Redding, California, Feb. 08, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Aviation MRO Market by Service Type (Engine Overhaul, Airframe Maintenance, Line Maintenance, Modification, and Components), Aircraft Type (Narrow-body, Wide-body, Regional Jet, Rotary Wing Aircraft), and Geography - Global Forecasts to 2030’, the aviation MRO market is projected to reach $87.43 billion by 2030, at a CAGR of 3.9% from 2023 to 2030.
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Maintenance, repair, and overhaul (MRO) is the repair, service, or inspection of an aircraft or aircraft component. It is essentially all of the maintenance activities that take place to ensure the safety and airworthiness of aircraft by international standards. Some of the major factors driving the growth of this market include rising investments in aircraft MRO, growing air travel, and rising government programs to adopt MRO at airports. In addition, increasing demand for remote maintenance & repair systems is expected to offer significant opportunities for the growth of this market. However, a shortage of skilled workforce can restrain market growth to a certain extent.
Impact of COVID-19 on the Aviation MRO Market
Governments worldwide imposed countrywide lockdowns to control the spread of COVID-19. The COVID-19 outbreak severely disrupted the entire aviation sector. In 2020, the aviation MRO market was severely impacted by the decline in passenger traffic and the subsequent reduction in aircraft movements. All the major countries in Europe, Asia-Pacific, and North America imposed strict restrictions on business activities and the movement of goods and people. All these factors are restricting both supply of and demand for aircraft maintenance services, thereby hindering the revenue growth of the global aviation MRO market.
COVID-19 triggered many businesses to upgrade their fleets earlier than they otherwise would have done—bringing in newer, smaller models to replace older, larger aircraft as the virus had limited the viability of long-haul, international and connecting flights. This put pressure on MRO suppliers to train their teams in the latest technologies to keep up. However, aircraft maintenance services are in demand again as travel restrictions ease and airlines focus on the safety and airworthiness of aircraft. Digital technologies are playing a key role in managing this spike and ongoing demand for sustainable maintenance, repair, and overhaul.
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The aviation MRO market is segmented by service type (engine overhaul, airframe maintenance, line maintenance, modification and components), aircraft type (narrow-body, wide-body, regional jet, rotary wing aircraft), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on service type, the aviation MRO market is segmented into engine overhaul, airframe maintenance, line maintenance, modification, and components. In 2023, the engine overhaul segment is expected to account for the largest share of the global aviation MRO market. This segment is also projected to register the highest CAGR during the forecast period. Engine maintenance, repair, and overhaul (MRO) involve the repair, service, or inspection of engines to ensure the safety and airworthiness of the aircraft by international standards. The rising need to ensure that an aircraft performs according to applicable serviceable tolerances set by its manufacturer for continued airworthiness is expected to drive segment growth.
Based on aircraft type, the aviation MRO market is broadly segmented into fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft segment is further segmented into narrow-body, wide-body, and regional jet. In 2023, the narrow-body segment is expected to account for the largest share of the global aviation MRO market. A narrow-body aircraft, also known as a single-aisle aircraft, is a small-type aircraft often used to operate short-haul international flights and domestic flights. Airlines normally use these airliners for flights in intra-continental markets, serving routes on which passengers expect carriers to offer multiple flights per day. The growth of this segment is attributed to increasing air travel, rising passenger traffic, and the growing need for fuel-efficient aircraft. However, the wide-body aircraft segment is projected to record the highest growth rate during the forecast period.
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However, the wide-body aircraft segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increase in long-distance routes fleet with massive traffic connecting international destinations.
Based on geography, the aviation MRO market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global aviation MRO market. This segment is projected to register the highest CAGR during the forecast period.
In the APAC region, airlines such as Singapore Airlines and Malaysian Airlines are expanding their in-house maintenance facilities. In addition, the region has experienced significant growth in the total aircraft fleet over the past decade, which has increased the demand for engine MRO services and is expected to lead the market during the forecast period.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. Some of the key players operating in the aviation MRO market are AAR CORP. (U.S.), Airbus SE (Netherlands), Delta Air Lines, Inc. (U.S.), Hong Kong Aircraft Engineering Company Limited (China), KLM UK Engineering Limited (U.K.), Lufthansa Technik AG (Germany), MTU Aero Engines AG (Germany), Raytheon Technologies Corporation (U.S.), Singapore Technologies Engineering Ltd. (Singapore), TAP Maintenance & Engineering (Portugal), among others.
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Scope of the report:
Aviation MRO Market, by Service Type
- Engine Overhaul
- Airframe Maintenance
- Line Maintenance
- Modification
- Components
Aviation MRO Market, by Aircraft Type
- Fixed-wing Aircraft
- Narrow-body
- Wide-body
- Regional Jet
- Rotary-wing Aircraft
Aviation MRO Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Ireland
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Israel
- UAE
- Rest of Middle East & Africa
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Related Report:
MRO Market for Manufacturing Industry - Global Opportunity Analysis and Industry Forecast (2023-2030)
https://www.meticulousresearch.com/product/mro-market-for-the-manufacturing-industry-5437
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