Artificial Intelligence
Southeast Asia Aircraft MRO Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Southeast Asia Aircraft MRO Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06129756/?utm_source=GNW
Prior to 2020, the air passenger traffic and new aircraft orders were increasing rapidly in the region, which attracted global MRO players to enter the market and expand. However, the outbreak of COVID-19 caused a severe downturn in the airline and associated industries. Major airlines have now restructured their growth strategies, which include early retirement of few aircraft, postponement of new aircraft deliveries, cutting down the workforce, scaling down operations, and optimizing operational costs, among others. As a majority of the fleet remained grounded for a significant period in 2020, some airlines opted for major maintenance work during this period.
Over the last two decades, Southeast Asia has been making the most of its favorable geographic location by complementing it with state-of-the-art aviation infrastructure. The strategic position of the region and the strong local supply chain have contributed to its position as a preferred location for many MRO companies. Maintenance constitutes a major portion of the financial business model of aircraft operators in the region.
Players from Singapore have established themselves as dominant players in the industry over the years. Following the success of Singapore in the industry, players from countries, like Indonesia, Malaysia, and Thailand are trying to replicate the success of Singaporean players and are also developing their MRO capabilities, which is positioning Southeast Asia as an important hub for Aircraft MRO, globally.
Technological advancement in additive manufacturing, predictive maintenance, aircraft health monitoring systems, composite repair capabilities, artificial intelligence, and big data will play a major role in the coming years, as most of the MRO players in the region will opt to streamline their operations through automation to generate higher revenue during the latter half of the forecast period.
Key Market Trends
Commercial Aviation Segment Projected to Exhibit the Highest Growth Rate During the Forecast Period
The growth in air traffic in the region over the years has put pressure on airline operators to maintain their fleet in operational condition. Since Asia-Pacific overshadows the other regions, in terms of new aircraft deliveries, and Southeast Asia, in specific, has become a focal point in terms of the commercial aviation industry growth, the operators in the region are ramping up their capabilities to cater to a growing aircraft fleet that is propelling the demand for aircraft maintenance. For decades, the commercial aircraft Maintenance, Repair, and Overhaul (MRO) market in Southeast Asia have been dominated by established players in Singapore, providing maintenance services for airlines both in and outside the region. However, over the years, several players have entered the market in countries like Indonesia, Thailand, and Malaysia and have challenged the dominance of established Singaporean players. The low labor costs in countries like Indonesia are attracting foreign players to set up their own MRO facilities in these countries. Despite the considerable growth in competition in the market, several major airlines in the region have only minimal in-house maintenance capabilities and outsource most of the work to companies affiliated with rivals or independent service providers. In this regard, the airlines in the region are enhancing their maintenance capabilities to cut out cash outflow to third parties and rivals by developing their in-house maintenance businesses. For instance, the Garuda Maintenance Facility (GMF) by AeroAsia is taking aggressive steps to expand its MRO business overseas, while improving its in-house maintenance capacity in the country to cater to more airlines. In February 2020, the PT Garuda Maintenance Facility AeroAsia Tbk. (GMF) held the inauguration of its latest facilities in the aircraft engine maintenance business line, the single jackscrew gantry system. Likewise, Thai Airways International, Thailand’s national flag carrier is also embarking on expanding its MRO business. However, in the wake of the COVID-19 pandemic, the commercial aviation sector has suffered massive losses, and due to the depleting economic reserves of the players as well as prospective future customers, uncertainty now looms over the envisioned MRO projects in the region.
Singapore Accounted for a Major Market Share in 2020
Singapore is leading the aircraft MRO market in Southeast Asia. The aviation sector is the major contributor to the development of the Singaporean economy. Despite its relatively small size, Singapore has been one of the fastest-growing aviation markets in the region over the years, driven by the huge tourist inflow and growing business travel into the country. Singapore caters to about 1/4 of Asia’s maintenance, repair, and overhaul (MRO) requirements and 1/10 of the global MRO output, and it possesses comprehensive nose-to-tail MRO capabilities. Singapore’s home-grown aviation companies, ST Aerospace, and SIA Engineering are among the top MRO companies in the world, both in terms of revenues and capabilities. ST Engineering, one of the major players in the country, is looking for expansion of its aerospace MRO business, both locally and internationally. While the company is pursuing capacity expansion in countries like the US, it has also recently set up a Joint Venture with Vietnam Airlines Engineering Company (VAECO), a subsidiary of Vietnam Airlines Co Ltd, called Vietnam Singapore Technologies Engineering Aerospace Co. Ltd. In February 2021, the government of Singapore announced a defence budget of about USD 11.56 billion for the year 2021, which is a 12.7% increase over the 2020 defence budget. As majority of Singapore’s fleet is ageing or are due for mid-life upgrade, the demand for military MRO is also expected to grow during the forecast period. At the same time, driven by the positive outlook for general aviation demand in the country, several foreign players are entering the market in Singapore. In October 2020, Jetex, an executive aviation provider, has announced the expansion of its global FBO network in the Asia-Pacific region with the addition of a fixed-base operator in Singapore. The new FBO , in collaboration with Bombardier expands the Singapore Service Centre at Seletar Aerospace Park beyond aircraft service and maintenance and now offers a full range of services to the business jet operators. Such developments are expected to drive the growth of the market in Singapore during the forecast period.
