Mon, Apr 23, 2012
Higher International Acceptance Of FAA Parts Manufacturer Approval To Drive The Increase
The world market for PMA Parts is projected to reach $749 Million by the year 2017, according to a recently-released report from the research firm Global Industry Analysts. Growth will be primarily driven by robust gains in South East Asia, Eastern Europe and South America and by expanding Parts Manufacturer Approval and certification for a broad range of parts/components encompassing virtually every aircraft platform covered in almost every ATA chapter, ranging from engine parts, rotating airfoils, nuts/bolts, combustors and fuel pumps to interior parts.
As a combined design and production approval for parts and components in the aircraft aftermarket, the number of applications for obtaining PMA from the Federal Aviation Administration (FAA) is steadily on the rise. Given the lucrative opportunities in the aircraft aftermarket and the growing competitiveness and emphasis on quality, components manufacturers are increasingly seeking the coveted airworthiness certification from FAA for safety and quality assurance. Growing awareness over the reliability, quality, durability and cost benefits offered by PMA parts is leading to increased acceptance of PMA parts worldwide, which in turn in generating opportunities for the international community to produce high quality, safe PMA parts. Against this backdrop, there continues to be a steady increase in the number of FAA-approved Parts Manufacturer Approval (PMA) firms in Asia. Also, increased outsourcing of MRO operations to Asia Pacific, as a result of rising economic and competitive pressures in developed
nations and low cost labor in Asian countries, is helping drive the dynamics of the PMA parts market in the region.
Growth in the PMA approved parts market, in the upcoming years, will be driven by rising average life of aircraft and the ensuing opportunities in the aftermarket created by maintenance needs. PMA engine parts in the MRO sector are poised to record the maximum gains, given that engine maintenance is evolving into a major business worldwide with spending on engine maintenance accounting for over 40% of total annual MRO spends. The increase in the number of operational aircraft and in the average flying hours per aircraft and the ensuing rise in engine utilization will continue to generate opportunities for aircraft engine MRO with engine overhaul activities trickling down as potential sales opportunities for PMA parts. Demand for PMA parts will also increase in sync with the growing focus of airline companies on cost efficiencies. PMA parts, in this regard, are cheaper than OEM products as PMA provides better economies of scale than original manufacturing. PMA brings about substantial savings in
material costs, and these savings lower the prices of PMA products for consumers and increase the profit margins for airline operators. The future will continue to witness an explosion in the number and types of PMA parts available to the consumer. With the sophistication in new generation aircraft models, comes complexly designed components, which require PMA parts to be equally scalable and reliable. Innovation in new technologies in manufacture of PMA parts will help benefit the PMA market, as managing and understanding sophisticated mechatronic systems becomes easier.
As stated by the new market research report on PMA Parts, Airframe PMA Parts represents one of the fastest growing segments trailing a projected CAGR of 9.6% over the analysis period 2009 through 2017.
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