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Global Power by the Hour (PBH) Market is Supported by the Global Aircraft MRO, Which is Expected to Grow at a CAGR of 4% During 2022-2027, Aided by the Rising Demand for Fuel-Efficient Engines

According to a new report by EMR titled, ‘Global Power by the Hour (PBH) Market Report and Forecast 2022-2027’, the market is supported by global aircraft MRO market which attained a value of about USD 73.1 billion in 2020. The industry is further expected to grow at a CAGR of 4% in the forecast period of 2022-2027.

The development of advanced power by the hour (PBH) program which can reduce waste while increasing efficiency is aiding the market growth. As more power by the hour (PBH) programs focus on minimising operational disruptions, they are increasingly used in the airlines to meet the customer’s demands for hassle-free and safe travels. In addition, various developments in digital technology like big data and advanced analytics broaden the scope of support which is expected to further aid the market growth. Moreover, long term service management enables access to recyclable products which can decrease the need for raw materials and aid in the manufacture of new aerospace components; the recyclability of the products can also boost the market growth in the forecast period.

AAR CORP (NYSE: AIR), one of the leading players of the market, has signed a three-year agreement with Smartwings, the largest Czech airline in July 2019. Its subsidiary Airinmar would provide component engineering value service for maximum cost savings to the Czech airline. It would also reduce the cost of maintenance on a wide range of aircraft equipment like landing gear, nacelles, avionics, hydro-mechanical actuation, and interior components, among others. In addition, Airinmar identifies cost reductions and process improvements based on the data analysis and findings. It would also efficiently manage the maintenance spend on the growing fleet as well as maintain high levels of operational performance. The development of such programs and collaborations with major airlines are expected to propel the market growth in the forecast period.

Market Analysis by Component, Provider, Application, and Region:

  • The market on the basis of components can be divided into engine, landing gear and breaks, spare parts and component, and airframes, among others.
  • Based on providers, the industry can be divided into OEM and MRO.
  • The applications for power by the hour (PBH) include commercial aviation, business jet, and commercial helicopter, among others.
  • The regional markets for power by the hour (PBH) include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The flourishing airlines and aerospace industry owing to rapid globalisation and increasing expenses on tourism is aiding the market growth.
  • As power by the hour (PBH) eliminates the capital cost of refurbishing the engine and reduces the capital assets, it is increasingly preferred which is propelling the industry growth.
  • The market is being driven by the increasing digitisation and technological advancements which can accurately predict the data for maintenance using advanced analytics.
  • Increasing research and development (R&D) in MROs to provide cost-effective and efficient services is augmenting the growth of the power by the hour (PBH) industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global power by the hour (PBH) market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the components, providers, applications, and regions of power by the hour (PBH).
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global power by the hour (PBH) industry include Air France-KLM Group, AAR CORP, Rolls-Royce plc, and Avtrade, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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