Competitive Landscape
The market for aircraft MRO services in the Southeast Asia region is moderately consolidated. Singapore Technologies Engineering Ltd, GMF AeroAsia, Safran SA, StandardAero, and Sepang Aircraft Engineering Sdn Bhd are some of the prominent players in the market. For a very long time, the market was dominated by players based in Singapore but the dynamics are now changing and the market is witnessing investments from players into the countries such as Thailand, Indonesia, etc. owing to the growing aircraft fleet and lower labor costs as compared to Singapore. The market is witnessing a huge investment from key players in facility development, technological innovations, joint ventures, and partnerships. Players are focusing on developing their MRO capabilities in the region, making the market more competitive with the entry of new players. In February 2020, Satys, an aircraft paint services provider, announced its partnership with Bombardier for developing its MRO capabilities in Southeast Asia. Satys announced the start of its operations at the Bombardier Singapore Service Center, one of the largest private aircraft maintenance centers (MRO) in Southeast Asia. Such developments are expected to make the market more competitive during the forecast period.
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REYKJAVIK, Iceland, April 24, 2024 /PRNewswire/ — Lucinity , a leader in generative AI for financial institutions, is thrilled to announce the appointment of Udi Nessimyan as its new President and Chief Revenue Officer. Udi brings to the role a wealth of experience from his time in AI development at some of the world’s most prestigious tech companies, including Sealed.ai, Oracle, and Amazon Web Services.
Gudmundur Kristjansson, Founder and CEO of Lucinity, expressed his enthusiasm about Udi’s appointment, stating, “Udi’s proven track record of driving growth and innovation aligns perfectly with our core mission at Lucinity. His strategic acumen and deep industry knowledge are invaluable as we continue to develop and deliver AI solutions that enhance the efficiency and effectiveness of our clients’ operations.”
Udi’s career highlights include co-founding and leading Sealed.ai as CEO, where he spearheaded the development of a cutting-edge conversational AI platform that redefined standards in business communication. At Basis Technology, he was instrumental in driving sales and operational strategies for their flagship products, including Rosette and various Cyber Forensics tools, achieving an annual recurring revenue growth rate exceeding 30%.
In his new role, Udi will focus on refining Lucinity’s approach to marketing, sales, and customer onboarding. His expertise will be crucial in ensuring that Lucinity’s innovative AI solutions are effectively communicated and reach the right audiences, thereby maximizing their impact and facilitating the adoption of the technology.
“Udi’s involvement is vital as we strive to make our AI tools more intuitive and impactful,” said Kristjansson. “His insights and leadership will enhance our ability to deliver these technologies efficiently and effectively, aligning them closely with customer needs and industry demands.”
Under Udi’s leadership, Lucinity is set to deepen its commitment to unleashing human efficiency with AI, expanding the reach and impact of its mission to create AI that makes people better at what they do.
Lucinity thanks its partners and stakeholders for their continued support and interest as it embarks on this exciting new chapter.
About Lucinity:
Lucinity is a leader in generative AI technologies for financial institutions, designed to accelerate workforce efficiency. Its platform features Luci, an AI copilot that enhances intelligence gathering, analysis, and decision-making, allowing institutions to streamline operations and reduce costs. As an open, configurable, no-code platform, Lucinity is a crucial tool for enhancing productivity and operational efficiency in the financial sector.
Media Contact
Celina PabloSenior Marketing [email protected] +354 792 4321
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STOCKHOLM, April 24, 2024 /PRNewswire/ — The Annual General Meeting of ASSA ABLOY AB was held on Wednesday 24 April 2024 in Stockholm, Sweden.
Adoption of income statements and balance sheets and discharge from liability
The Annual General Meeting adopted the parent company’s and the Group’s income statements and balance sheets for the financial year 2023. The members of the Board of Directors and the CEO were discharged from liability for the financial year 2023.
Dividend
The Annual General Meeting approved the dividend of SEK 5.40 per share proposed by the Board of Directors, to be paid out in two equal installments, the first with the record date Friday 26 April 2024 and the second with the record date Monday 11 November 2024. The first installment is estimated to be paid on Thursday 2 May 2024 and the second installment on Thursday 14 November 2024.
