Dublin, June 27, 2023 (GLOBE NEWSWIRE) -- The "Aircraft Maintenance, Repair and Overhaul (MRO): Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Aircraft Maintenance, Repair and Overhaul (MRO) Market to Reach $66.2 Billion by 2030
In the changed post COVID-19 business landscape, the global market for Aircraft Maintenance, Repair and Overhaul (MRO) estimated at US$47.3 Billion in the year 2022, is projected to reach a revised size of US$66.2 Billion by 2030, growing at a CAGR of 4.3% over the analysis period 2022-2030.
Engine Overhaul, one of the segments analyzed in the report, is projected to record a 4.7% CAGR and reach US$28.2 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Components Maintenance segment is readjusted to a revised 4.9% CAGR for the next 8-year period.
The U.S. Market is Estimated at $10.1 Billion, While China is Forecast to Grow at 6.6% CAGR
The Aircraft Maintenance, Repair and Overhaul (MRO) market in the U.S. is estimated at US$10.1 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$8.2 Billion by the year 2030 trailing a CAGR of 6.6% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 2.8% respectively over the 2022-2030 period.
Within Europe, Germany is forecast to grow at approximately 3.3% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$15 Billion by the year 2030.
Looking Ahead to 2023
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia`s war on Ukraine will play out this year and the war`s role in creating global instability means that the trouble on the inflation front is not over yet.
Food and fuel inflation will remain a persistent economic problem. Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth.
Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand. With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.
Year 2023 is expected to be tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 653 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $47.3 Billion |
| Forecasted Market Value (USD) by 2030 | $66.2 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 Pandemic and Looming Global Recession
- COVID-19 Pandemic Dents Airline Revenues: Commercial Airline Revenue Growth (in %) for 2010-2020E
- Global Airlines Performance by Region: 2020 Vs 2019
- Shrinking Air Travel Demand amid COVID-19 to Squeeze Margins of Aircraft MROs
- COVID-19 Impacts Commercial Aviation Maintenance
- COVID-19 Leaves Engine MRO Market in Turmoil
- Gains in Remote Maintenance Set to Alter Aircraft MRO Landscape
- Going Paperless & Remote Collaboration
- Aircraft MRO Market in Southeast Asia Suffers due to COVID-19
- Airlines Revisit Long-Term MRO Agreements for Payment Obligations amid COVID-19
- Aircraft Maintenance, Repair and Overhaul (Aircraft MRO): A Definition
- Types of MRO Maintenance Activities
- Maintenance Schedules and Approval Systems
- Military Aircraft MRO
- Commercial Aircraft MRO
- Aircraft MRO Norms and Regulations: An Overview
- Aircraft MRO: Continuing Importance in Airworthiness Management to Propel Long-term Growth
- Competition
- Recent Market Activity
- Aircraft Maintenance, Repair and Overhaul (MRO) - Global Key Competitors Percentage Market Share in 2021 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2021 (E)
MARKET TRENDS & DRIVERS
- The Ever-Present Threat of Air Accidents Reinforces the Importance of MRO
- Global Commercial Aircraft Accident Rate: Number of Accidents Per Million Departures for the Years 2010-2019
- Despite the Strides Taken in Safe Flying, Ever-Present Threat of Plane Crashes Drives Emphasis on Airworthiness & Plane Maintenance: Global Number of Fatalities on Commercial Flights for the Period 2010-2019
- Commercial Aviation Industry: The Barometer of Health of the MRO Market
- Global Airline Industry: Number of Scheduled Passengers Boarded (in Million) for 2010-2020E
- Aging Aircraft Fleet Presents Opportunities for MRO Services
- Aging Aircraft & the Ensuing Need to Ensure Airworthiness of Older Airplanes to Spur Opportunities in the MRO Services Market: Average Age (in Years) of Globally Operating Aircraft Fleet for 2020 & 2030
- Average Age (in Years) of Select Airlines Around the World
- Expanding Aircraft Fleet to Fuel Need for Routine MRO Services
- Expanding Global Aircraft Fleet to Inject a Steady Stream of Routine Maintenance Revenues for MRO Service Providers
- Corrosion & Fatigue Wear and Tear: The Most Important Aspect of MRO
- High Cost of Corrosion for the Transportation Industry Makes Corrosion Management Systems (CMS) an Integral Part of Aircraft MRO Programs: Percentage Breakdown of Cost of Corrosion by Industry for the Year 2019
- Smart Assets Management & Focus on Predictive and Condition Based Maintenance Bodes Well for Aircraft MRO Services
- Aircraft Maintenance Decision System Based on Real-time Condition Monitoring Grows in Prominence: Global Aircraft Health Monitoring (AHMS) Market Size (US$ Billion) for the Years 2019, 2022 and 2025
- Aircraft Big Data: A Key Enabler of Effective Condition Based Monitoring
- Rising Prominence of Nondestructive Evaluation & Inspection of Aircraft
- Use of Fillers in Aerospace Composites & Resultant High Risk of Moisture Infiltration Spurs Opportunities for Diagnostic NDT Testing for Crack & Corrosion Detection: Global Aerospace Composites Market (In US$ Billion) for the Years 2020, 2023 & 2026
- Avionics MRO Emerges into a Key Revenue Spinner
- Expanding Avionics Market Drives Parallel Opportunities for Avionics MRO in the Form of Avionics Upgrade: Global Avionics Market (In Million) for the Years 2019, 2022 & 2025
- As Defense Budgets Come Under Intense Pressure, Military MRO Market to be Impacted
- Defense Spending Trends Set Demand Dynamics for Military Electro Optics and Infrared Systems
- Low Cost Carriers (LCCs) Expand MRO Opportunity in Asia-Pacific
- Low Cost Airlines Market Gives Rise to Need for Right Sized MRO Practices and Procedures
- Need to Reduce Operating Costs Drives Growth in MRO Outsourcing Services
- Developing Countries Emerge as MRO Hubs
- Narrowing Wage Differentials Threaten to Disrupt MRO Outsourcing
- Growing Use of Composites in Airframes Drive MRO Providers to Offer Improved Tools and Techniques
- Engine MRO Segment Drives Aircraft MRO Market
- Cost Competitive PMA Certified Parts Grow in Importance in the MRO Market
- Threat of PMA Forces OEMs to Reevaluate their Role in the MRO Market
- Trend towards Digitization of MRO Operations
- Latest Technological Trends Transforming the Aircraft MRO Market
- Big Data to Transform Aviation Sector
- Cloud Services Gain Traction in MRO Industry
- Drones to Reduce Maintenance Time
- Digital Twins: The New Standard of Maintenance in Aviation Industry
- Aviation Maintenance: A Glance into Recent Technological Advancements
- Shortage of Skilled Technicians: A Major Challenge for Labor Intensive MRO Industry
- US Civil Aviation Employment by Sector for 2020
FOCUS ON SELECT PLAYERS (Total 141 Featured)
- AAR Corp
- Aeroman
- AIRBUS SAS
- Air France KLM Engineering & Maintenance
- Ameco Beijing
- AMETEK MRO
- Aviation Technical Services, Inc.
- Bedek Aviation Group
- Bombardier, Inc.
- Delta TechOps
- GMF AeroAsia
- Honeywell International Inc.
- Hong Kong Aircraft Engineering Company
- Lufthansa Technik AG
- MTU AeroEngines AG
- Sabena Technics
- Singapore Technologies Aerospace (ST Aerospace)
- SR Technics
- SIA Engineering Company
- STAECO
- TAP Maintenance & Engineering
- The Boeing Company
For more information about this report visit https://www.researchandmarkets.com/r/mjfs9g
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