Saturday, May 1, 2004
The 1st Annual Aviation Maintenance Aftermarket Outlook
The aviation maintenance industry is constantly changing. The labor shortages that were often predicted just a few years ago have yet to materialize. Yet many non-airline maintenance companies report problems finding qualified personnel. The short economic recession that began in mid-2001, followed by the devastating use of airliners as giant missiles in September added a huge dose of fear to the flying public. These changes rippled mightily into the aviation industry, quickly forcing airlines to seek ways to cut costs drastically, but at the same time adding strength to the business jet market. The military situation has benefited aviation, in terms of the need for spares and support and future production of new aircraft. General aviation is holding its own, and in some areas seeing impressive growth, such as with new-technology airplanes like the Cirrus, Lancair, and Diamond models. The helicopter industry is poised for steady growth, too, according to recent forecasts. Add these all up, and change remains the watchword; but the watchword today should also be "opportunity."
Smart companies, even before the recession, recognized that they must be careful not to put all their eggs into one basket. The companies that offered services to a variety of aviation aftermarket segments-military, commercial, general aviation (including business jets and helicopters)-found themselves in a much better position after the events of September 11. While commercial activities slowed considerably, military support more than made up for the lack of commercial aircraft business. Business jets have also proven to be a strong segment, because people with money appreciate the level of security available in their own aircraft. And there are more options than ever for buying not only an entire jet but also a small share, which lowers barriers to entry and consequently opens the market to more buyers. Sophisticated new light airplanes are finding a large market; Cirrus, as of late March, had delivered nearly 1,300 new airplanes since launching production of the sleek SR-20, at a time when pundits proclaim that the general aviation market is dead.
There is a future for anyone interested in a career in aviation and in operating an aviation business. All operators, from light airplanes to commercial airliners to military departments, require top-notch maintenance for their aircraft. This need will never go away. There is a large aftermarket, and that's why we are publishing this article, to help Aviation Maintenance readers understand the scope of the industry that they have chosen and hopefully to help outline some possible opportunities for future endeavors.
The world economy will continue growing, according to the FAA's annual forecast, from 3.1 to 3.2 percent in the U. S., from 1.7 to 2.9 percent in Canada, and from 1.2 to 4 percent in Latin America through 2015. This model assumes an inflation rate of 2.2 percent and a slight increase in energy prices, at an average of 0.7 percent per year.
Industrial production is an excellent measure of economic status, according to David Doll, a partner in consulting firm Aviation Maintenance Management Associates (AMMA). While the U.S. recession didn't officially begin until March 2001, industrial production was already slipping from the high reached in September 2000. After the recession took hold, industrial production and airline operating income both dropped dramatically.
The good news is that industrial production is now on the rebound, coinciding with a drop in the unemployment rate. "The current economic growth appears to be both solid and sustainable," Doll said, "if tax cuts are made permanent and the government sector can get spending under control."
Business Aviation (turboprops and jets)
This year's FAA Annual Forecast predicts slow but steady growth in the general aviation fleet, which includes business aviation. The fleet size totals 211,200 (2003) and should grow to 246,000 in 2015, although turboprops and jets will grow faster, at 3.7 percent. This is growth rate of 1.3 percent per year. While difficult to measure, the FAA nevertheless predicts flight hours growing to 32.7 million in 2015, up from 26.7 million in 2003, or 1.7 percent per year. Again, growth is expected to be higher in the turboprop/jet segment, at 4.6 percent per year.
According to the Honeywell Aerospace Forecast released last October, the coming five-year period purchase expectations "are slightly lower than the industry's performance over the last five years, which witnessed the most explosive expansion in business aircraft demand in the history of the industry." A survey conducted in conjunction with the Honeywell Forecast projected that "order rates will continue to improve in to 2004, buoyed by an economic recovery and bonus depreciation," and called for flat or slightly higher deliveries in 2004 and modest growth beginning in 2005.
Brian Proctor, chief operating officer, and Don Hammer, vice president of technical services of Corporate Aviation Analysis and Planning (CAAP), a business aviation consulting firm located in Grapevine, Texas, have observed "a tightening up of the marketplace" over the past six months. As a benchmark, Proctor offered, "In the used market, six months ago there were 12 GIV SPs available. Today there are only two." He added, "Since January we have seen used aircraft prices begin to tick up." In some cases the prices increased by substantial sums ($500,000 to $750,000) indicating higher demand for used aircraft, which has a ripple effect throughout the marketplace.
