항공기 엔진 MRO(정비·수리·오버홀) 시장의 성장 요인은 세계의 민간기·군용기 증가이며, 이는 항공 수요 증가와 항공망의 발달에 견인되고 있습니다. 기존 항공기의 노후화로 인해 안전과 효율성을 보장하기 위해 매년 유지 보수 및 정비가 필요하며 MRO 서비스에 대한 수요가 증가하고 있습니다. 그리고 유지 보수 기준을 준수하는 요구 사항이 시장을 견인하고 있습니다. 항공기 엔진 MRO 시장은 2024년에 411억 7,000만 달러의 수익을 돌파하고, 2024년에는 652억 1,000만 달러에 이를 것으로 추정됩니다.
항공기 엔진 MRO(정비·수리·오버홀) 시장은 기술 혁신, 항공기의 대형화, 운항 효율과 안전성의 중시에 의해 크게 성장하고 있습니다. 유지 보수 기능을 강화하면 엔진 고장 및 유지 보수 필요성을보다 정확하게 예측하고 가동 중지 시간과 비용을 줄일 수 있습니다.
항공기 엔진 MRO 시장 정의/개요
항공기 엔진 MRO(유지 보수, 수리, 오버홀)는 항공기 엔진의 안전성, 신뢰성 및 효율성을 보장하기위한 유지 보수, 수리 및 오버홀의 종합적인 프로세스입니다. 엔진 부품 수리, 엔진 분해, 검사, 수리 및 재조립을 포함한 대규모 오버홀이 포함되어 있습니다. 복잡성을 관리하려면 고급 기술 지식, 전문 장비, 안전 표준의 신중한 준수가 필요합니다. 그리고 군용기의 세계 보유 수 증가, 항공 수요 증가, 첨단 엔진 기술의 도입으로 인해 상당히 상승할 것으로 예상됩니다. 사용이 촉진됩니다.
세계 항공기 엔진 MRO 시장 성장 억제요인
항공기 엔진 MRO 시장에는 몇 가지 요인이 억제요인이나 과제로 작용할 수 있습니다.
높은 비용:
항공기 엔진은 고급 재료와 기술을 필요로 하므로 유지보수 및 수리(MRO)가 매우 비쌉니다. 이를 삼가할 수 있으므로 안전 위험이나 생산성 저하를 초래할 수 있습니다.
복잡한 규제 환경:
유럽 항공 안전 기관(EASA) 및 미국 연방 항공국(FAA)과 같은 많은 국내 및 국제기구가 항공 부문에 엄격한 규제를 부과하고 있습니다. 부피 때문에 소규모 사업자는 시장 진입이 어렵습니다.
기술 개발:
기술이 발전함에 따라 항공기 엔진은 더욱 부드럽고 효율적으로 움직이게 되었지만 동시에 정비 프로세스도 복잡해지고 있습니다. 항상 비용을 들여야 하므로 어려움에 직면하게 됩니다.
항공기 노후화:
세계 항공기의 노후화에 따라 많은 오래된 항공기가 여전히 운항되고 있습니다. 교체 부품을 많이 사용할 수 없기 때문에 비용이 많이 들고 가동 중지 시간이 길어집니다.
공급망 혼란:
항공기 엔진의 MRO 서비스 시장은 부품, 소모품, 훈련된 노동력의 복잡한 세계적인 공급망에 크게 의존하고 있습니다. 혼란을 일으켜 유지 보수 일정 지연 및 비용 증가의 원인이됩니다.
환경 규제:
항공 부문은 환경 지속가능성에 대한 우려가 높아짐에 따라 배출량을 줄이고 환경 친화적인 기술을 도입하기 위해 압력을 강화하고 있습니다. 시설과 절차에 고액의 개축이나 변경을 할 필요가 발생할 가능성이 있습니다.
경쟁과 통합:
경쟁이 치열한 항공기 엔진 정비 및 수리(MRO) 업계에서는 국내외에서 많은 기업들이 시장 점유율을 다투고 있습니다. 게다가 업계 재편이 계속되고 있기 때문에 운영자의 선택이 줄어들고 경쟁도 치열해질 수 있습니다.
세계 경제의 불확실성:
항공 수요 및 항공사의 수익성은 정정 불안, 경기 침체 및 기타 거시 경제 문제에 의해 영향을 받을 수 있습니다. 없는 정비 작업을 연기하거나 비용 절감 기회를 찾는 것에 의해 영향을받을 수 있습니다.
