Pune, April 12, 2023 (GLOBE NEWSWIRE) -- The Aircraft MRO Market was assessed at USD 74.65 billion in 2022, and is anticipated to attain USD 111.13 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.10% during the projection period of 2023-2030, Says SNS Insider.
Market Report Scope
Aircraft MRO stands for Aircraft Maintenance, Repair, and Overhaul. It refers to the various processes involved in keeping an aircraft in optimal condition and ensuring that it meets safety and regulatory requirements. Maintenance includes routine inspections, repairs, and replacements of various components of the aircraft to ensure that it functions properly. Repair involves fixing any damage or faults that occur during the aircraft's operation, while overhaul refers to the comprehensive examination, repair, and replacement of major components of the aircraft.
Market Analysis
The aviation industry has been experiencing rapid growth due to the rise of urbanization and expanding economies, particularly in emerging nations. The aircraft MRO market is expected to expand significantly as a result of this trend. The growth of air traffic volumes and the increasing utilization of aircraft are also contributing to this growth. In addition, the rise in business and tourist travel has led to an increase in demand for high-quality and efficient aircraft maintenance services. Airlines and other aircraft operators are now seeking out MRO providers who can offer cost-effective and timely solutions to their maintenance needs.
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Key Company Profiles Listed in this Report Are:
The Key Players are Lufthansa Technik, MTU Aero Engines AG, Raytheon Technologies Corporation, Singapore Technologies Engineering Ltd, TAP Maintenance & Engineering (TAP Air Portugal), AAR Corp., Airbus SE, Delta Airlines, Inc. (Delta TechOps), Hong Kong Aircraft Engineering Company Limited, KLM U.K. Engineering Limited & Others.
Impact of Recession on the Aircraft MRO Industry
The impact of a recession on the aircraft MRO market is complex and multifaceted. While a decline in air travel demand can lead to decreased revenue and profitability, there may also be opportunities for MRO providers to increase their business by offering cost-effective services to airlines looking to reduce costs. Therefore, it is essential for MRO providers to remain flexible and adapt to changing market conditions to ensure their long-term success.
Key Regional Developments
The North American aircraft MRO market continues to soar as the demand for aircraft maintenance, repair, and overhaul services rises. With the world's largest aircraft fleet, North America presents a prime market for MROs looking to expand their operations. However, the stringent safety regulations and laws in the region make it challenging for new entrants to establish themselves in the airplane MRO business. Despite the challenges, the North American Aviation MRO market remains appealing to businesses due to the vast availability and simplicity of adopting new technologies. The incorporation of new technology has played a crucial role in enhancing sustainability in the aviation industry.
Aircraft MRO Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 74.65 Billion |
| Market Size by 2030 | US$ 111.13 Billion |
| CAGR | CAGR of 5.10% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentations | • By Service Type (Engine Overhaul, Air-frame Maintenance) • By Organization Type (Airline/Operator MRO, Independent MRO, Original Equipment Manufacturer MRO) • By Aircraft Type (Narrow-body, Wide-body, Regional Jet, Others) • By Aircraft Generation (Old Generation, Mid Generation, New Generation) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from Aircraft MRO Market Study
- The engine overhaul segment is expected to dominate the market in the coming years due to its critical role in aircraft maintenance, the increasing demand for fuel-efficient engines, and the need to extend the lifespan of aircraft engines. The growth of this segment is expected to continue as the aviation industry continues to expand, and more aircraft are put into service.
- The narrow-body segment of the market is expected to register high growth in the coming years, driven by the increasing demand for air travel, the popularity of low-cost carriers, and the introduction of new, technologically advanced aircraft.
Recent Developments Related to Aircraft MRO Market
- Turkish Technic, a leading aircraft maintenance and repair company based in Turkey, has been entrusted with the responsibility of providing maintenance services to Emirates Airlines. This partnership is a testament to the high level of expertise and quality service offered by Turkish Technic.
- Adani Group, a major Indian multinational conglomerate, has announced its plan to acquire Air Works, a leading aircraft maintenance, repair, and overhaul (MRO) company in India. The acquisition is part of Adani Group's strategy to expand its presence in the aviation industry and strengthen its position as a major player in the Indian market.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Aircraft MRO Market, Organization Type
9. Global Aircraft MRO Market, Service Type
10. Global Aircraft MRO Market, Aircraft Generation
11. Global Aircraft MRO Market, Aircraft Type
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Conclusion
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