Election of the Board of Directors and auditor
The Annual General Meeting re-elected Johan Hjertonsson, Carl Douglas, Erik Ekudden, Sofia Schörling Högberg, Lena Olving, Victoria Van Camp, Joakim Weidemanis and Susanne Pahlén Åklundh as members of the Board of Directors. Johan Hjertonsson was re-elected as Chairman of the Board of Directors and Carl Douglas was re-elected as Vice Chairman.
The Annual General Meeting re-elected the audit firm Ernst & Young AB as auditor for the time period until the end of the Annual General Meeting 2025.
Remuneration to the Board of Directors and the auditor
The remuneration to the Board of Directors will totally amount to SEK 9,945,000 (excluding remuneration for committee work). Auditor fees shall be paid according to contract.
Resolution on approval of remuneration report
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to approve the Board’s remuneration report.
Resolution regarding authorization to repurchase and transfer Series B shares in the company
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to authorize the Board of Directors to, on one or more occasions, repurchase Series B shares in the company for the period up until the Annual General Meeting 2025. The repurchase shall maximum comprise so many Series B shares that the company’s holding does not at any time exceed 10 per cent of the total number of shares in the company.
Resolution regarding long-term incentive program
The Annual General Meeting resolved, in accordance with the Board of Directors’ previously published proposal, to implement a long-term incentive program for senior executives and key employees within the ASSA ABLOY Group (“LTI 2024”).
Minutes from the Meeting including complete resolutions will be available on the company’s website assaabloy.com/general-meeting.
For more information, please contact:Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/assa-abloy/r/resolutions-at-assa-abloy-ab-s-annual-general-meeting-24-april-2024,c3966574
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Press release (PDF)
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Artificial Intelligence
GSTS selected by Canada-US Seaways to provide Enhanced Analytics and Voyage Information System Predictability with OCIANA®
HALIFAX, NS, April 24, 2024 /PRNewswire/ — Global Spatial Technology Solutions (“GSTS” or “the Company”) announced that it has been awarded a contract for a Voyage Information System (VIS) by St. Lawrence Seaway Management Corporation (SLSMC) and Great Lakes St. Lawrence Seaway (GLS) to enhance joint management of bi-national waterways.
GSTS will provide predictions for VIS through OCIANA®, its proprietary, AI powered SaaS platform. OCIANA® is a cyber-secure and scalable system which has been developed in collaboration with, and is used by, ports, shipping lines, pilotage authorities, civil agencies and border security organisations.
At the heart of OCIANA’s offering is robust, predictive data analytics, powered by novel AI algorithms. OCIANA’s data integration framework will assimilate critical information from the Seaway Traffic Management System and GSTS data streams into a predictability model to accurately forecast vessel ETAs, thus providing improved management of voyages and eventually optimizing lockage schedules.
OCIANA® is a flexible platform designed to incorporate the intricate Locks System Rules, ensuring that all vessel movements adhere to safety and operational guidelines. While focusing on a specific segment of the St. Lawrence, vessel management is impacted by dynamic events stretching from the Atlantic approaches to the Great Lakes. The dynamic Lock Schedule Engine leverages various inputs, employing advanced algorithms to manage vessel traffic and schedule lockage, thus enhancing throughput and reducing delays. Through this innovation, OCIANA® will be well positioned to offer superior optimization capability to all major waterways.
“This project will demonstrate OCIANA’s capability to provide unparalleled planning and optimization in a highly dynamic environment impacted by multiple geographic, operational and environmental factors,” said Richard Kolacz, Chief Executive Officer, GSTS. “This award continues to illustrate the versatility of OCIANA® in facilitating enhancements to maritime safety, security and supply chain resilience globally.”
The Great Lakes Seaway system serves as a key supply chain, moving $66B in goods and supporting 356,000 jobs. Optimizing the flow of goods, in a highly dynamic marine trade environment, is crucial to the economies of Canada and the United States.
OCIANA® is configured to adapt to the evolving demands of maritime traffic management, with provisions for incorporating additional data sources and enhancing the Predictability Engine with emerging technologies such as weather machine learning models. GSTS continues to expand its offering to maritime and logistics stakeholders further enhancing its leading position in maritime digitalization and innovation.
About Global Spatial Technology Solutions (GSTS)Global Spatial Technology Solutions (GSTS) is a global maritime intelligence company delivering solutions to enhance decision making across the maritime and logistics industry. Our predictive solutions are enabled by a range of operational, environmental, vessel and cargo data to provide real-time decision making intelligence for ports, terminal operators, shipping lines, logistics companies, importers, exporters, national and international agencies as well as security organisations.
For more information and to explore opportunities to partner with us, contact us today.
Media Contacts: Danica Martis, GSTS, Email: [email protected]
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