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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.
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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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