The global commercial aircraft parts market size is estimated to reach $ 51.14 billion by 2026, according to a study by Polaris Market Research.
Nigerian carriers contribute significantly to this burgeoning market as they source spare parts for maintenance of their airplanes from leading players in the value chain, including LKD Aerospace, B/E Aerospace, General Electric Company, Prat &Whitney, A J Watters Aviation Limited, Aventure Aviation International Services, Rockwell Collins Aviation Limited, Honeywell International.
Besides airlines, maintenance repair organisations in Nigeria, including Aero contractors MRO and 7-Star Global MRO, and Nigeria Air Force Maintenance Centre involved in repair of airplanes patronise the spares market to source for rotables, engines, blades and landing gears.
With Boeing, Embraer, Bombardier, ATR, MD 82 and Airbus aircraft types dominating the fleet of Nigerian carriers triggers high demand for replaceable parts for routine maintenance checks.
The study which is a forecast of market dynamics and predicted future trends between 2018 and 2026 projects that the aircraft parts value chain is expected to grow at a Cumulative Annual Growth Rate (CAGR) of 6.6 per cent.
The study entitled: “Commercial Aircraft Aftermarket Parts Market Share, Size, Trends, & Industry Analysis Report”, covered product type, maintenance repair and overhaul repair parts, rotable replacement parts, aircraft type and regional segment offers extensive analysis of present market dynamics and future trends.
Acknowledging North America as having the majority share in the global market, the study identified increasing average age of commercial aircraft as major drivers for market growth.
Aligning with the position of the Nigeria Civil Aviation Authority (NCAA), which is scaling up oversight measures on indigenous carriers, the study noted that the introduction of stringent safety regulations for efficient aircraft operation is pushing airline operators towards proper maintenance.
It identified other factors driving market growth to include growing need for upgrade, and repair of commercial aircraft, technological advancements, rising demand for fuel-efficient commercial aircraft, and increasing air traffic.
Citing the case of Nigeria where many carriers are acquiring brand new aircraft, the study said emerging markets, consumer demographics, and sales through online channels would provide growth opportunities for the market in the coming years.
The report reads: “Operators consider factors such as quality, price, convenience, and aircraft age before making informed decisions about repair and maintenance offered by market players.
“North America accounted for the highest share in the global commercial aircraft aftermarket parts industry.
Increasing air traffic, technological advancements, and high investment in research and development are factors expected to drive the market growth in the region.
“Asia-pacific is expected to grow at the highest rate during the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and high disposable income.
”Expansion of global players into these countries to tap market potential boosts the market growth. Stringent regulations regarding safety and operation of commercial aircrafts are expected to augment market growth during the forecast period.”
The companies profiled in the study are consistently launching new products to enhance their offerings in the market.
The report further reads: “With the advancement of technologies, companies are innovating and introducing new customised products to cater to the growing needs of customers.”