Used Serviceable Material Market Set to Grow to $10.312 Billion by 2032"
Used Aircraft Parts Take Flight: The USM Market Gains Altitude
The used serviceable material (USM) market is experiencing a steady upward climb, reaching a value of USD 7.18 billion in 2023. This momentum is expected to continue, with projections indicating a Compound Annual Growth Rate (CAGR) of 4.10% over the next decade. By 2032, the market is estimated to reach a staggering USD 10.31 billion, signifying a significant growth trajectory.
The growth of the global used serviceable material (USM) market for is largely driven by the increasing demand for the number of replacement parts of aircraft-by-aircraft manufacturers in developing nations. This is leading to an increased demand for maintenance and repair facilities. This has led aircraft manufacturers to procure used parts for various applications. Moreover, the need to modernize the older aircraft with new, reliable, and latest technologies is fueling the growth of the global market for used serviceable material (USM).
The global USM market has been segmented based on product type, aircraft type, provider type, and region.
On the basis of product type, the used serviceable material (USM) market has been segmented into engine, components, and airframe. The engine segment accounted for the largest share due to the use of engine components from retired aircraft, in various aircraft engines. The component segment is expected to register the highest growth rate during the forecast period.
Key Players
The key players in the global used serviceable material (USM) market companies are Eaton Aerospace (Denmark), Aviall (US), Boeing (US), GA Telesis, LLC (US), Delta TechOps (US), Liebherr Aerospace (Germany), AAR Corp. (US), Collins Aerospace (US), General Electric (US), TES Aviation Group (UK), and Lufthansa Technik (Germany).
On the basis of aircraft type, the market has been segmented into narrow body, wide body, turboprop, and regional. The USM parts are removed from the retired aircraft and fitted into operating or working aircraft. The narrow body segment of the market is expected to register the highest growth rate during the forecast period due to the wide use of USMs from the retired narrow body parts. The wide body segment is expected to be the fastest growing during the forecast period.
Based on provider type, the market has been classified as OEM and non-OEM. The OEM segment is expected to grow at a higher rate and account for the larger share during the forecast period due to rise in preference of OEM suppliers by the airlines and other end users.
The global used serviceable material (USM) market has been segmented, based on region, into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
The North American market is expected to account for the largest share of the global used serviceable material (USM) market. The leading countries in this region are the US and Canada. The US government is investing heavily in the infrastructure required for USMs for commercial and defense applications to increase the accuracy of operations, reduce operational time, and decrease the risk factors involved. The rise in the number of aircraft and the aftermarket parts would propel the growth of the used serviceable material (USM) market in the region during the forecast period. The market in Asia-Pacific is expected to be the fastest-growing during the forecast period due to the rise in the number of commercial aircraft fleet.
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