage assets in those industries.
The Aviation Asset Management Market is segmented by service type, end-user, and Geography.
Aviation Asset Management Market, By Service Type
• Operating Lease• Direct Purchase• Sale and Lease Back• Finance Lease
The operating lease segment is leading the market this is because greater fleet flexibility in management is made possible by operating leases, which can also help companies lower their front capital expenditures.
Aviation Asset Management Market, By End-User
• MRO Services• Commercial Platforms
The MRO Services segment is dominating the market and is expected to sustain its dominance in the coming years. The growing amount of operational aircraft and the growing complexity of their systems and components are also driving the demand for MRO services, which encompass duties like inspection, repair, repair, and customization of aircraft and its components.
Aviation Asset Management Market, By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East Africa
North America is leading the market followed by Asia Pacific. This is because there are significant participants and multiple aircraft fleets in the vicinity, particularly within the United States. The aviation industry is expected to expand significantly in North America in the years to come, which would probably increase the need for aviation management of assets services.
Key Players
The key players in the Aviation Asset Management Market are Boeing Company, GE Aviation, Accelya Group, Lufthansa Technik AG, SITA, Oracle Corporation, ICF International, CAMP Systems International, Airbus Group, and IBM Corporation.
Key Developments
In April 2021, A memorandum of understanding has been signed by Boeing and Lufthansa Technik AG to look into potential collaborations in the maintenance, repair, and overhaul (MRO) services and aviation management of assets sectors.
In March 2021, A Dubai-based airline named Flydubai struck a five-year contract with GE Aviation to use its digital technology for aircraft upkeep and operations.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Boeing Company, GE Aviation, Accelya Group, Lufthansa Technik AG, SITA, Oracle Corporation, ICF International, CAMP Systems International, Airbus Group, and IBM Corporation.
SEGMENTS COVERED
By Service Type, By End-User, and By Geography.
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the Market based on segmentation involving both economic as well as non-economic factors• Provision of Market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the Market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the Market within each region• Competitive landscape which incorporates the Market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major Market players• The current as well as the future Market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the Market of various perspectives through Porter’s five forces analysis• Provides insight into the Market through Value Chain• Market dynamics scenario, along with growth opportunities of the Market in the years to come• 6-month post-sales analyst support
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