Power by the Hour Market
Global Power by the Hour Market Size, Share & Trends Analysis Report by Components (Engine, Landing Gear and Breaks, Spare Parts and Components, Airframes, and Others) By Platform (Commercial Aviation, Business Jet, Commercial Helicopter, and Others) Forecast Period (2021-2027) Update Available - Forecast 2024-2030
The global power by the hour market is anticipated to grow at a significant CAGR of 6.0% during the forecast period. Power by the hour is a maintenance programme offered to aircraft operators by aircraft manufacturers, as well as aircraft engine and component suppliers. The programme is a collaboration between aircraft operators and component manufacturers. The component supplier or MRO service provider agrees to provide a certain amount of component/scheduled maintenance during the term of the agreement. The growing demand for fuel-efficient aircraft engines is driving the power by the hour market. The market's major players are focused on delivering long-term engine maintenance contracts to airlines. However, Lack of skilled MRO maintenance professionals and high manufacturing costs of components and parts can restrain the market growth in the forecast timeframe.
Impact of COVID-19 Pandemic on Global Power by the Hour Market
The COVID-19 pandemic had disrupted the production and operations of various industries across the globe, which had drastically reduced the demand for power by the hour. The defence, aerospace and aviation industry halted their production and operation activities due to the COVID-19 pandemic. The global spread of the COVID-19, which has resulted in lockdown scenarios, has resulted in an unprecedented series of border closures. Furthermore, there has been a worldwide halt in commercial flights, resulting in a decrease in demand for aircraft parts such as power by the hour components. Therefore, the demand for power by the hour was adversely affected by the COVID-19 pandemic. As the COVID-19 situation normalizes, the power by the hour market started recovery as industrial operations were normalized after the recovery.
Segmental Outlook
The global power by the hour market is segmented based on the components and platform. Based on the components, the market is sub-segmented into engine, landing gear and breaks, spare parts and, and others. Based on the platform, the market is sub-segmented into the commercial aviation, business jet, and commercial helicopters.
Global Power by the Hour Market Share by Platform, 2020 (%)
The Commercial Helicopter Segment Holds the Major Share in the Global Power by the Hour Market
It is anticipated that the commercial helicopter segment will contribute prominent share in the growth of global power by the hour market. Power by the hour, also known as maintenance by the hour, is a popular programme used by helicopter MRO providers and helicopter operators. It is becoming more popular due to its benefits such as reduced financial risk, precise and reliable maintenance cost prediction, and convenience of component maintenance accessibility. As a result, the growing number of contracts between MRO service providers and helicopter operators drives market growth in this segment. For instance, in December 2020, State Grid General Aviation Company entered into a Support-By-Hour agreement with Safran Helicopter Engines, covering their H215 and H225 fleets. This agreement enforces a long-term MRO (Maintenance, Repair, and Overhaul) and service contract for four Makila engines. This contract also includes SBH support for 14 Arriel 2D engines that power the operator's fleet of 13 H125 helicopters.
Regional Outlooks
The global Power by the Hour market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).
Global Power by the Hour Market Growth, by Region 2021-2027
The North America Region Holds the Major Share in the Global Power by the Hour Market
Geographically, North America region held the prominent share in the market in 2020, and it is further projected to show notable growth in the makret by holding major share during the forecast period due to the presence of major airlines, engines, components, and aircraft manufacturers in the region. In June 2019, Pratt & Whitney, announced that the VivaAerobus has chosen the Pratt & Whitney GTF engine to power the airline's firm order of 41 Airbus A321neo aircraft. This order includes 25 new planes and 16 planes converted from a firm order placed in 2013, bringing the total fleet to 65 A320neo family planes powered by GTF engines. Pratt & Whitney also provide engine maintenance to VivaAerobus under a new 12-year EngineWise Comprehensive agreement. Apart from this, the growing low-cost airlines industry, increasing investment in MRO maintenance, and rising adoption of fuel efficient engines in aerospace sector are the another factors for the makret growth.
