Dublin, August 26, 2024 (GLOBE NEWSWIRE) — The report “Aircraft Maintenance, Repair and Overhaul (MRO) – Global Strategic Business Report” has been added to The Offer.
The global aircraft maintenance, repair, and overhaul (MRO) market is valued at USD 49.1 billion in 2023 and is expected to reach USD 66.2 billion by 2030, growing at a CAGR of 4.4% between 2023 and 2030. This comprehensive report offers in-depth analysis of market trends, drivers, and forecasts to help you make informed business decisions.
The growth in the aircraft MRO market is driven by several factors. Increasing global air traffic, with more and more passengers and cargo being transported by aircraft, requires frequent and extensive maintenance to ensure safety and efficiency. The aging fleet of commercial and military aircraft requires more intensive maintenance and overhaul services to extend their operational life.
Technological advancements such as the implementation of IoT (Internet of Things) and AI (artificial intelligence) for predictive maintenance have expanded the capabilities of MRO services, making them more effective and cost-effective. The expansion of low-cost and regional airlines has increased the demand for MRO services to maintain their growing fleets.
In addition, the aviation industry’s focus on sustainability has driven the need for more efficient and environmentally friendly MRO practices, such as the use of environmentally friendly technologies and materials. The increase in partnerships and collaborations between airlines and MRO providers has also facilitated access to advanced maintenance solutions and expertise, further driving market growth. As global aviation continues to expand, the MRO market is expected to experience continued growth, supported by ongoing innovations and the increasing complexity of modern aircraft systems.
Key findings:
- Market Growth: Understand the significant growth curve of the Engine Overhaul segment which is expected to reach $28.2 billion by 2030 at a CAGR of 4.8%. The Component Maintenance segment is also expected to grow at a CAGR of 5.0% during the analysis period.
- Regional Analysis: Gain insights into the US market, estimated to reach $10.3 billion in 2023, and China, which is forecast to grow at an impressive CAGR of 6.7% per year to reach $8.2 billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and Asia Pacific.
Reporting features:
- Comprehensive market data: Independent analysis of annual sales and market forecasts in millions of US dollars from 2023 to 2030.
- Detailed Regional Analysis: Detailed insights into key markets including the US, China, Japan, Canada, Europe, Asia Pacific, Latin America, Middle East and Africa.
- Company Profiles: Coverage of major players such as Collins Aerospace, Boeing Company, The, Bell Helicopter Textron, Inc. and more.
- Free Updates: Get free report updates for one year to stay informed of the latest market developments.
Main features:
| Report Attribute | Details |
| Number of pages | 653 |
| Forecast period | 2023 – 2030 |
| Estimated market value (USD) in 2023 | 49.1 billion US dollars |
| Projected market value (USD) until 2030 | 66.2 billion US dollars |
| Average annual growth rate | 4.4% |
| Regions covered | Generally |
MARKET OVERVIEW
- Maintenance, repair and overhaul of aircraft (Aircraft MRO): A definition
- Types of MRO maintenance activities
- Maintenance plans and approval systems
- Maintenance and servicing of military aircraft
- MRO for commercial aircraft
- Standards and regulations for aircraft maintenance and servicing: an overview
- Aircraft MRO: The continued importance of airworthiness management drives long-term growth
- Competition
- Recent market activity
- Aircraft Maintenance, Repair and Overhaul (MRO) – Percentage Market Share of Major Competitors Worldwide in 2024 (D)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- The ever-present threat of aviation accidents underlines the importance of MRO
- Despite all the progress in flight safety, the ever-present risk of aircraft crashes requires a focus on airworthiness and aircraft maintenance: Worldwide number of deaths on commercial flights
- Commercial Aviation Industry: The Health Barometer for the MRO Market
- Ageing aircraft fleet offers opportunities for MRO services
- Ageing aircraft and the resulting need to ensure the airworthiness of older aircraft create opportunities in the MRO services market
- Average age (in years) of selected airlines worldwide
- Expansion of the aircraft fleet to meet the need for routine MRO services
- The expansion of the global aircraft fleet provides MRO service providers with a steady stream of revenue from routine maintenance
- Corrosion and fatigue wear: The most important aspect of maintenance and servicing
- Due to the high corrosion costs for the transportation industry, Corrosion Management Systems (CMS) are an essential component of aircraft MRO programs: Percentage breakdown of corrosion costs by industry
- Intelligent asset management and focus on predictive and condition-based maintenance are good signs for aircraft MRO services
- Decision system for aircraft maintenance based on real-time condition monitoring gains importance
- Big data from aircraft: A key factor for effective condition-based monitoring
- Increasing importance of non-destructive testing and inspection of aircraft
- The use of fillers in aerospace composites and the resulting high risk of moisture ingress open up opportunities for diagnostic NDT testing for crack and corrosion detection
- Avionics MRO is becoming an important revenue generator
- The expanding avionics market creates parallel opportunities for avionics MRO in the form of avionics upgrades
- As defense budgets come under enormous pressure, the military MRO market will also suffer
- Trends in defense spending determine demand dynamics for military electro-optical and infrared systems
- Low Cost Carriers (LCCs) expand MRO opportunities in the Asia-Pacific region
- The low-cost airline market requires the right MRO practices and procedures
- Need to reduce operating costs drives growth in MRO outsourcing services
- Developing countries become MRO centers
- Shrinking wage gaps threaten to impact MRO outsourcing
- Increasing use of composite materials in aircraft forces MRO providers to offer improved tools and techniques
- Engine MRO segment drives aircraft MRO market
- Cost-effective PMA-certified parts are becoming increasingly important in the MRO market
- Threat from PMA forces OEMs to reassess their role in the MRO market
- Trend towards digitization of MRO operations
- Latest technology trends are changing the aircraft MRO market
- Big data will transform the aviation sector
- Cloud services are gaining importance in the MRO industry
- Drones to reduce maintenance time
- Digital twins: The new maintenance standard in the aviation industry
- Aircraft maintenance: A look at recent technological advances
- Skilled labor shortage: A major challenge for the labor-intensive MRO industry
Focus on selected players (Total 141 presented)
- Collins Aerospace
- Boeing Company, The
- Bell Helicopter Textron, Inc.
- AAR Corporation
- Bombardier, Inc.
- AirNet II
- Emirates
- Aviation repair technologies
- Barfield, Inc.
- Denel Aeronautics
- Asia Pacific Aerospace (APA) Pty., Ltd.
- Alpine Aerotech
- ASA – Airline Software Applications ApS
- CAMP Systems International Inc.
- Committee for Aerospace Industry Development (CASID)
For more information about this report visit https://www.researchandmarkets.com/r/ylihhv
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Global aircraft maintenance, repair and overhaul (MRO) market