"In the maintenance market, the driver is utilization," Proctor said. "We are seeing higher utilization, higher than pre-9-11. Companies are utilizing their assets more, trying to make business happen," he added.
Based on a study conducted by CAAP, the average time between interior refurbishment was calculated at 5.6 years. "Looking back at the boom years, (1998 through 2001)," said Proctor, "many of the aircraft delivered new in those years will be coming ready for refurb in the next two to three years." A review of the NBAA Factbook chart for new business jet deliveries for those years shows more than 2,500 business jets falling into that category. "The good facilities are already beginning to get booked up," Hammer said.
There are also a steady number of aircraft from those boom years that will need upgrades such as RVSM, TCAS, TAWs, and EGPWS. "End of this year and beginning of next year, it will be hard to find a place to get this kind of work scheduled quickly," Hammer predicted.
Most business jet owners and operators are protective of their assets Proctor said. "They realize there is an impact to the value of their aircraft if it is not well-maintained. Overall we see an up-tick in the maintenance market going forward. We see positive growth in the next three to five years," he said.
"There will be a need for a lot of maintenance to be done in the next few years," Hammer noted. "Is the industry spooling up fast enough?"
Commercial Aviation (airlines from regional to major)
The FAA forecast calls for airline enplanements to grow at an average annual rate of 4.3 percent through 2015. In the U.S., it is interesting to note that after each economic downturn, airline passenger traffic has always returned to previous levels fairly quickly, according to AMMA's Doll. But after the 2001 recession and terrorist attacks, the airline industry sank farther and has taken much longer to recover. The SARS epidemic accentuated the problem, too, but the industry finally is recovering.
U.S. airline growth will be slightly lower, at 4.2 percent per year, compared to 5.2 percent enplanement growth internationally during the forecast period to 2015. In the U.S., a return to pre-September 11 traffic levels won't take place until 2005, the forecast notes, while international traffic will begin climbing again this year.
The FAA breaks commercial traffic into three categories, large carriers, cargo, and regional airlines.
Again, in the large category, international growth tops U.S. growth, at 5.2 percent versus 3.6 percent. Strong areas internationally will be Latin America and Pacific routes. The U.S. passenger fleet is expected to grow to 5,732 aircraft in 2015, from 4,090 in 2003, an average rate of 2.9 percent.
Cargo traffic is expected to grow 4.5 percent per year, with U.S. traffic at 3.5 percent and international growing by 5.3 percent. The cargo fleet continues to grow as well, to 1,332 aircraft in 2015, up from 942 in 2003.
Regional airlines are one of the bright areas in aviation, projected to reach 4,303 aircraft by 2015, up from 2,672 in 2003. Regional jets will account for 3,222 of the total by 2015, according to the forecast. Enplanements should grow by 4.6 percent during the coming 12 years.
Sport Aviation (homebuilt, ultralight, pleasure aircraft)
In a speech on March 25, 2004, given at the 29th Annual FAA Aviation Forecast Conference in Washington, D. C., administrator of the FAA Marion Blakey said, "Our entire aviation community has come together over the past two-and-a-half years…together we've weathered one of the most challenging periods in U.S. aviation since deregulation." According to the forecast, general aviation activity is expected to continue to experience slow growth in 2004 and gradually return to more normal growth patterns in 2005 and beyond.
The production and sale of single-engine aircraft, avionics, and other equipment, along with services such as maintenance and repair, flight schools, fixed base operators, finance, and insurance, make the light general aviation industry an important contributor to the overall general aviation marketplace. The last three years have been difficult for general aviation and in particular the sport aviation sector. The FAA reports that shipments of piston aircraft remained level in 2002 (1,031) and slightly up in 2003 (1,033).
The number of experimental aircraft has been projected to increase to more than 23,000 by 2015, an annual growth rate of about .4 percent. Gliders and lighter-than-air aircraft are forecast to increase at an annual rate of about .3 percent. It is also predicted that between 300 and 500 newly manufactured light sport aircraft will enter the active fleet annually starting in 2006.
