Aircraft MRO Market Size, Share and Segmentation 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), and by Regions | Global Market Forecast 2023-2030

Report Scope & Overview:

Aircraft MRO Market Size was valued at USD 91.56 billion in 2022, expected to reach USD 131.7 billion by 2030, and grow at a CAGR of 4.65% over the forecast period 2023-2030.

Repair, inspection, repair, or modification of aircraft or parts thereof is called MRO aircraft. Factors such as the growth of environmental awareness, the increase in demand for older aircraft, the introduction of new generation ships in the aviation industry, the increase in unused revenue, and the increase in the number of passengers have contributed to rising market prices. In addition, the development of modern aviation development programs is an important pilot expected to accelerate market growth. Because MRO market volatility in commercial aviation is changing rapidly, long-term industry performance requires immediate deployment of solutions to address potential. In addition, government regulations on aviation, as well as the need for regular operation of engine and engine components, support the growth of the MRO aviation business worldwide. Many engine manufacturing projects are predicted to gain popularity due to the proliferation of modern aircraft, environmental concerns, and obsolete shipping rules and regulations. Many engine manufacturers are focused on producing powerful and affordable engines for new ships.

MARKET DYNAMICS:

KEY DRIVERS:

• Growing Air Travel

• Rising foreign trade between countries

RESTRAINTS:

• Environmental Regulations

• Shortage of qualified experts

OPPORTUNITIES:

• Rising Adoption of Aircraft Modifications

• Production of powerful and inexpensive engines

CHALLENGES:

THE IMPACT OF COVID-19

In comparison to other industries, the aviation sector has been the most hit by the COVID-19 epidemic. This is ascribed to containment policies against the COVID-19 epidemic, which resulted in the closure of the multinational passenger airline's whole service. In comparison, freight aviation suffered little damage as a result of the worldwide economic slump. It is unclear how long it will take for markets to recover in the Post-COVID environment. The corona-virus pandemic created deep meta-uncertainty in the global economy, and its impact could affect the future functionality of our Pre-COVID economic institutions.

Increased expenditures in aviation MRO software are also likely to generate new commercial opportunities. Maintenance tracking, logbook tracking, flying time monitoring, service bulletin management, maintenance scheduling, budget forecasting, electronic task card management, and work order management are all part of aircraft MRO software. India saw significant foreign direct investment in a variety of sectors, including the aircraft maintenance, repair, and overhaul industries, as foreign firms concentrated on acquiring billions of dollars in aircraft MRO services. As a result, investments and acquisitions are projected to provide attractive market prospects. The independent MRO is expected to reach with the highest market share by 2022 and is expected to reach USD 38.31 billion by 2028. The ever-growing MRO aviation market is also encouraged as OEMs offer their additional services to MRO service providers and specialize in ESPs. a leading provider of MRO aviation industry services, ARR has signed an entire distribution agreement with Goodrich De-icing of Collins Aerospace and a specialized heating system business. The contract aims to provide de-icers and heating systems for other airlines and MROs worldwide. OEMs control about half of the market, the other half is divided into the private and aerospace industries.

OEMs have a different position and can change the initial repair plan written on each plane depending on the data test. OEMs can change the overall picture to improve their assets and can use data to analyze performance. OEMs can gather enough reliable information to eliminate unnecessary work The commercial aviation MRO market for narrow body aircraft is expected to produce USD 44.12 billion in sales by 2028. Narrow-body aircraft are smaller aircraft that are utilized for short-distance cross-border and domestic flights. Because of its tiny size and short distance, a narrow-body aircraft may carry over 296 passengers. The aircraft MRO sector is heavily reliant on a fleet of narrow-body aircraft.Wide-body aircraft are predicted to increase at the quickest rate over the projection period, with a CAGR of 5.27 percent. The rise in demand for wide-body aircraft maintenance and repair is due to an increase in long-distance routes with heavy traffic connecting international destinations. In recent years, several new wide-body aircraft manufacturing infrastructures have been built in many countries, increasing OEM engagement in wide-body aircraft MRO service.

The expanded aircraft fleet creates more opportunity for OEMs to provide aircraft MRO services. Over the anticipated period, the engine segment in aircraft MRO is expected to dominate the market. In addition, in the approaching years, the Engine segment will become more active and competitive. Engine MRO involves both field and depot maintenance. Significant maintenance, repair, and complete rebuilding of engines, parts, and sub-assemblies are all part of depot-level maintenance. Field level maintenance shop type operations and on-equipment maintenance activities, on the other hand. From 2022 to 2028, the component category for aircraft MRO is predicted to increase at a CAGR of 4.59 percent. As the need for air travel grows, so does the frequency of aircraft maintenance, including components and spare parts. Furthermore, the expansion in air transport in logistics industries has fueled cargo aircraft maintenance, contributing to the segment's growth.Many major industry players contribute to this segment by making alliances with other key players and OEMs.

MARKET KEY PLAYER

General Electric Company, Rolls-Royce Motor Cars Limited, Honeywell International Inc., United Technologies Corporation-Pratt, Whitney Division, Snecma S.A, Hindustan Aeronautics Limited, JSC "Klimov"-United engine corporation, Safran, Boeing, and other players.

KEY MARKET SEGMENTATION:

by Organization Type:

• Airline/Operator MRO

• Independent MRO

• Original Equipment Manufacturer MRO

by Service Type:

• Engine Overhaul

• Air-frame Maintenance

• Line Maintenance

• Modification

• Components

by Aircraft Generation:

• Old Generation

• Mid Generation

• New Generation

by Aircraft Type:

• Narrow-body

• Wide-body

• Regional Jet

• Others

REGIONAL ANALYSIS:

Asia Pacific had the biggest market share in 2022 and is predicted to maintain its dominance with the highest CAGR by 2028. The Asia Pacific area operates one-third of all global aircraft, and this figure is likely to rise throughout the forecast period. Because of innovative and widely available MRO alternatives, airlines in this industry can extend the life of their air fleets. MRO providers frequently target the Asia Pacific market because it provides them with additional clients, attractive investment options, and lower labour costs.

With the employment of new technology to satisfy sustainable goals, the North American aviation MRO market leads. Because North America has the largest fleet of aeroplane, there is a substantial demand for aircraft maintenance and repair. Because of the high-level safety regulations and laws in this region, entering the aeroplane MRO business is quite difficult. However, the ease of implementation and general accessibility of new technology for MROs make it an appealing market.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The 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

Frequently Asked Questions (FAQ) :