The Global Market for PMA Parts is Projected to Reach US$581.1 Million by 2020

Rising Cost of Aircraft Maintenance Fuels Interest in FAA Approved PMA Replacement Parts, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global PMA Parts market. The global market for PMA Parts is projected to reach US$581.1 million by 2020, driven by the growing importance of fleet airworthiness, rising cost of aircraft maintenance and the ensuing search for low-cost alternatives to expensive OEM replacement parts.  

Parts Manufacturer Approval (PMA) parts have been witnessing increased acceptance in the aircraft maintenance and servicing sector. PMA parts are currently available for a broad range of aircraft components encompassing engine parts, rotating airfoils, nuts/bolts, combustors and fuel pumps and a range of interior parts. Defined as a design and production certification program which allows independent manufacturers to produce certified quality replacement aircraft parts and components, PMA parts are growing in popularity largely due to the price differential when compared to OEM parts. The growing focus of aircraft operators on cost effective fleet operation and maintenance is benefiting sales of PMA parts in the aircraft aftermarket.

Aging aircraft fleets in developed region such as North America and Europe are opening up new opportunities for growth in the market. As airline operators struggle to keep their aging aircraft fleets flying, demand for PMA parts will receive a major boost. Regulatory authorities like the FAA are increasingly collaborating with industry participants to ensure safe operation of aging airplanes. The emphasis is therefore squarely on maintaining airworthiness of aging aircraft. The development of risk assessment models including proactive identification of safety concerns, mandated by the FAA for aging airplanes are resulting in increased frequency of maintenance and inspection. The thousands of individual components in an airplane age over time requiring timely replacement for continued operational safety of the plane. The mandatory drawing up of repair data and fatigue assessment will especially fuel the replacement of end-of-life OEM parts with PMA parts. PMA parts producers especially stand to benefit under this scenario since one of the major issues associated with aging airplanes is the availability of approved repair and modification parts. OEMs often do not support component supply for older aircraft models, thus making PMA part producers a major link in the supply chain. Rising cost of aircraft maintenance also represents a major factor fuelling growth in the market. Maintenance typically accounts for nearly one-fifth of the overall operating costs of airlines. Studies have demonstrated the ability of PMA parts to improve cost-efficiencies of airlines by over 35%. Using PMA parts also allows MROs to offer competitive contract rates. The savings thus accrued will allow airlines to improve their pricing and remain competitive in the extremely cut-throat industry.    

As stated by the new market research report on PMA Parts, the United States represents the largest market worldwide, supported by stringent PMA procedures for FAA approval. Asia-Pacific ranks as the fastest growing market with a CAGR of 6.2% over the analysis period, led by factors such as healthy commercial aviation industry, growing air traffic fuelled by the affluent middle class population, increase in fleet expansion initiatives by low cost carriers and the parallel opening up of a steady flow of replacement airplanes in the aftermarket. 

Major players covered in the report include Able Engineering & Component Services, Inc. adpma, LLC, Aircraft Spruce and Specialty Company,  Belac, LLC, HEICO Corporation, Jet Parts Engineering, Inc., KAPCO Global, McFarlane Aviation, Inc., PMA Products, Inc, Pratt & Whitney Aircraft Company, Rapco Fleet Support, Inc., Rotair Industries, Inc, Triumph Group, Inc., Wencor, Inc., and Zodiac Aerospace among others.

The research report titled “PMA Parts: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US$ Thousand for sales of PMA parts for commercial aircraft for all major geographic markets- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America. The global market for PMA Parts is also analyzed by the segments - Airframe, Engine, Line, and Component.

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