Market Players Outlook
The major companies serving the global Power by the Hour market include Lufthansa Technik AG, MTU Aero Engines AG, Rolls – Royce Plc, Raytheon Technologies Corp., Textron Inc., AAR Corp., Avtrade, Evergreen Aviation Technologies Corp., Hong Kong Aircraft Engineering Co. Ltd., JetSMART Airlines SpA, SIA Engineering Co. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Aviation Capital Group announced the delivery of one new Airbus A321neo aircraft to Viva Aerobus on a long-term lease. This aircraft is powered by Pratt & Whitney engines and is the third and final A321neo delivered to Viva Aerobus as part of a sale and leaseback agreement between Aviation Capital Group and the airline.
The Report Covers
• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global power by the hour market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Power by the Hour Market
• Recovery Scenario of Global Power by the Hour Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Lufthansa Technik AG
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. MTU Aero Engines AG
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Rolls – Royce Holdings Plc
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.4. Raytheon Technologies Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Textron Inc.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
3.7. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Power by the Hour Market by Component
4.1.1. Engine
4.1.2. Landing Gear and Breaks
4.1.3. Spare Parts and Components
4.1.4. Airframes
4.1.5. Others
4.2. Global Power by the Hour Market by Platform
4.2.1. Commercial Aviation
4.2.2. Business Jet
4.2.3. Commercial Helicopter
4.2.4. Others
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. AJW Group
6.2. AAR Corp.
6.3. AMECO
6.4. Avtrade
6.5. Air – France KLM
6.6. Evergreen Aviation Technologies Corp.
6.7. Guangzhou Aircraft Maintenance Engineering Co.,Ltd.
6.8. General Electric Co.
6.9. Honeywell International Inc.
6.10. Hong Kong Aircraft Engineering Co. Ltd.
6.11. Jet Support Services, Inc.
6.12. JetSMART Airlines SpA
6.13. SIA Engineering Co. Ltd.
6.14. ST Engineering
6.15. Turkish Technic Inc.
1. GLOBAL POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
2. GLOBAL ENGINE IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL LANDING GEAR AND BREAKS IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL SPARE PARTS AND COMPONENTS IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL AIRFRAMES IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL OTHER COMPONENTS IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY PLATFORM, 2020-2027 ($ MILLION)
8. GLOBAL COMMERCIAL AVIATION IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL BUSINESS JET IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL COMMERCIAL HELICOPTER IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL OTHER PLATFORMS IN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
13. NORTH AMERICAN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
14. NORTH AMERICAN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
15. NORTH AMERICAN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY PLATFORM, 2020-2027 ($ MILLION)
16. EUROPEAN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
17. EUROPEAN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
18. EUROPEAN POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY PLATFORM, 2020-2027 ($ MILLION)
19. ASIA-PACIFIC POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
20. ASIA-PACIFIC POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
21. ASIA-PACIFIC POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY PLATFORM, 2020-2027 ($ MILLION)
22. REST OF THE WORLD POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
23. REST OF THE WORLD POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2020-2027 ($ MILLION)
24. REST OF THE WORLD POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY PLATFORM, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL POWER BY THE HOUR MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL POWER BY THE HOUR MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL POWER BY THE HOUR MARKET, 2021-2027 (%)
4. GLOBAL POWER BY THE HOUR MARKET SHARE BY COMPONENT, 2020 VS 2027 (%)
5. GLOBAL ENGINE IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL LANDING GEAR AND BREAKS IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL SPARE PARTS AND COMPONENTS IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL AIRFRAMES IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
9. GLOBAL OTHER COMPONENTS IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
10. GLOBAL POWER BY THE HOUR MARKET RESEARCH AND ANALYSIS BY PLATFORM, 2020-2027 ($ MILLION)
11. GLOBAL COMMERCIAL AVIATION IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
12. GLOBAL BUSINESS JET IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL COMMERCIAL HELICOPTER IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL OTHER PLATFORMS IN POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
15. GLOBAL POWER BY THE HOUR MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
16. US POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
17. CANADA POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
18. UK POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
19. FRANCE POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
20. GERMANY POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
21. ITALY POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
22. SPAIN POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
23. REST OF EUROPE POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
24. INDIA POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
25. CHINA POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
26. JAPAN POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
27. SOUTH KOREA POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
28. REST OF ASIA-PACIFIC POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
29. REST OF THE WORLD POWER BY THE HOUR MARKET SIZE, 2020-2027 ($ MILLION)