세계화의 진전으로 항공사는 많은 국가와 대륙에 걸쳐 운항을 계속하고 있기 때문에 MRO 시설의 세계 네트워크는 적시에 효과적인 유지 보수 서비스를 제공하기 위해 필수적입니다. MRO 공급자는 항공사의 고객을 돕기 위해 다양한 장소에 시설을 개설합니다. 세계에 사업을 전개하는 항공사는 폭넓은 항공 규제나 요건에 따라야 합니다. 세계에 표준화된 MRO 서비스의 필요성을 강조하고 있습니다.
세계화는 국제 무역과 여행을 활발하게 하고, 항공 교통량 증가를 가져옵니다. 회사와 다양한 위치의 MRO 기업 간의 파트너십을 촉진합니다.
게다가 항공사가 새로운 항공기를 도입하여 보유수를 늘리면서 MRO 공급업체는 보다 새롭고 복잡한 엔진의 유지보수 및 수리에 대한 전문 지식을 가져야 합니다. 따라서 전문적인 MRO 서비스와 교육에 대한 수요가 높아집니다. 보유수가 많을수록 정기적이고 대규모의 정비, 수리, 오버홀이 필요하며, MRO 섹터는 안정적인 비즈니스 흐름을 확보할 수 있습니다.
게다가 새로운 항공기가 함대에 합류하는 반면, 더 큰 정비가 필요한 오래된 항공기는 그대로 사용됩니다. 이러한 항공기는 내공성을 유지하기 위해 정기적인 엔진 점검과 오버홀이 필요하기 때문에 이 부문은 MRO 시장에 크게 기여하고 있습니다. 새로운 항공기 모델의 출현은 종종 새로운 엔진 기술을 수반하기 때문에 OEM은 엔진 정비를 포함한 애프터마켓 서비스를 확장하고 MRO 비즈니스의 폭을 넓히고 있습니다.
세계화와 항공기 확대는 세계에 더 많은 MRO 시설의 설립을 촉구하고 있습니다. MRO 기업은 적시에 효율적인 서비스를 보장하면서 항공사의 세계 운영을 지원하기 위해 전략적으로 배치되어야합니다. MRO 비즈니스에 혁신적인 기술을 도입하는 것은 세계적인 운영과 다양한 함대에 의해 점점 더 필요해지고 있습니다. 디지털 툴, 예측 보전, 데이터 분석은 보전 계획을 모니터링하고 세계 항공기의 신뢰성을 보장하기 위해 점점 더 중요해지고 있습니다.
OEM에 의한 제조 및 유통 지연은 항공기의 가동 중지 시간을 늘리고 항공사의 일정 및 수익에 영향을 미칩니다. MRO 사업의 대부분은 세계 규모로 부품을 조달하고 있기 때문에 복잡성이 증가하고 수송 지연, 통관의 과제, 지정학적 불안 등의 혼란의 위험이 높아집니다.
항공기 노후화와 함께 OEM에 의한 주요 부품의 제조 중단은 특히 애프터마켓에서의 지원이 최소한밖에 없는 오래된 기종의 경우 대체품을 찾기 어렵게 하고 있습니다. 하는 위조 부품과 비표준 부품에 항상 직면하고 큰 안전 위험과 잠재적인 규제 불준수 문제를 일으키고 있습니다.
게다가, 과잉 재고를 갖지 않고 중요한 부품의 적절한 재고를 유지하는 것은 과잉 재고가 자본을 체류하는 반면, 공급 부족은 항공기의 수리 지연을 일으킬 수 있기 때문에 균형을 잡는다. 어렵습니다. 부품의 적시 배송은 항공기 다운 타임을 단축하는 데 필수적이며 신속하고 확실합니다. 실제 배송을 보장하기 위해 뛰어난 물류 관리가 요구됩니다. 고도의 기술을 가진 기술자와 엔지니어를 채택, 교육 및 유지하는 것은 비용과 시간이 많이 소요됩니다.
또한 선진국의 높은 인건비는 MRO 비용에 큰 영향을 미칩니다. 수 있습니다. 기술 향상에 대응하기 위해서는 전용 공구, 진단 기기, 검사 설비에 대한 투자가 필요하며, 이는 운영 경비를 증가시킵니다. 도입과 유지가 필요하지만 비용이 많이 듭니다.
