Global Power By The Hour (PBH) Market To Be Driven By The Robust Growth Of The Airlines Industry In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Power by the Hour (PBH) Market Size, Share, Trend, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global power by the hour (PBH) market, assessing the market based on its segments like components, providers, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 73.1 billion (Global Aircraft MRO Market)
- Forecast CAGR (2023-2028): 4% (Global Aircraft MRO Market)
- Forecast Market Size (2028): USD 92.5 billion (Global Aircraft MRO Market)
The power by the hour (PBH) industry is driven by the flourishing airline sector and the rising demands to reduce the operational cost of aircraft. Power by the hour (PBH) provides cost-effective and efficient maintenance, repair, and operational services which are catalyzing the industry growth. It can establish the operation cost of the engine and reduce the capital assets; such factors are also propelling the market growth for power by the hour (PBH). Additionally, the rising demand for narrow-body aircraft and fuel-efficient engines is further accelerating the market growth. The robust growth of economically feasible budget airlines is aiding the power by the hour (PBH) industry.
Industry Definition and Major Segments
Power by the hour (PBH) is a program that can provide budget predictability and better value and liquidity for the maintenance of the airlines. The term was first used by Rolls-Royce in 1962. It is used to provide the operator with a fixed engine maintenance cost over an extended period of time to mitigate engine failure.
On the basis of components, power by the hour industry (PBH) is segmented into:
- Landing Gear and Breaks
- Spare Parts and Component
The major providers in the market are:
Based on the applications, the market is segmented into:
- Commercial Aviation
- Business Jet
- Commercial Helicopter
The major regions of power by the hour (PBH) industry are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The market for power by the hour (PBH) is driven by the increasing research and developments (R&D) in the airlines industry to enable faster maintenance and efficient operation. Technological advancements such as data analytics and the Internet of things (IoT), and condition-based analytics are increasing the demand for more efficient MRO, further fuelling the market growth.
Additionally, the development of a new economy that uses technology to increase productivity is also expected to aid market growth. As power by the hour (PBH) posits various advantages such as fixed price, cost-sharing, and performance-based compensation, they can be used in sectors other than airlines which are expected to lubricate the market growth in the forecast period.
Key Market Players
The major players in the market are Air France-KLM Group, AAR CORP, Rolls-Royce plc, and Avtrade, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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