New York, April 26, 2023 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) 's report highlights Aircraft MRO Market Research Report Information By MRO Type, Aircraft Type, Application Forecast till 2030, Aircraft MRO Market Size is expected to reach USD 95 billion by 2030, registering a CAGR of 6.05% during 2021-2030.
Aircraft MRO Market Overview
Market for aircraft MRO is valued at USD 95 billion and is expected to grow at a CAGR of 6.05% between 2021 and 2030. Aircraft MRO refers to overhaul, inspection, repair, or modification of an aircraft or its parts. A rise in market value has been attributed to a number of factors, including greater environmental awareness, rising demand for older aircraft, the introduction of new generation fleet in the aviation sector, rising disposable income, and increased airline passenger traffic. A significant factor that is anticipated to speed up market expansion is the expansion of development activities for aircraft modernization.
The quick deployment of solutions to meet the dynamism is necessary for the industry's long-term viability since the dynamics of the Aircraft MRO Market in commercial aviation are changing at a rapid rate.
Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 95 billion |
| CAGR | 6.05%. (2021-2030) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By MRO Type , Aircraft Type , Application |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America |
| Key Market Drivers | Growing Air Travel to Drive Market Growth |
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Key players in the aircraft MRO market include.
- Airbus Group
- Air France KLM Engineering & Maintenance,
- Air Works
- Delta TechOps
- HAECO
- Honeywell International
- GMF Aero
- AsiaJet Maintenance Solutions
- ST Aerospace
- GE Aviation
- Rolls-Royce
- Pratt & Whitney
- Lufthansa Technik
- Safran Aircraft Engines
In addition, the demand for routine maintenance of engine parts and engines as well as straight-line government regulations on aircraft are promoting the expansion of the worldwide MRO aviation company. As a result of rising aircraft modernization, environmental concerns, and regulations and legislation for the replacement of outdated fleets, many engine production projects are anticipated to become more popular. The production of strong and reasonably priced engines for new fleets is a major emphasis for several engine manufacturers.
Recently, numerous new MRO support centres have been constructed in a number of nations. The market share of MRO commercial aircraft would increase if the standards for sufficient servicing and refurbishing of aircraft were raised in order to maintain their peak performance and to comply with strict regulatory specifications.
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The MRO of aircraft The market size will increase further as a result of technological advancements and the requirement to address product wear and tear. Additionally, more cargo aircraft are being used more frequently as a result of increased international trade. It is also essential to carry out timely inspections and repairs on aeroplanes in order to guarantee maximum efficiency and safe air travel. The market is driven by a variety of factors, including the fast expansion of aircraft fleets and OEMs' increased attention on aircraft MRO operations. The growth of the aircraft MRO market is also being driven by the rising demand for proper engine and component servicing.
The global commercialization of the aviation sector is exploited by the advent of low-cost carriers and the high level of expertise demonstrated by ground and maintenance personnel.
Numerous engine production projects are anticipated to gain popularity as a result of rising aircraft modernization, environmental concerns, and rules and legislation mandating the replacement of outdated fleets. A lot of engine producers are concentrating on making strong and affordable engines for new fleets. One of the important trends in this industry is the increase in the usage of refurbished and used parts for engine and non-engine maintenance. The global trend towards retiring older aircraft is expected to drive up demand for second-hand aeroplane parts over the course of the next ten years.
Because the dynamics of the MRO business in commercial aviation are changing quickly, the industry needs to act quickly to create strategies to deal with the dynamism. Another factor influencing the growth of the worldwide MRO aircraft sector is straight-line government requirements on aircraft and the requirement for routine engine and engine part maintenance.
Divisional Analysis
The market is divided into engine, component, line maintenance, airframe, and modifications categories according to MRO type. The second-largest demand was held by the Airframe MRO segment in 2018, and it is anticipated that its shares will increase during the anticipated timeframe.
divided by narrow-body, wide-body, and other types of aircraft. With a dominant market share, narrow-body aircraft are expected to remain in service for the duration of the projection period.
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The fleet of narrow-body aircraft is growing as airline operators update existing aircraft models to allow for cost savings that result in increased fuel economy. Wide-body aircraft are anticipated to grow at the fastest CAGR over the projection period, which has significantly changed the way turbofan engines are made over the past few years. Widebody aircraft have a significant MRO cost component because of their complexity and extensive maintenance requirements.
Commercial aviation, general and business aviation, and military aviation, according to application. Commercial air transport companies make crucial efforts to maintain their aircraft fleet because of the demand for fuel efficiency and passenger and aircraft safety.
Regional Analysis:
Asia Pacific, North America, Europe, and the rest of the world are the different geographic segments of the market.
The global MRO demand for aeroplane engines was dominated by North America in 2016. Numerous significant aeroplane manufacturers (including Boeing) and MRO engine service providers are present in the area and have a sizable market presence there.
Regional expansion in Europe is expected to be fueled in the upcoming years by an increase in air traffic. Germany maintained a greater market value across the review period. It is anticipated that additional variables, such as rising international trade and the demand for new aeroplanes, will fuel regional development. A significant aspect affecting the growth of the European business is the emphasis on cutting-edge technology for OEMs and maintenance activities.
The Adani Group purchased IndiaAir Works, the second-oldest MRO facility in India, for an estimated enterprise value of Rs 400 crore. The most recent acquisition will increase the business' maintenance capabilities into the maintenance of corporate, military, and airline aircraft, bringing the total number of airports under its management to seven. The MRO sector is crucial to the aircraft sectors, both commercial and military. India's ongoing modernisation programme will be very advantageous for the country's defence aircraft producers.
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