대규모 MRO 공급자는 서비스 단가를 낮추는 규모의 이점을 누릴 수 있지만 소규모 운영자는 단가가 높기 때문에 가격 경쟁에 어려움을 겪습니다. 항공사의 경쟁 압력은 이익률을 낮추고 수익성을 유지하기 위해 비용 효과적이고 양질의 서비스 제공의 균형을 맞추는 중요성을 강조합니다.
The rising factor in the Aircraft Engine MRO (Maintenance, Repair, and Overhaul) market may be ascribed to the growing worldwide fleet of commercial and military aircraft, which is being driven by increased air travel demand and airline network development. Furthermore, the aging of existing aircraft fleets demands annual maintenance and overhauls to ensure safety and efficiency, which increases demand for MRO services. Furthermore, rigorous aviation safety rules and the requirement to comply with maintenance standards drive the market, as airlines and operators strive to keep their aircraft in top shape to minimize costly downtime and assure passenger safety. The Aircraft Engine MRO Market is estimated to surpass a revenue of USD 41.17 Billion in 2024 and reach USD 65.21 Billion by 2031.
The Aircraft Engine MRO (Maintenance, Repair, and Overhaul) market has grown significantly due to technical innovation, larger fleet sizes, and a greater emphasis on operating efficiency and safety. Enhanced predictive maintenance capabilities, enabled by artificial intelligence and big data analytics, offer more precise forecasting of engine failures and maintenance requirements, reducing downtime and costs. The Aircraft Engine MRO Market is expected to rise with a projectedCAGR of 6.53% from 2024 to 2031.
Aircraft Engine MRO Market: Definition/ Overview
Aircraft Engine MRO (Maintenance, Repair, and Overhaul) is the comprehensive process of maintaining, repairing, and overhauling aircraft engines to assure their safety, dependability, and efficiency. This includes routine maintenance checks, repairs to any engine components, and major overhauls, which involve disassembling, inspecting, repairing, and reassembling the engine. The MRO process is critical for increasing the life of aircraft engines, meeting regulatory requirements, and assuring peak performance. It takes sophisticated technical knowledge, specialized equipment, and careful adherence to safety standards to manage the intricacies of modern aircraft engines. The future scope of Aircraft Engine Maintenance, Repair, and Overhaul (MRO) is expected to rise significantly, driven by the growing worldwide fleet of commercial and military aircraft, increased air travel demand, and the introduction of sophisticated engine technologies. As airlines prioritize operational efficiency and cost-effectiveness, the demand for routine and specialized engine maintenance will increase, encouraging the use of predictive maintenance and advanced diagnostic technologies.
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Global Aircraft Engine MRO Market Restraints
Several factors can act as restraints or challenges for the Aircraft Engine MRO Market. These may include:
High Costs:
Because aircraft engines require advanced materials and technology, maintenance and repair (MRO) can be very expensive. Because MRO services can be expensive, some operators may be discouraged from doing routine maintenance, which could result in safety hazards and lower productivity.
Complex Regulatory Environment:
A number of national and international organizations, like the European Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA) in the United States, impose strict regulations on the aviation sector. Smaller operators find it difficult to enter the market because of the complexity and expense of the MRO process caused by strict regulatory compliance.
Technological Developments:
Although technology has made airplane engines run more smoothly and efficiently, it has also made maintenance processes more complicated. MRO providers face a difficulty as a result of the constant need to spend in infrastructure and training to keep up with the continuously changing technologies.
Aging Aircraft Fleet:
Many older aircraft are still in operation as part of the world's aging aviation fleet. The need for MRO services is increased by the need for more frequent maintenance and repairs on older engines. On the other hand, there may not be as much availability of replacement parts for outdated engine models, which raises expenses and prolongs downtime.
Disruptions to the Supply Chain:
The market for MRO services for aircraft engines is largely dependent on a convoluted worldwide supply chain for parts, supplies, and trained labor. Events like pandemics, natural disasters, or geopolitical unrest can cause supply chain disruptions, which can cause maintenance schedule delays and cost increases.
Environmental Regulations:
The aviation sector is under increasing pressure to cut emissions and implement greener technologies as concerns over environmental sustainability develop. It may be necessary for MRO providers to make expensive renovations and alterations to current facilities and procedures in order to comply with strict environmental laws.
Competition and Consolidation:
There are many local and international firms fighting for market share in the fiercely competitive aircraft engine maintenance and repair (MRO) industry. For MRO providers, fierce competition may result in lower profit margins and pricing pressure. Furthermore, operators may have less options due to continuous industry consolidation, which may also lessen competition.
