India's MRO industry to be worth USD 1.5 billion by 2020

Mumbai: India is poised to become the fastest growing market in the world for aircraft Maintenance, Repair and Overhaul (MRO) services over the next decade tripling its worth to USD 1.5 billion, as airline companies buy more planes to cater for the country’s rapidly growing traffic.
“The MRO spend by airlines in India now is USD 500 million and is expected to grow to USD 1.5 billion in 2020. As a result, we expect significant investment to come into this space over the next ten years,” said Vivek N Gour, Managing Director, Air Works
According to a report in Economic Times, industry experts have estimated that Indian air traffic will triple to 362 million passengers by 2021-22, by which time the country’s air carriers would have more than doubled their fleet to about 1,000 aircraft.
Experts also estimate that MRO revenues, a direct function of the number of aircraft, are growing at a compounded annual rate of 15 per cent in India, which makes this space attractive. The MRO space is a USD 45-billion market globally, of which India constitutes only one per cent.
28/01/11 TravelBizMonitor

To Read the News in full at Source, Click the Headline

Categories: Indian Aviation- In General Jan 2011