The expected introduction of Light Sport Aircraft (LSA) should help recreational flying and increase the number of pilots. The rule had been undergoing review in the Office of Management and Budget (OMB) but was temporarily withdrawn from consideration by the FAA just before the review period expired. FAA administrator Marion Blakey had the proposal withdrawn so the agency could answer questions about the economic cost/benefits of the pending rule raised by the OMB review. At the Experimental Aircraft Association's (EAA) annual fly-in in Oshkosh, Wisconsin, last July, FAA administrator Blakey said, "This rule is one of the most important initiatives for general aviation in the last 40 years. The new rule will greatly reduce the barriers to becoming an aircraft owner."
New business owner Dale Forton purchased Aeroworks, a hardware and components supply company, in October. Although he says that general aviation as a whole was definitely affected by the events of September 11th, he is now seeing a change. "I am seeing more flight school business, which leads to more aircraft purchases, which in turn leads to more maintenance business," he said. Forton added he had just visited an airport with three new flight schools, each with new aircraft. He also offered, "I've recently sold several new start-up hardware kits. This is a kit that contains all the basic hardware a new shop might need, such as nuts, screws, cotter pins, and washers."
Steve Pankonin, owner of Steve's Aircraft, said business for his small two-man shop (his son, who is working on his A & P, has been with him for two years) is doing well. His shop, located in White City, Oregon, does an average of 75 annuals per year. In addition his shop overhauls engines and restores fabric-covered airplanes. Pankonin has also developed a number of STCs. He has more STC ideas on the burner but said, "They will have to wait till we get caught up, if that happens. I have always stayed busy and anticipate it to stay that way."
Mike and John Barron, another father and son duo, echoed that sentiment. They own a specialty shop focusing on the complete restoration or repair of Cessna 195s and other classic aircraft such as the Beechcraft D18. "Our business is growing rapidly. We have actually increased our employees in the last year," said John Barron.
At the Helicopter Association International Heli Expo Conference in March, Honeywell released its sixth Turbine-Powered Civil Helicopter Purchase Outlook and projected strong demand. Honeywell predicted more than 2,300 new civil-use helicopter deliveries during the next five years.
The majority of the new sales will come from corporate, emergency medical services, and law enforcement operators. Honeywell stated that sales in 2003 were flat but likely to increase about 8 percent in 2004. The study also predicted a 6.8 percent increase in sales during the period 2004-2008 as compared to the 1999-2003 period. This results from strong worldwide demand, bonus depreciation, and improving economic conditions, the study said.
Utilization rates, according to the study, were constant in the U. S., compared to their survey conducted in 2003, with most operators planning to use their helicopter(s) at least as much or more than they did during the last 12 months. Honeywell predicts that flying hours will remain at relatively healthy levels, with some modest growth possible depending on economic conditions.
Ready For Take-Off?
The Outlook for Commercial MRO Through 2013
With so much uncertainty facing aviation generally with fundamental questions about profitability, yields, business models, and more, the aftermarket outlook is cloudy indeed.
AeroStrategy developed a new commercial MRO market forecast-with the assistance of more than 20 airlines and global MRO suppliers-to dispel some of the murk and address unresolved MRO concerns, such as: When will demand spring back? How many aircraft will be permanently retired, how many "unparked"? How will increasing engine size and reliability influence demand? How rapidly will the market grow? Which aircraft types, engine models, and regions will lead the way?
The view from 35,000 feet
AeroStrategy estimates that in 2003 commercial jet aircraft (with more than 35 seats) generated MRO demand worth $35.8 billion. This includes five primary market segments: off-wing engine overhaul, airframe heavy checks (C- and D-checks), component overhaul and repair, line maintenance (including A-, B- and overnight checks), and major airframe modifications (including cargo conversions, avionic upgrades, and IFE modifications).
We estimate that MRO demand will reach $60 billion in 2013, an annual growth rate of 5.3 percent. (Forecasts are in constant 2003 dollars and do not account for future price changes in labor rates or spare parts.) Underlying this result are four key trends:
- Fast fleet. Air travel growth will average 4.7 percent over the next decade, fueling an expansion in the active air transport fleet from 16,000 in 2003 to 23,360 in 2013.
- Boomer generation. The industry imperative to contain MRO expenditures will be overwhelmed by the MRO requirements generated by the unprecedented number of aircraft-in excess of 5,000-delivered between 1998 and 2002, only now generating their first heavy maintenance events.
