In recent years, OEMs are focusing toward introducing aftermarket services such as parts, maintenance, repair, and digital services as such kind of aftermarket services enable OEMs to leverage significant revenue streams with higher profit margins than sales of new equipment. However, OEMs at times may lose ground to independent MROs or other third-party part manufacturers attributed to less expensive services offered by such MROs and third-party part manufacturers. Thus, to retain the market share, OEMs must identify the loopholes by having a detailed examination of aftermarket lifetime value, which, in turn, also help them boost the core business during the forecast period.
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According to Colins Aerospace, everyday hundreds-of-thousands of transactions take place between airlines and their aftermarket service providers for aircraft services. However, various MROs are engaged in implementing new technologies including hangars & paperless shops, virtual maintenance training, predictive maintenance, and drone-supported maintenance to operationalize aircraft monitoring, improve technician efficiency and productivity, and bring actionable solutions to the airlines faster.
MRO providers and airlines generally purchase used serviceable material (USM) from various traders at distinct prices, and many times, the cost of a used part may exceed that of a new component depending on the supply and demand for a particular component or part at the time of the transaction. Thus, there is no formal mechanism existing to access the value of used parts today. In order to deal with such circumstances, the International Air Transport Association (IATA) has taken initiatives to prepare a web-based pricing model which provide aftermarket players and airlines to real-time access to transparent market values for aircraft components, considering availability and delivery times for different parts and equipment. Such model enables the airlines and MRO providers to save material cost up to 10-15% and hence provide more opportunities for MRO providers to retain significant value from cost-effective and regular services.
Currently, narrowbody aircraft are gaining more popularity owing to significant new additions of narrowbody fleets by replacing old narrowbody and turboprop fleets during the forecast period. The market has considerably evolved in developed regions such as North America and Europe and is gaining popularity in geographies such as the Asia-Pacific and Middle East and Africa (ME&A). Further, it is experiencing further growth because of continued research and development activities through huge investments by various MRO service providers for the maintenance of intermediate narrowbody aircraft.
In the recent years, the global airline industry has shown significant financial results owing to integration of advanced technologies into an aircraft. Further, various airlines have become more focused toward regular maintenance of their operations in order to serve their passengers with optimized customer experience. Such regular maintenance is expected to lead to huge opportunities for MRO service providers who can expand and diversify their capabilities by getting a contract from airlines, such as line maintenance, fleet management, and airframe services.
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The prominent players in the aerospace aftermarket adopted strategies of facility expansion, service launches, contracts, and partnerships, and collaborations to expand their businesses. The companies are also involved in some of the other developments that include acquisition, certifications from the government to set up their facilities or introduction of new services, and investment to develop advanced systems for aircraft. Due to the intensive competition, the aerospace aftermarket requires MROs and OEMs to constantly provide cost-effective service solutions with the existing and forthcoming industry standards pertaining to the commercial and military industry.
Due to the intensive competition, the 5G satellite communication market requires telecom operators to constantly innovate and develop cost-effective services for 5G with the integration of satellite.
The existing companies as well as new entrants aim to develop 5G satellite communication networks in the adherence with the existing and forthcoming industry standards for various end-user applications.
The chapter includes key strategies adopted by the major companies operating in the global 5G satellite communication market along with the competitive strength of the key players.
These strategies and the competitive strength of major companies working in the market are analyzed to present a detailed competitive landscape of the industry.However, 5G networks are, simultaneously being focused upon for their usage in industrial communications, thereby aiding in global digital transformation.
Since industries such as aviation, energy, and heavy industries have been rapidly evolving, the current communication network technologies and bandwidths also need enhancements to deliver optimum performance.
The parameters for high-performing networks are low latency, high bandwidth, high system spectral efficiency, and peak throughput, along with less energy loss.
SMPL has established itself as a sought after brand in the aftermarket space.
Initially, the brand started with aftermarket suspension and steering components and now has expanded into other components within the four wheelers and commercial vehicle space.
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