Market Size of Colombia Commercial Aircraft MRO Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Colombia Commercial Aircraft MRO Market Analysis
The Colombian commercial aircraft MRO market is projected to grow with a CAGR of over 3% during the forecast period.
The Colombian aviation sector witnessed reduced air traffic due to the COVID-19 pandemic. In March 2020, after the arrival of the COVID-19 pandemic in full force in Latin America, it led to travel restrictions across Colombia. The country witnessed a significant drop in air traffic due to the shutdown of airport and airline operations from April 2020 to August 2020. After international and domestic flight resumption, air traffic immediately recovered from September 2020.
An increase in demand for new aircraft due to rising air traffic, modernization, and aging aircraft fleet upgrades are driving the market growth. In May 2021, international air passenger traffic to and from Colombia reached approximately 543 thousand travelers. Furthermore, the Colombian civil aviation authorities projected that the number of air passengers traveling to and from Colombia would close to 46 million by the end of 2022. The country will show growth of nearly 12% compared to 2019, when the country reached 41.13 million travelers.
Thus, an increase in the number of air passengers leads to a rise in demand for new aircraft, which drives market growth across Colombia. According to the Latin American and Caribbean Air Transport Association (ALTA), Colombia witnessed a growth of 9% in international passengers till July 2022 and a 22% growth in the domestic sector compared to 2019. Thus, increased spending on the procurement of new aircraft and modernization of aging aircraft fleets will likely drive market growth during the forecast period.
Colombia Commercial Aircraft MRO Industry Segmentation
Aircraft maintenance, repair, and overhaul (MRO) refer to the overhaul, inspection, repair, or modification of an aircraft or its components. The scope of the study is limited to MRO services in commercial aircraft, and it does not encompass military and general aviation aircraft.
The Colombian commercial aircraft MRO market is segmented into aircraft type and MRO type. By aircraft type, the market is segmented into wide-body, narrow-body, and regional jet. By MRO type, the market is segmented into the airframe, engine, component, and line. The market sizing and forecasts have been provided in value (USD million).
| By Aircraft Type | |
| Wide-Body | |
| Narrow-Body | |
| Regional Jets |
| By MRO Type | |
| Airframe | |
| Engine | |
| Component | |
| Line |
Colombia Commercial Aircraft MRO Market Size Summary
The Colombian commercial aircraft MRO market is poised for growth, driven by an increase in air traffic and the demand for new aircraft. The aviation sector in Colombia has rebounded from the disruptions caused by the COVID-19 pandemic, with a significant rise in both international and domestic air passengers. This resurgence has spurred the need for new regional jets and the modernization of aging aircraft fleets. As Colombia emerges as the third-largest aviation market in Latin America, the expansion of its airline industry, including the introduction of new carriers like Ultra Air and the expansion plans of existing ones such as Viva Air and JetSMART, further fuels the demand for maintenance, repair, and overhaul services. The market is characterized by a focus on narrow-body aircraft, with significant investments in fleet modernization and MRO contracts, particularly for airlines like Avianca S.A. and LATAM Airlines Group.
The Colombian commercial aircraft MRO market is consolidated, with a few key players providing essential services to the airlines. Companies such as Safran SA, SGS Colombia S.A.S, and ACC Columbia Jet Service GmbH are prominent in the market, leveraging advanced technologies to enhance aircraft performance and safety. The adoption of emerging technologies like AI and predictive analytics is expected to drive revenue growth for these players. Recent agreements, such as those between Safran Nacelles and Avianca, as well as Ultra Air's collaboration with Airbus, highlight the ongoing investment in MRO solutions and the strategic focus on improving maintenance operations. These developments underscore the market's trajectory towards increased efficiency and capacity to support the growing aviation sector in Colombia.
Colombia Commercial Aircraft MRO Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porters Five Force's Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Aircraft Type
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2.1.1 Wide-Body
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2.1.2 Narrow-Body
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2.1.3 Regional Jets
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2.2 By MRO Type
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2.2.1 Airframe
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2.2.2 Engine
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2.2.3 Component
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2.2.4 Line
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Colombia Commercial Aircraft MRO Market Size FAQs
What is the current Colombia Commercial Aircraft MRO Market size?
The Colombia Commercial Aircraft MRO Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Colombia Commercial Aircraft MRO Market?
Safran SA, SGS Colombia S.A.S, ACC Columbia Jet Service GmbH and Avianca Group are the major companies operating in the Colombia Commercial Aircraft MRO Market.