Global Economic Uncertainty:
Demand for air travel and airline profitability can be impacted by macroeconomic issues such as political unrest, economic downturns, and other macroeconomic concerns. The demand for MRO services may be impacted by airlines postponing non-essential maintenance tasks or looking for cost-cutting opportunities during difficult economic times.
The increasing globalization allows airlines to continue to operate across numerous nations and continents, a global network of MRO facilities is essential to offer timely and effective maintenance services. This mandates that MRO providers develop facilities in diverse places to assist their airline clients. Airlines that operate on a global scale must follow a wide range of aviation regulations and requirements. MRO suppliers play an important role in assisting airlines in meeting these various regulatory requirements, highlighting the necessity for globally standardized MRO services.
Globalization drives up international trade and travel, resulting in greater air traffic. This leads to more frequent flights and an increased need for regular maintenance and engine overhauls. Globalization encourages partnerships between airlines and MRO companies from diverse locations. These alliances strengthen the MRO network, allowing providers to offer comprehensive services and leverage their worldwide experience and resources.
Furthermore, as airlines acquire new aircraft to grow their fleets, MRO suppliers must have expertise in maintaining and repairing newer, more complex engines. This increases the demand for specialist MRO services and training. A larger fleet demands more regular and extensive maintenance, repairs, and overhauls, which assist the MRO sector by ensuring a consistent flow of business.
Additionally, while new aircraft are added to fleets, older aircraft that require more extensive maintenance stay in service. This segment makes a major contribution to the MRO market because these planes require periodic engine inspections and overhauls to be airworthy. The advent of new aircraft models, frequently accompanied by new engine technologies, causes OEMs to expand their aftermarket services to include engine maintenance, broadening the MRO business.
Globalization and fleet expansion are driving the creation of more MRO facilities worldwide. MRO companies must be strategically placed to support airlines' global operations while assuring timely and efficient service. The implementation of innovative technology in the MRO business is becoming increasingly required due to global operations and a diverse fleet. Digital tools, predictive maintenance, and data analytics are increasingly important for monitoring maintenance plans and assuring the reliability of a worldwide fleet.
Delays in manufacture or distribution by OEMs can cause protracted aircraft downtime, affecting airline schedules and revenue. Many MRO operations source parts globally, which adds complexity and raises the risk of disruptions such as transit delays, customs clearance challenges, and geopolitical unrest.
The discontinuation of key parts by OEMs as aircraft age makes finding replacements difficult, particularly for older aircraft models with minimal aftermarket support. The MRO business is constantly confronted with counterfeit or substandard parts entering the supply chain, causing major safety risks and potential regulatory noncompliance difficulties.
Furthermore, maintaining an adequate inventory of vital parts without overstocking is a tricky balancing, since excess inventory holds up capital while a lack of supply might cause aircraft repair delays. Timely delivery of parts is critical for reducing aircraft downtime, demanding good logistics management to ensure prompt and secure delivery. Parts delivery to remote or geographically hard places, such as rural airports, can be time-consuming and expensive. Recruiting, educating, and keeping highly skilled technicians and engineers for aircraft engine maintenance is both costly and time consuming.
Additionally, high labor rates in industrialized countries have a considerable impact on MRO costs; however, outsourcing to locations with lower labor prices can alleviate this issue, albeit with logistical challenges and quality control concerns. Investment in specialized tools, diagnostic equipment, and testing facilities is required to keep up with technical improvements in engine maintenance, which increases operational expenses. Implementing and maintaining reliable IT systems for data management, predictive maintenance, and regulatory compliance is necessary yet expensive.
Larger MRO providers may benefit from economies of scale, which lowers prices per unit of service, whereas smaller operators frequently struggle to compete on pricing due to higher per-unit expenses. Competitive pressure from airlines seeking cost-effective MRO services reduces profit margins, emphasizing the significance of balancing cost effectiveness with quality service delivery to sustain profitability.
The increasing global passenger traffic pushes airlines to expand their fleets to fulfill rising demand for air travel. This expansion leads to more aircraft equipped with turbofan engines, which necessitate frequent maintenance, repair, and overhaul services. Aging aircraft, which many airlines run alongside newer types, require more regular and extensive maintenance to ensure they remain airworthy.