- Space available. More than 600 of the 2,000-plus inactive aircraft fleet will return to service in the next four to five years, with many young aircraft parked during the 2001-2002 industry crisis likely to return to passenger service and more than 200 parked aircraft converted to freighters.
- Just use it. Daily aircraft utilization will be nearly 10 percent higher in 10 years for three reasons: the expansion of high-utilization low-fare carriers, the pressure they place on traditional airlines to increase the economic productivity of their major assets, and the fact that many operators are now at relatively depressed levels of utilization.
Engine overhaul is the largest segment of the commercial MRO market, currently valued at $12.4 billion. The largest engine overhaul submarkets are the CF6-80C2, CFM56-3, and PW4000-94, the only ones with activity exceeding $1 billion each. Pratt & Whitney engines, despite the rapid reduction in the venerable JT8D fleet, generate 29 percent of total overhaul demand due to their still sizable installed base.
The fastest growing engine models include the CF34-3B, CFM56-5B, CFM56-7, and V2500-no surprise, given the growth of regional airlines and the robust outlook for the preferred aircraft of the low-fare carriers, the A320 family and the 737NG.
A few larger engines-the CF6-80E, GE90, and Trent 700/800-will see significant growth as well. Overhaul spending on these extremely reliable and relatively young engines will rise more than 15 percent per annum, as their initial shop visits for major life- limited components (LLP) occur later in the forecast period.
By 2013, six engines will each generate more than $1 billion per year in MRO demand, with the CF6-80C2 leading the way, followed by the CFM56-3, CFM56-5B, CFM56-7, PW4000-94, and V2500-A5/D5.
Partially offsetting this growth is the inevitable decline in some currently significant engine markets. The JT8D, JT9D, CF6-50, and RB211-524 will get hit with a double whammy-not only will the associated aircraft rapidly retire, this will also create a supply of cheap surplus engines that will in some instances make them cheaper to replace than overhaul.
On the supply side, OEMs will maintain their strong aftermarket presence, albeit with varying strategies. Led by GE, they will garner 43 percent of the market. Rolls-Royce and Pratt & Whitney will improve their shares of market too. Airlines and airline-affiliated suppliers have a slightly higher 44 percent share (30 percent for internal customers and 14 percent for third parties), while independents, led by MTU and IHI, have 13 percent.
Several developments are reshaping the engine overhaul market:
- The spate of aircraft deliveries in the late 1990s will provide the impetus for a jump of over more than 20% percent in shop visits, from about 8,400 in 2003 to almost 10,300 in 2005.
- OEMs are continuing to use licensed service center networks and joint ventures to enhance their position in the aftermarket rather than invest in their own facilities. Consider two recent examples: the establishment of N3, a joint venture between Rolls-Royce and Lufthansa Technik, and GE's licensing of several well-known suppliers to service the CF34 in competition with its own maintenance centers. These moves occurred while OEMs were closing engine overhaul facilities, suggesting they are emphasizing return on assets over revenue growth.
- Mergers and acquisitions among independent suppliers will continue apace. Witness the Carlyle Group investing in Avio, KKR purchasing MTU and 3i buying SR Technics. Some consolidation will likely occur at the "second-tier" of the engine sector, possibly creating new, independent entities that can viably compete with the OEMs.
- With airlines pressuring OEMs to keep spare part prices down and service levels up, the penetration of PMA parts will persist. Engine PMA parts once consigned to burner cans, accessories, and low value-added parts have entered the gas path where many high- value parts are found. The PMA phenomenon, combined with rising usage of DER repairs, will challenge OEMs to rethink the "razor-razor blade" paradigm-where spare parts profits subsidize engine development-that has long underpinned the aero-engine business.
Airframe heavy maintenance
Airframe heavy maintenance is a $5.2 billion market, with about three-quarters derived from labor-nearly 70 million hours worldwide. Six airframe models account for more than 55 percent of the market; in order of decreasing size: 747-400, 767, A320 family, 757, 737 classic, and the MD80.
Despite Airbus's recent sales success, a large proportion of the active fleet today remains Boeing, which currently generates about 75 percent of airframe heavy maintenance expenditures. Airbus aircraft make up most of the remainder, about 20 percent.
