Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global digital Maintenance, Repair, and Operations (MRO) market size was USD 794.6 Million in 2022 and is expected to register a revenue CAGR of 13.1% during the forecast period. Factors such as increasing adoption of predictive and proactive maintenance services by major companies, government initiatives to support the aviation sector across the globe, and growing emphasis on safety measures, along with rising demand for asset performance management, are driving the digital MRO market revenue growth.
Various technological advancements with the incorporation of Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) among others are also contributing to revenue growth of the digital maintenance, repair, and operations market. Moreover, growing preference for cloud-based digital MRO solutions is also contributing to revenue growth of the market. For instance, on 20 September 2022, All Nippon Airways (ANA) has been selected as initial customer for Boeing's 'Insight Accelerator' (IA), an innovative cloud-based digital solution that harnesses artificial intelligence to enhance operational efficiency and mitigate significant service disruptions.
Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2068
However, technical glitches related to system downtime, and network disruptions can hinder effectiveness of maintenance operations and lead to delays in workflow efficiency. Digital MRO solutions increase potential of cybersecurity threats. Interconnected systems, cloud-based platforms, and transfer of sensitive data introduce potential vulnerabilities that malicious actors can exploit. Implementation of digital maintenance, repair, and operations introduces an additional layer of complexity due to data privacy regulations.
Segment Insights
Application Insights:
Based on application, the global digital MRO market is segmented into predictive maintenance, parts replacement, inventory management, performance monitoring, training, and mobility. The predictive maintenance segment is expected to account for a significantly large revenue share over the forecast period. Predictive maintenance is gaining significance in the airline industry as a key solution to address pervasive challenges of cost reduction, minimizing delays, and enhancing aircraft operational reliability. Airlines and MROs are actively harnessing the power of data and technological advancements to effectively predict and optimize aircraft maintenance activities. Collins Aerospace, an MRO company based in the United States, has introduced its proprietary predictive maintenance solution called Collins Ascentia.
End-Use Insights:
Based on end-use, the global digital Maintenance, Repair, and Operations market is segmented into Maintenance, Repair, and Overhaul (MRO), Airlines, and OEMs. The MRO segment is expected to account for largest revenue share over the forecast period. Factors such as increased flexibility, efficiency level, and cost-effectiveness are expected to drive revenue growth of this segment. Various strategic alliances in the form of partnership agreements, and mergers, collaborations are also contributing to revenue growth of this segment. For instance, on 20 March 2023, AAR Corp., a prominent aviation service provider for commercial and government operators, MROs, and OEMs, completed the acquisition of Trax USA Corp., a well-regarded independent provider of aircraft MRO and fleet management software.
Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2068
Regional Insights:
Based on regional analysis, the market in North America accounted for largest revenue share in the digital MRO market in 2022. Factors such as rising demand for asset performance management, shifting preference towards predictive and proactive maintenance services, expansion in fleet management, rising demand for cloud-based maintenance, and introduction of Software-as-a-Service (SaaS) platforms are driving revenue growth of the market in this region. For instance, on 14 July 2022, EmpowerMX introduced EMX Insights, a cloud-based platform for data exchange. This platform aims to offer enhanced visibility and valuable insights driven by data, address the ongoing shortage of skilled labor, optimize fleet utilization, and digitize & automate essential maintenance workflows.
Digital MRO Market in Europe accounted for a significantly large revenue share in 2022 owing to rising demand for digitalized solutions for airline maintenance and repair services, supportive government measures and safety measures in aviation sector, along with rising adoption of robotics in aerospace sector are major factors driving revenue growth of the market in this region. Presence of major companies and various partnership agreements formed by them to increase their regional footprint and sustain in the competitive market is also driving revenue growth of the market in this region.
Scope of Research
Report Details | Outcome |
Market size in 2022 | USD 794.6 Million |
CAGR (2023–2032) | 13.1% |
Revenue forecast to 2032 | USD 2,718.3 Million |
Base year for estimation | 2022 |
Historical data | 2019–2021 |
Forecast period | 2023–2032 |
Quantitative units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Technology, Application, End-Use, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
Key companies profiled | Lufthansa Technik, IBM, Oracle, Airbus, Rusada, Capegimini, Honeywell International Inc., The Boeing Company, Ansys, Inc, and JSSI. |
Customization scope | 10 hours of free customization and expert consultation |
Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2068
Major Companies and Competitive Landscape
The global digital Maintenance, Repair, and Operations (MRO) market is fragmented, with large and medium-sized players accounting for most of the market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global digital Maintenance, Repair, and Operations (MRO) market report are:
- Lufthansa Technik
- IBM
- Oracle
- Airbus
- Rusada
- Capegimini
- Honeywell International Inc.
- The Boeing Company
- Ansys, Inc
- JSSI
Strategic Development
On 26 April 2022, Lufthansa Technik introduced advanced condition monitoring tools for operators of Airbus and Boeing aircraft through its AVIATAR digital platform. These newly developed applications enable operators like United Airlines to conveniently manage technical operations for both Airbus and Boeing aircraft on a single interface within the AVIATAR platform. The tools also provide a range of predictive maintenance solutions specifically tailored for the New-Generation (NG) Boeing 737 NG, assisting operators in preventing unplanned maintenance issues and the grounding of fleets. Furthermore, Lufthansa Technik offers seamless integration with United's Maintenance and Engineering (M&E) system logbook, incorporating features that provide easy access to Original Equipment Manufacturer (OEM) documentation related to the new 737 NG.
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/digital-maintenance-repair-and-operations-market
For the purpose of this report, Emergen Research has segmented the global digital Maintenance, Repair, and Operations (MRO) market based on technology, application, end-use, and region:
- Technology Outlook (Revenue, USD Million; 2019-2032)
- Augmented Reality (AR) and Virtual Reality (VR)
- Artificial Intelligence (AI)
- Cloud computing
- 3D printing
- Big data analytics
- Internet of Things (IoT)
- Blockchain
- Digital twin
- Robotics
- Others
- Application Outlook (Revenue, USD Million; 2019-2032)
- Predictive maintenance
- Parts replacement
- Inventory management
- Performance monitoring
- Training
- Mobility
- End-Use Outlook (Revenue, USD Million; 2019-2032)
- MROs
- Airlines
- OEMs
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Emergen Research is Offering Exclusive Customization as per your Specific Requirements@ https://www.emergenresearch.com/request-for-customization/2068
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: https://www.emergenresearch.com/
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights