According to the report by Expert Market Research (EMR), the global power by the hour (PBH) market is supported by the global aircraft MRO market. Aided by the increasing demand from the military sector, the market is expected to grow in the forecast period of 2024-2032 at a CAGR of 4%.
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Originating from the aviation sector, Power by the Hour is a service agreement where customers pay based on the number of hours an asset, like an aircraft engine, is operational, rather than a fixed, upfront cost. This model provides customers with a predictable cost structure while shifting the responsibility of maintenance, repair, and overhaul (MRO) to the service provider. This innovative approach ensures higher operational reliability and allows for better budget management for the customers.
The rise of the PBH model is primarily driven by the growing complexity and cost of maintaining modern aircraft and defence systems. As technology evolves, the need for specialised maintenance and repair services has become more pronounced, making PBH agreements increasingly attractive. These agreements offer a cost-effective solution to operators, as they convert unpredictable maintenance costs into fixed operational costs.
Another significant driver of the power by the hour (PBH) market demand is the increasing focus on operational efficiency and aircraft availability. In an industry where downtime can incur substantial losses, PBH agreements ensure higher availability of aircraft, as maintenance and repairs are managed proactively by the service providers. This approach not only enhances efficiency but also improves the overall safety and reliability of the aircraft.
The defence sector also presents a burgeoning market for PBH agreements. Military forces worldwide are adopting this model to optimise the lifecycle costs of their aircraft and other defence systems. By ensuring the availability of mission-critical assets through PBH agreements, defence forces can enhance their operational readiness and capabilities.
Digital transformation is a crucial power by the hour (PBH) market trend. With the incorporation of advanced technologies like Big Data analytics, the Internet of Things (IoT), and Artificial Intelligence (AI) in maintenance operations. These technologies enable service providers to predict maintenance requirements more accurately, further reducing downtime and operational costs.
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Geographically, North America and Europe account for a significant portion of the power by the hour (PBH) market share, attributed to the presence of major aircraft and defence manufacturers and operators in these regions. However, the Asia-Pacific region is expected to witness significant growth, driven by the increasing number of airlines and the expansion of military capabilities in countries like China and India.
Power by the Hour (PBH) Market Segmentation
The market can be divided based on components, provider, application, and region.
Market Breakup by Components
- Engine
- Landing Gear and Breaks
- Spare Parts and Component
- Airframes
- Others
Market Breakup by Provider
- OEM
- MRO
Market Breakup by Application
- Commercial Aviation
- Business Jet
- Commercial Helicopter
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global power by the hour (PBH) market. Some of the major players explored in the report by Expert Market Research are as follows:
- Air France-KLM Group
- AAR CORP
- Rolls-Royce plc
- Avtrade
- Others
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