Around 60 percent of airframe heavy maintenance is performed by airlines in-house due to two factors. First, the size of the major U.S. fleets has itself historically justified in-house capability. This in turn has given labor unions strong influence over, and some protection against, the amount of maintenance work U.S. majors can outsource (witness the current battle at US Airways). Second, Asia-Pacific and Latin American carriers are influenced by low labor costs and attracted by the technological and employment benefits associated with building in-house capability.
AeroStrategy foresees the airframe heavy maintenance market growing at a rate of 5.5 percent annually, reaching $8.9 billion by 2013. Four aircraft families will comprise over 45 percent of the market by 2013: A320 (19 percent), B747-400 (10 percent), B737 NG (9 percent), and the B767 (9 percent). Since regional jets are not maintenance-intensive, they are expected to account for little more than 3.5 percent of the market in ten years. Four key trends stand out in airframe heavy maintenance:
- As with engine overhaul, the delivery profile of the late 1990s will produce a spurt in heavy maintenance events, from 9,800 in 2003 to about 11,400 in 2005 (a 16-percent gain).
- Phase checks are becoming more common as airlines, particularly high-utilization low-fare carriers, strive to increase aircraft productivity and availability. More work will be conducted on line or light checks, so that some airline maintenance programs may not include a C-check within the first five years of operation.
- The supplier base, traditionally regional or local, will experience fundamental change. The market will likely see the emergence of three to five global brands making use of scale and scope to win significant outsourcing contracts and grow share. ST Aerospace is already positioned in Asia-Pacific, Europe, and North America. Lufthansa Technik has a solid presence in Asia-Pacific by virtue of the opening of Lufthansa Technik Philippines and its AMECO joint venture in Beijing. And the recent merger of SR Technics and FLS Aerospace creates another independent supplier potentially poised for global expansion. One of the factors that will drive airframe supplier globalization is the need to leverage regions with low labor costs while maintaining brand, quality, and simplified distribution channels.
- Outsourcing will spread. Given current concerns about costs, it is staggering to contemplate that airlines continue to insource 64 percent of heavy maintenance despite the potential for savings of 50 percent or more by outsourcing. Three elements should facilitate greater outsourcing: continued cost pressure, revised labor agreements, and a high-quality global supplier base. United Airlines's recent decision to close several maintenance bases and outsource most heavy maintenance may herald a broader restructuring.
The $7.5-billion component maintenance market remains fragmented and fast-changing. The largest product segments include wheels and brakes (17 percent), auxiliary power units (14 percent), avionics (14 percent), and engine exhaust/thrust reversers (8 percent). Combined, these four categories make up just over half of component MRO spending. The remaining half is composed of numerous system categories, including engine fuel and control, flight control, landing gear, environmental control systems, and hydraulic power.
The rapidly growing A320 fleet generates more component MRO demand than any other aircraft family (12 percent), followed by the 747-400 (9 percent), B737-3/4/500 (9 percent), 767 (8 percent), and B737-NG (7 percent).
AeroStrategy expects component MRO spending to grow at a 4.2-percent annual rate to reach $11.3 billion by 2013. Two aircraft families favored by low-fare carriers, the B737-NG and A320, will drive more than half ($2.1 billion) of this growth. Asia-Pacific (5 percent) will grow fastest, followed by Europe (4.1 percent) and North America (3.1 percent).Several trends will have a profound and lasting impact on component maintenance:
- Most significant is the emergence of broad component support (BCS) services that bundle component maintenance with asset management and sometimes airframe or engine maintenance for an entire aircraft, a trend we highlighted in our 2002 Commentary. Their popularity appears to be gathering momentum now, especially among European operators, as airlines seek to reduce assets and lower their repair management burden. We estimate that more than half of the European fleet is managed via some form of BCS contract. Curiously, North American operators have been slow to embrace the concept. This may be due to larger fleets, significant in-house capability, culture, and limited supplier choice. Greater BCS penetration should be expected in the next five to ten years as airlines focus on the transportation aspect of their business and as major suppliers make the necessary investments for total support provision. The trend in North America is likely to be led by regional airlines or start-ups rather than traditional carriers.
- PMA suppliers and operators, once largely focused on engine parts, are now shifting attention to large component segments such as APUs, fuel systems, hydraulics, and pneumatics. Several major airlines and MRO providers, frustrated by what they believe is unreasonable OEM spare parts pricing, are working closely with PMA suppliers to identify and develop spare part alternatives. HEICO and Wencor West appear to be the two largest component PMA suppliers. While overall PMA penetration is less than 5 percent of component parts spending, it is challenging OEMs to revise spare parts pricing policies, expand their share of the component overhaul market, and develop new aftermarket value propositions such as material cost per hour programs.
