New York, United States, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The Global Digital MRO Market Size is to grow from USD 1057 Million in 2022 to USD 3396 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 12.4% during the projected period. Increasing digitalization of MRO activities by commercial airlines and MROs, as well as rising demand for improving the repair and maintenance operations of the existing aircraft fleet, are projected to propel market growth. The Global Digital MRO Market report provides a comprehensive analysis of the market. The report provides an in-depth analysis of the primary segments, trends, drivers, constraints, the competitive landscape, and variables that are significant in the market.
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The Global Digital MRO (Maintenance, Repair, and Overhaul) market is a growing industry that arose as a result of the growing digital transformation trends in the aerospace, defense, and aviation industries. Digital MRO is the incorporation of advanced technologies, data analytics, and digital solutions into traditional maintenance and repair processes to improve efficiency, reduce downtime, and optimize asset performance. Traditional MRO practices are being phased out in favor of digitization, which is being driven by the need for predictive maintenance, real-time monitoring, and data-driven decision-making. The digital MRO market includes Internet of Things (IoT) devices for condition monitoring, Big Data analytics to process massive amounts of maintenance-related data, artificial intelligence for predictive maintenance, and augmented reality/virtual reality (AR/VR) for remote assistance and training. However, implementing digital MRO solutions frequently necessitates a substantial initial investment in cutting-edge equipment, software, and skilled personnel. For smaller businesses and organizations with limited budgets, the high upfront cost can be a significant barrier to entry.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Digital MRO Market Size, Share, and COVID-19 Impact Analysis, By Technology (AR/VR, Cloud Computing, 3D Printing, Robotics, AI and Big Data Analytics, Digital Twin and Simulation, Blockchain, IoT), By Application (Inspection, Monitoring, Part Replacement, Major and Minor Modifications, Mobility and Functionality, Others), By End User (MROs, Airlines, OEMs), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The AI and big data analytics accounted for the largest share of the global digital MRO market in 2022.
The global digital MRO market is segmented by technology into AR/VR, cloud computing, 3D printing, robotics, AI and big data analytics, digital twin and simulation, blockchain, and IoT. AI and big data analytics accounted for the majority of the global digital MRO market in 2022. Big data analytics and artificial intelligence (AI) have enabled sophisticated predictive maintenance models that ensure efficient resource utilization while minimizing operational disruptions.
The monitoring segment is expected to grow at the fastest pace in the global digital MRO market during the forecast period.
The global digital MRO market is divided into applications such as monitoring, inspection, part replacement, major and minor modifications, mobility and functionality, and others. The monitoring segment, among these, is projected to expand at the highest pace in the global digital MRO market throughout the forecast period. Real-time monitoring with IoT sensors and data analytics can be used by MRO providers to proactively identify maintenance needs, optimize scheduling, and reduce unplanned downtime.
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North America accounted for the largest share of the global digital MRO market in 2022.
The North American digital MRO market has grown significantly as a result of the rapidly expanding trend of MRO digitization among OEMs and the aviation industry. Furthermore, MRO companies are expanding their product portfolio, which is encouraging major airline investments, particularly in the United States. The growing popularity of AI-powered solutions among end users has increased the region's revenue-generating potential in the MRO market.
Asia Pacific is expected to have the highest CAGR during the forecasted period. Because this region has heavily invested in digital technologies, the countries in the Asia Pacific region offer significant opportunities for digitalization of MRO operations. This region's increased MRO services is projected to propel the digital MRO market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Digital MRO Market include Airbus, Jet Support Servces, Inc., Rusada, Ansys Inc., Capegemini, HCL Technologies Limited, IBM, SAP, Ramco Systems, Swiss AviationSoftware Inc., Lufthansa Technik, Honeywell International Inc., and Others.
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Recent Developments
- In April 2023, ATR and Swiss-AS have come together to further improve the digitalization of airline maintenance management. The two partners are working together to improve and customize the integration of ATR maintenance data into the AMOS software provided by Swiss-AS to ATR operators through this collaboration, a first between an aircraft manufacturer and an MRO software company. The goal is to enable airlines to efficiently digitalize their maintenance management with software tailored to their needs and operational constraints.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Digital MRO Market based on the below-mentioned segments:
Global Digital MRO Market, By Technology
- AR/VR
- Cloud Computing
- 3D Printing
- Robotics
- AI and Big Data Analytics
- Digital Twin & Simulation
- Blockchain
- IoT
Global Digital MRO Market, By Application
- Inspection
- Monitoring
- Part Replacement
- Major and Minor Modifications
- Mobility and Functionality
- Others
Global Digital MRO Market, By End User
- MROs
- Airlines
- OEMs
Global Digital MRO Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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