New York, United States , Aug. 27, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft MRO Market Size to Grow from USD 33.8 Billion in 2023 to USD 37.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 1.07% during the forecast period.
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The Aircraft MRO market is crucial to maintaining aircraft safety, efficiency, and durability. This industry is fuelled by rising global aviation traffic, ageing aircraft fleets, and demanding safety standards. With the rise of low-cost carriers and burgeoning regional airlines, demand for MRO services is gradually increasing. Technological innovations such as predictive maintenance and digital twins are transforming the sector, allowing for more efficient and cost-effective operations. The market is also moving towards outsourcing MRO activities to specialised service providers, particularly in emerging markets. Overall, the Aircraft MRO market is expected to increase significantly, driven by the aviation industry's recovery from the pandemic and the continuous expansion of global air travel.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Aircraft MRO Market Size, Share, and COVID-19 Impact Analysis, By MRO Type (Engine, Component, Line Maintenance, Airframe and Modifications), By Aircraft Type (Narrow-body, Wide-body and Others), By Application (Commercial Air Transport, Business and General Aviation and Military Aviation), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by MRO Type
The airframe MRO segment accounted for the largest market share over the forecast period 2023 to 2033. As airframes wear and tear over time, frequent maintenance, structural repairs, and modifications become critical to ensuring safety and compliance with demanding aviation regulations. The use of lightweight materials such as composites in new aircraft necessitates the provision of specialised MRO services, which further strengthens this market. Furthermore, developments in predictive maintenance systems allow for more effective and timely airframe inspections and repairs, lowering downtime and costs. With airlines focussing on extending fleet lifespans and improving operational efficiency, the airframe MRO industry is positioned for ongoing expansion.
Insights by Aircraft Type
The narrow body segment accounted for the largest market share over the forecast period 2023 to 2033. As airlines increasingly prefer narrow-body planes for their operational efficiency and cheaper costs, the global fleet of these aircraft grows. This rise immediately increases the demand for MRO services, especially in emerging economies where low-cost carriers are rapidly expanding their operations. Maintenance duties for narrow-body aircraft are exacerbated by their high utilisation rates, which necessitate frequent inspections, repairs, and component overhauls. Furthermore, technological advances in narrow-body aircraft, such as next-generation engines and advanced avionics, necessitate specialised MRO capabilities. As a result, the narrow-body segment remains an important and rising part of the worldwide aircraft MRO industry.
Insights by Application
The commercial air transport segment accounted for the largest market share over the forecast period 2023 to 2033. Airlines are growing their fleets as global air traffic continues to climb, particularly in emerging economies, resulting in greater demand for MRO services. The continued recovery of the aviation industry following the pandemic has increased this rise, as carriers prioritise aircraft maintenance and upgrades to meet rising passenger demand. Technological developments in aviation systems, along with a shift towards more fuel-efficient planes, are fuelling demand for specialised MRO services. Furthermore, the practice of outsourcing MRO activities to third-party suppliers is gaining pace, which presents prospects for market expansion.
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North America is anticipated to dominate the Aircraft MRO Market from 2023 to 2033. The United States is a major player, having a vast fleet of commercial and military aircraft that require routine maintenance, repairs, and upgrades. North America's modern infrastructure, combined with a strong network of OEMs and specialised MRO providers, drives the sector's rapid expansion. The region is also a hotbed of technological innovation, with substantial investments in digital maintenance solutions, predictive analytics, and sustainable practices. However, issues such as labour shortages and the high cost of new technology adoption remain. Despite this, North America's MRO market is expected to develop steadily, owing to ongoing fleet modernisation and rising air travel demand.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. With a large increase in air travel demand, notably in China, India, and Southeast Asia, airlines are growing their fleets, resulting in increased need for MRO services. Asia-Pacific is also seeing an increase in low-cost carriers, fuelling the demand for cost-effective maintenance solutions. The region is receiving considerable investments in MRO infrastructure, with numerous worldwide companies establishing or extending their presence to meet the growing demand. However, issues such as regulatory discrepancies, skilled labour shortages, and high operational expenses remain. Despite this, the Asia-Pacific MRO market is poised for rapid growth, eventually becoming a significant hub for global aviation maintenance.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the Global Aircraft MRO Market Size include Airbus Group, Air France KLM Engineering & Maintenance, Air Works, Delta TechOps, HAECO, Honeywell International, GMF Aero Asia, Jet Maintenance Solutions, ST Aerospace Aviation, Rolls-Royce, Pratt & Whitney, Lufthansa Technik, Safran Aircraft Engines, and other key companies.
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Recent Market Developments
- In May 2023, SF Airlines (Shenzhen) and ST Engineering's commercial aerospace arm (Singapore) have created a joint venture (JV) to offer commercial airframe maintenance, repair, and overhaul (MRO) services at China's Ezhou airport in eastern Hubei province.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft MRO Market, MRO Type Analysis
- Engine
- Component
- Line Maintenance
- Airframe
- Modifications
Aircraft MRO Market, Aircraft Type Analysis
- Narrow-body
- Wide-body
- Others
Aircraft MRO Market, Application Analysis
- Commercial Air Transport
- Business and General Aviation
- Military Aviation
Aircraft MRO Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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