LONDON, March 11, 2022 /PRNewswire/ -- According to Brandessence Market Research, The Aircraft MRO Market size reached USD 70.84 Billion in 2021. The Aircraft MRO Market is growing at robust CAGR of 4.61%, and reach size of USD 97.12 Billion by end of Forecast 2028.
The aircraft MRO market drivers show a growth in the number of the carriers which carry passengers as the passengers are now choosing air travel over the other modes of transport and that is going to be boosting the demand for the MRO facilities. There is a relaxation in the FDI in the industry of airlines but there is also a requirement for maintenance so now the companies are resorting to the outsourcing of maintenance activities so that the industry functions smoothly.
The overall aircraft MRO market is going to be growing really well and the growth rate is now attributed to a rise in the number of air passengers who fly every year since the ticket prices are now affordable, more flight frequencies and the availability of routes. The aircraft MRO has been designed for the fulfillment of the operational activities along with the maintenance of the safe and functional conditions of these aircrafts. Usually, there is a set of international standards which is going to ensure the airworthiness and overall safety of these aircrafts.
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Another factor which is really adding to the growth in the global market is the rise in demand for the older planes coupled with the environmental concerns which really puts emphasis on the maintenance of the older planes. Further, the development programs which have been undertaken for the modernization of the aircrafts has been a major factor in the growth of the global aircraft MRO market. Moreover, the rise in the environmental threats which have been associated with the MRO services are going to further prevent growth in the global market. Additionally, there is high and complex demand because of the limited cooperation between the OEMs and MORs for the repair of the standards for the new equipment and components which will hamper the growth of the global aircraft MRO market. With a decrease in the fuel prices and the rise in the participation of the OEMs, lot of growth opportunities in the global market can be observed. Also, the factors like increase in the demand of technological changes rapidly and technicians is going to pose a lot of challenges for the growth rate of the market.
Scope of The Aircraft MRO Market Report:
The aircraft MRO market refers to the market which is involved in the Maintenance, Repair and Overhaul of an aircraft. The global market has been dominated by multiple external factors such as the fleet size, air traffic volumes, aircraft utilization which includes both passengers and cargo. The growing air travel in the world needs more production of the aircrafts which is going to support the aircraft MRO industry. There is an increase in the investments in the software of the aircraft MRO which is being predicted here and in turn is going to offer a lot of opportunities for growth of the market. This includes the software components for maintenance scheduling, maintenance tracking, budget forecasting, logbook tracking, flight time tracking, manuals, service bulletin management, work order management and electronic task card management.
This further includes the features which are aiding compliance with the regulatory organizations like the ICAO and FAA. This has been used majorly for the streamlining of the maintenance processes and also reducing the downtime. This has been modified majorly based on the changes that are associated with the bigger analytics and data in the entire aviation industry. This is an industry which generates a lot of data which is going to benefit MRO companies in the improvement of their operational efficiency while they provide the customized solutions for catering to the demands of these airlines.
Aircraft MRO Companies:
A few of the players in the market are doing their best to keep the aircraft MRO market trends favorable for them are KLM UK Engineering Limited, Airbus., Raytheon Technologies Corporation, ST Engineering, AFI KLM E&M, L3Harris Technologies. Recent development of aircraft MRO market show growth of these companies as the dominating ones.
- AAR CORP
- Delta TechOps (Delta Air Lines, Inc.)
- General Electric Company
- Hong Kong Aircraft Engineering Co. Ltd.
- Lufthansa Technik AG
- L3Harris Technologies, Inc.
- United Technologies Corporation
- SIA Engineering Company Ltd.
- TAP Maintenance & Engineering
- Singapore Technologies Engineering Ltd.
- MTU Aero Engines AG
- Rolls-Royce Holding plc
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Segmentation Analysis:
As per the aircraft MRO market forecast report, the segmentation of the market has been done on the basis of organization type, service type, generation and aircraft type. The segmentation on the basis of service type has been done as engine overhaul, line maintenance, components and modification. On the basis of the organization type, the global aircraft MRO market has been segmented into the independent MRO, OEM MRO and airline MRO. Based on the aircraft type, the global market has been segmented into, wide-body, narrow body, regional jet as well as others. On the basis of generation, the global aircraft MRO market has been segmented into mid generation, new generation and old generation.
By Service Type:
- Engine Overhaul
- Airframe Maintenance
- Line Maintenance
- Modification
- Components
By Organization Type:
- Airline/Operator MRO
- Independent MRO
- Original Equipment Manufacturer (OEM) MRO
By Aircraft Type:
- Narrow-Body
- Wide-Body
- Regional Jet
- Others
By Aircraft Generation:
- Old Generation
- Mid Generation
- New Generation
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Based on region, the market has been segmented into the US, Mexico, Canada in the North America region, Argentina, Brazil and Rest of South America in the South American region, Italy, UK, Germany, Spain, France, Belgium, Switzerland, Netherlands, Russia and Rest of Europe in the European region, China, Japan, South Korea, India, Australia, Malaysia, Singapore, Indonesia, Philippines, Thailand and Asia-Pacific, Saudi Arabia, South Africa, U.A.E, Egypt, Israel and Rest of Middle East and Africa (MEA) region.
In the global aircraft maintenance, repair and overhaul (MRO) market, North America is the region which is going to dominate the market as there are initiatives taken by the government which will be developing the vehicles of zero emissions. The APAC aircraft MRO market is going to be witnessing a lot of growth as there is an increase in the urbanization and the population which is going to require the air transport. The increased demand has also been driving growth in the last few years. The overall growth is also expected to keep enhancing in the coming years in the Europe aircraft MRO market.
On Special Requirement Aircraft MRO Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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