- Component MRO spending is expected to grow commensurate with the transition of the more than 5,000 aircraft under five-years old from warranty to maturity, their maintenance-generating years. As a result, many OEMs' "non-warranty" fleet-particularly those with positions on Airbus and regional jet platforms-will grow faster than the overall fleet. Operators will face crucial choices about how to manage component maintenance-bundle requirements and work with a single total support component integrator or a range of maintenance suppliers? Major airlines with in-house capacity have their own delicate decisions: how to lower unit costs while maintaining labor harmony.
Now valued at $7.8 billion, line maintenance is forecast to grow at a rate of 3.9 percent annually to $11.4 billion in 2013. The large narrow body fleets (737 Classic, 737 NG, A320 family, and DC9/MD80) are responsible for 43 percent of this market. Again, fundamental factors underlie the outlook in this segment:
- The scope of line maintenance continues to evolve as some airlines adopt maintenance programs with more phased checks.
- Line maintenance is outsourced less than any other MRO activity because most airlines consider it a core element of operations-particularly at hubs and major bases-vital to the integrity of their daily schedule and dispatch reliability. This is especially true for low-fare carriers striving for short turnaround times. When line maintenance is outsourced, it is typically contracted to other airlines since they have the necessary infrastructure: a network, airport presence, and spares support. Consequently, independent, non-airline providers have limited market penetration in this segment.
The aircraft modifications segment is currently worth $2.8 billion. Included are passenger-to-freighter conversions, in-flight entertainment (IFE) modifications, interior refurbishments, avionics upgrades, and major structural modification programs. We expect this market to grow at 5.5 percent per annum to $4.8 billion in 2013.
Of all MRO segments, aircraft modifications is the most volatile and difficult to forecast. Airlines have slashed discretionary disbursements to conserve cash, with spending on modifications declining accordingly. Investments today are focused on programs with compelling commercial advantage or those required by regulation. Future growth depends on a period of sustained airline profitability..Several trends shape the aircraft modifications segment:
- The cargo recession that began in late 2000 continues to curb demand for freighter conversions. Before the downturn, annual conversions typically reached 100. But 2003 saw approximately half that. Activity should pick up. Total demand for the next ten years is expected to exceed 750 conversions. Popular models will be the 747, 767, 757, 737, and MD11. One factor limiting freighter modification demand, though, is the growing popularity of "air trucking," where operators substitute air cargo with a time-definite ground transportation network.
- Although IFE expenditures fell from a high of $2.1 billion in 2000 to an estimated $1.4 billion in 2002, a drop of over more than 30 percent, spending will increase as airline profitability recovers over the next few years. IFE has become an increasingly important differentiating factor among airlines, especially in Asia-Pacific.
- Highly discretionary spending for interior refurbishment will likely remain flat until airline confidence returns.
- There are several other potential modification programs that could increase modification activity in the medium-term including fuel inerting systems and manportable weapons defense systems. These are not factored into this current forecast.
- Finally, we should see more modification joint ventures that leverage low labor cost partners. Recently announced joint ventures include Boeing and TAECO (MD80/90 cargo conversions) and Pemco and Malaysian Airlines (B737-300 cargo conversions).
The outlook for the commercial MRO market over the next 10 years is a story with two strong themes: demand growth driven by fleet demographics and significant structural changes in supply.
Airlines have become significantly more focused on costs and value. What they require from suppliers is still evolving. What is certain is that they will seek to reduce the projected 5.3 percent annual growth in MRO expenditures by any means possible, including greater outsourcing, innovative commercial agreements, and greater use of alternative parts and repair sources. In addition, airline alliances such as SkyTeam and Star will increasingly use joint purchasing and work sharing to realize cost synergies. As a result, demand is likely to consolidate.
MRO providers must adapt to succeed. As airlines increasingly focus on the transportation aspect of their business, MRO providers can count on heightened demand for broad aircraft support capability, enhanced asset management skills and improved productivity.
One set of factors with the potential to make the biggest impact on the future of MRO are the new value propositions yet to be developed by an increasingly global supplier base.
Note: This report was provided by Aerostrategy LLC. For more information visit www.aerostrategy.net