Dublin, May 16, 2024 (GLOBE NEWSWIRE) -- The "North American Aerospace MRO Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The disruption caused by the COVID-19 pandemic across the global aviation industry has been profound, particularly within the Maintenance, Repair, and Overhaul (MRO) sector. Despite these unprecedented challenges, the North American aerospace MRO market has shown commendable resilience and is on a path of recovery. Recent analyses predict a steady Compound Annual Growth Rate (CAGR) of 1.6%, which could culminate in a market valuation of around US$ 65.3 billion by the year 2032.
Strategic Developments in the Sector
Strategic alliances have characterized recent market activities, with mergers, acquisitions, and joint ventures underpinning a dynamic industry landscape. Notable collaborations include AAR’s agreements with Air Canada and Ontic, Pratt & Whitney's multi-million-dollar contract with the Defense Logistics Agency, and Triumph Group's selection by Honeywell Aerospace for the development of an Electronic Control Unit for Auxiliary Power Units.
Market Segmentation and Growth Opportunities
The market segments into various aircraft types - commercial, turboprops, regional, military aircraft, and helicopters, with military and commercial aircraft showing dominant and fastest-growing trends respectively. The substantial military aircraft fleet in North America, coupled with significant defense budgets ensure a consistent demand for MRO services. The burgeoning requirements for MRO services in the commercial sector are fueled by an increase in both domestic and international air travel, an aging aircraft fleet, and investments in new aircraft technologies.
MRO Type Dominance and Expansion
Within MRO types, engine MRO stands as the dominant and fastest-growing segment, driven by advancements in engine technologies, fleet expansions, and stringent safety regulations. It is anticipated that the North American engine fleet, which is currently totaling 19,300 active engines, will expand to over 22,200 by the end of the forecast period in 2032, further driving demand for engine-specific MRO services.
Geographic Market Insights
The USA is expected to maintain its position as the principal market within North America, bolstered by its sizable fleet, sophisticated aviation infrastructure, and the presence of leading MRO providers. Moreover, Mexico is projected to witness the fastest growth, spurred by investments from multinational aerospace companies.
Companies Featured
- AAR Corp.
- Ametek MRO
- Airbus
- Aviation Technical Services, Inc.
- The Boeing Company
- Delta TechOps (Delta Air Lines, Inc.)
- General Electric Company (GE)
- Honeywell Aerospace
- RTX Corporation
- Safran Group
For more information about this report visit https://www.researchandmarkets.com/r/kix4x2
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