Modern turbofan engines used in commercial airplanes are very sophisticated and technologically advanced, with advanced materials, electronics, and parts. These engines need specialist maintenance procedures and equipment. As engine technology advances, there is growing demand among MRO suppliers for specific skills to maintain and repair these complicated engines. This specialization supports growth in the MRO market as airlines seek dependable service providers capable of keeping their fleets in top condition.
Furthermore, the aviation sector follows severe safety standards and maintenance requirements imposed by aviation authorities worldwide (e.g., FAA in the United States, EASA in Europe). MRO suppliers assist airlines achieve regulatory standards by performing rigorous inspections, scheduled maintenance, and repairs. The rising complexity of turbofan engines mandates adherence to these regulations, creating a demand for dependable MRO services.
Additionally, while MRO services are critical to ensuring safety and reliability, airlines are under pressure to successfully manage operational expenses. Outsourcing MRO services to specialized suppliers can result in cost savings through economies of scale, specialized skills, and optimized maintenance schedules. Advances in data analytics and predictive maintenance technologies enable MRO suppliers to anticipate maintenance requirements and minimize downtime, lowering airlines' operational expenses.
The globalization of the aviation sector necessitates the establishment of a robust global network of MRO facilities strategically located to support airline operations across the world. MRO providers must broaden their geographic reach to satisfy the needs of global airline customers, hence contributing to market expansion. Modern turbofan engines are engineered for greater fuel efficiency and lower emissions, which aligns with airlines' aim to lessen environmental impact. MRO services play an important role in preserving engine performance and efficiency, assisting airlines in their efforts to minimize carbon emissions and meet environmental regulations.
An increasing defense resources are being allocated by many countries to modernize their military fleets, which includes upgrading existing aircraft and purchasing new ones. This increases demand for MRO services. Military aircraft, like commercial aircraft, deteriorate with age, necessitating more maintenance, repair, and overhaul, providing a continual stream of business for MRO suppliers.
Military aircraft may require specific equipment and systems, necessitating skills beyond that required for commercial aircraft. This intricacy generates niche opportunities for MRO providers who possess the necessary competencies. Maintaining a high level of readiness is critical for military aircraft to respond quickly to operational requirements. Timely and effective MRO services are vital to mission readiness.
Furthermore, efficient MRO operations enable military organizations to reduce downtime, optimize fleet availability, and extend aircraft service life, all of which are critical to operational success. Military MRO contracts typically last several years or decades, providing MRO suppliers with a consistent revenue stream and operational predictability. To gain military contracts, MRO companies frequently invest in specific expertise and infrastructure, increasing market competitiveness. Turboprop aircraft play an important role in regional connectivity and short-haul flights, particularly in isolated places where jet operations are not viable.
Additionally, the burgeoning regional air transport industry generates demand for turboprop aircraft, increasing the requirement for MRO services to maintain them. Turboprop engines often have higher fuel economy and lower operating costs than jet engines, making them appealing for some regional and short-haul operations. Turboprop engines have special maintenance requirements, needing frequent servicing and occasional overhauls, resulting in a constant demand for MRO services.
Military aviation MRO and turboprop engine services expand the Aircraft Engine MRO industry beyond commercial jet engines, reducing reliance on a single segment and increasing market resilience. Military contracts and turboprop engine services give MRO suppliers with consistent, long-term revenue streams, supplementing the cyclical nature of commercial aviation demand and enabling investments in infrastructure, personnel development, and technical upgrades.
Aircraft Engine MRO Market
Report Methodology
The increasing OEM presence and advanced technological infrastructure in North America provide a solid foundation for advancing the Aircraft Engine MRO industry further. Major aviation engine manufacturers such as General Electric (GE Aviation), Pratt & Whitney (a branch of Raytheon Technologies), and Rolls-Royce North America are headquartered in North America. These OEMs make and supply engines, components, and parts across the globe.
The proximity to OEMs guarantees that MRO suppliers have quicker access to original parts and components required for engine maintenance and repair. This allows for the delivery of high-quality services utilizing genuine OEM parts, which is critical for engine performance and dependability. OEMs in North America offer comprehensive technical assistance, training programs, and expertise to MRO providers. This assistance helps MRO facilities keep up with the newest improvements in engine technology, repair techniques, and maintenance practices.
Furthermore, North America is home to cutting-edge MRO facilities equipped with innovative machinery, testing equipment, and maintenance tools. Advanced infrastructure facilitates efficient workflow operations, shortens turnaround times for repair activities, and assures compliance with strict quality requirements mandated by aviation authorities. North America has a qualified workforce that includes engineers, technicians, and maintenance professionals who have completed aerospace engineering. OEMs and MRO providers offer training programs that improve personnel's abilities and proficiency in managing complex engine repair processes.
