Dublin, June 01, 2021 (GLOBE NEWSWIRE) -- The "Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Components, Aircraft Type, and End-Users" report has been added to ResearchAndMarkets.com's offering.
The aircraft MRO market was valued at US$ 49.80 billion in 2020 and is projected to reach 68.35 billion by 2028; it is expected to grow at a CAGR of 4.04% from 2020 to 2028.
Considering the growing competition worldwide, the implementation of digital technologies is a necessary step toward the growth of MRO companies. Digitalization will help the industry to create a continuous stream of data flowing through different levels of the supply chain. Further, it will also streamline the communication between the stakeholders and accelerating innovation in various operations. The digital transformation in the aviation industry substantially impacts all areas of the supply chain of the industry such as air traffic management, aircraft operations, and aircraft and component manufacturing and servicing.
The data-driven technologies such as data analytics helps in tracking aircraft MRO activities in real-time that would also optimize the air travel experience of crew and passengers. In addition, other advanced technologies such as artificial intelligence (AI) and machine learning (ML) facilitates the airline crew and management to understand the airworthiness of the aircraft.
This enables the airline to opt for MRO services. Also, the MRO service providers incorporate AI technologies to boost their procedures by easily and efficiently conducting visual checks and understanding the degree of maintenance and repairs required on the aircraft. Thus, growing trend of inclusion of digital technologies such as AI and ML is driving the aircraft MRO market.
The COVID-19 pandemic has hampered the economic growth of almost every country. The airline industry has witnessed high impact of this economic downturn. Moreover, the damaged economic growth of countries has led to shutdown of small airlines companies in 2020.
Due to the ongoing COVID-19 outbreak, all the major countries in Europe, Asia Pacific, and North America imposed strict restrictions on business activities, and goods and people movement. All these factors are restricting both supply of and demand for aircraft maintenance services, thereby hindering the revenue growth of the global aircraft MRO market.
Also, second wave of COVID-19 outbreak in countries such as India, France, and the US would negatively impact the market growth throughout the first half of 2021. It is expected that the aircraft MRO market growth will stabilize in 2022, and the market would witness positive growth from 2022 to 2028.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Aircraft MRO Market Landscape
5. Aircraft MRO Market - Key Market Dynamics
5.1 Drivers
5.1.1 Growing Demand for MRO Services in Emerging Economies
5.1.2 Emergence of Digital Technology for MRO Industry
5.2 Restraints
5.2.1 OEMs Entering the Aftermarket
5.3 Opportunities
5.3.1 Accentuating Trend of Retrofitting of Older Aircraft Fleet
5.4 Future Trends
5.4.1 Blockchain Technology Changing MRO Landscape
5.5 Impact Analysis of Drivers and Restraints
6. Aircraft MRO - Global Market Analysis
6.1 Global Aircraft MRO Market Overview
6.2 Global Aircraft MRO Market Revenue Forecast and Analysis
6.3 Market Positioning - Five Key Players
7. Aircraft MRO Market Revenue and Forecast to 2028 - Component
7.1 Overview
7.2 Global Aircraft MRO Market Breakdown, by Component, 2018 and 2028
7.3 Engine MRO
7.4 Avionics MRO
7.5 Airframe MRO
7.6 Cabin MRO
7.7 Landing Gear MRO
8. Aircraft MRO Market Revenue and Forecast to 2027- By Aircraft Type
8.1 Overview
8.2 Aircraft MRO Market Breakdown, by Aircraft Type, 2018 and 2028
8.3 Fixed Wing
8.4 Rotary Wing
9. Aircraft MRO Market Revenue and Forecast to 2027- by End-User
9.1 Overview
9.2 Aircraft MRO Market Breakdown, by End-User, 2018 and 2028
9.3 Commercial
9.4 Military
10. Aircraft MRO Market - Geographic Analysis
11. Aircraft MRO Market - COVID-19 Impact Analysis
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
- AAR
- Barnes Group Inc
- Collins Aerospace
- Delta TechOps
- FLTechnics, UAB.
- GE Aviation
- Lufthansa Technik
- Rolls-Royce plc.
- Singapore Technologies Engineering Ltd
- Turkish Technic Inc.
For more information about this report visit https://www.researchandmarkets.com/r/a23oiz