The aircraft manufacturers, Boeing and Airbus, are reportedly exploring expanding their parts and repairs businesses.
The two firms have previously focused on manufacturing commercial and military airliners.
However, France-based Airbus and US-based Boeing has been increasing investments in the post-sale market.
The companies have been targeting maintenance, repairs, overhauls, training, and parts supplies.
“The services market is more lucrative than actual aircraft sales because it has more potential and it covers many different spectrums,” remarked Shukor Yusof, Analyst at Endau Analytics.
“Boeing and Airbus — they have to be part of it. When you sell an aircraft, it’s in your interest to have a full package of after-market services.”
The American company has predicted that within the next 20 years the value of 41,000 aircrafts will reach US$6trn.
Boeing also suggested that the value of the services supporting the aircrafts in expected to hot $8.5trn in the review period.
Airbus has announced plans to expand its 11,000sqm spare parts facility in Singapore by an additional 8,000sqm by 2019.
The firm, whose revenue derived from services reach $3.2bn last year, believes that the knowledge acquired from producing aircrafts will work as an advantage in the new industry.
“We know best our aircraft because we have designed it,” stated Laurent Martinez, Head of Services at Airbus.
“We have all the capabilities to support the airlines’ operations and to have the competitive edge in terms of spare parts.”