Additionally, continuous education and certification programs guarantee that the workforce is up to date on technical improvements and regulatory changes, allowing for high-quality service delivery. The technology infrastructure in North America supports ongoing R&D projects targeted at improving MRO procedures, increasing operating efficiency, and lowering maintenance costs. North American MRO companies can compete effectively on a worldwide scale thanks to their strong OEM presence and excellent technology infrastructure.
Strategic partnerships and alliances increase market reach, allowing North American MRO suppliers to establish operations in major overseas markets and address a wide range of customer needs. North America's expertise in aircraft engine technology and MRO practices has an impact on global industry standards and best practices. Regulatory authorities frequently compare their recommendations to those established by the FAA and other North American agencies.
The rising economy in nations such as China, India, Southeast Asia, and others has resulted in an expanding middle class with increasing discretionary income. This generational shift increases the demand for air travel for both business and pleasure objectives. Many Asian countries are popular tourist destinations, which increases demand for air travel. This encompasses both inbound and domestic tourism in major countries like China and India.
Airlines in the region are expanding their fleets to meet rising passenger demand. This includes purchasing new aircraft and modernizing existing fleets to meet increased levels of safety, efficiency, and environmental restrictions. As airlines extend the operational life of their fleets, older aircraft require more regular and specialized maintenance to ensure continuous airworthiness and safety compliance. Governments and private sector entities around Asia-Pacific are making significant investments in aviation infrastructure, including new airports, terminals, and MRO facilities.
Furthermore, the aviation business, particularly MRO services, makes a significant contribution to local economies by providing jobs, earning cash from tourists, and supporting allied industries like hospitality and transportation. MRO services in Asia-Pacific are frequently less expensive than those in the West. This cost-effectiveness appeals to airlines looking to reduce operational costs while maintaining high safety and service standards.
Additionally, MRO suppliers in the region emphasis providing high-quality services at affordable pricing, leveraging lower labor costs and operational efficiencies to attract a wide clientele from both regional and international markets. The overall rise of the MRO market in Asia-Pacific is driven by rising air transport demand and economic growth. This expansion is driven not only by commercial passenger airlines, but also by freight carriers and military aircraft, all of whom require strong MRO assistance for their fleets.
Diversification of service offerings, such as aviation engine maintenance, repair, and overhaul, means that MRO providers in Asia-Pacific can serve to a wide range of aircraft types and operational requirements, hence strengthening market resilience and sustainability. Collaborations will promote knowledge exchange, talent development, and the adoption of best practices, ultimately improving service quality and customer happiness.
The aviation engine MRO industry has a varied array of regional and specialist MRO suppliers around the world. Regional MRO suppliers frequently use their connection to local operators and regulatory knowledge to provide customized services. Specialized MRO organizations specialize in niche areas such as engine component maintenance, overhaul, and modification, leveraging modern technologies and skills to suit specific customer needs. Furthermore, independent MRO suppliers compete by providing flexibility, cost-effectiveness, and new solutions, allowing them to strengthen their market presence in the face of changing client needs and regulatory environments.
Some of the prominent players operating in the Aircraft Engine MRO Market include:
Lufthansa Technik
Rolls-Royce plc
Raytheon Technologies Corporation
General Electric Company (GE Aviation)
Safran SA
In March 2023, Precision Aviation Group Acquired MRO Services Provider PTB. PTB specializes in MRO services on aircraft engines, namely Pratt & Whitney PT6 engines and Honeywell TPE331 engines. The company also provides airframes, engine leases and aviation supply chain services. "This acquisition expands PAG's Engine Services Division with the addition of PT6 and TPE331 engine services, and significantly enlarges our Supply Chain offerings," PAG President and CEO David Mast.
In August 2023, Hanwha Group is preparing a bid for domestic low-cost carrier (LCC) Fly Gangwon under court protection, a move seen as a first step in its aim to become a full-fledged defence company across land, sea and air. Further, it will likely help the aircraft engine and parts manufacturing unit Hanwha Aerospace Co. expand its customer base, and enter the aircraft maintenance, repair and operation market. "After buying Fly Gangwon, if Hanwha grows in size through the acquisition of a large to medium-sized airline, it will gain negotiating power as a parts supplier for aircraft manufacturers such as Boeing and Airbus," another industry official said.