Report Id: SNS/ICT/1984 | June 2022 | Region: Global | 125 Pages
Digital MRO Market Overview:
The Digital MRO Market size was valued at USD 2.22 Bn in 2022 and is expected to reach USD 6.85 Bn by 2030, and grow at a CAGR of 15.13% over the forecast period 2023-2030.
One of the most essential fields to use Virtual Reality is healthcare, which includes surgical simulation, robotic training, phobia therapy, and expertise training. Virtual reality is used as a diagnostic tool to help doctors and surgeons get a diagnosis in conjunction with other approaches such as Magnetic Resonance Imaging scans. The philosophy promotes minimally invasive surgery and the abolition of invasive procedures. This technique is most commonly used in robotic surgery.
The operation is carried out by robotic equipment that is managed by a human surgeon, reducing the danger and duration of problems. Virtual reality has been used for training and remote telesurgery, in which surgery is conducted at a different location from the patient. The key feature of this device is force feedback, which allows the surgeon to assess the amount of pressure to apply when executing a delicate treatment. The benefits provided are that healthcare personnel may learn new skills in a safe setting.
The adoption of smart wearable gadgets in virtual reality will open up new commercial opportunities. Flexible electronics mixed with VR can provide rapid remote illness diagnosis through real-time monitoring of physiological signals, parameters, and distant contact between patient and clinician. The flexible healthcare sensor is the most basic item of the flexible and wearable health-monitoring system that has received a lot of attention in recent years. To combat trauma, the patient can view virtual reality videos.
MARKET DYNAMICS:
KEY DRIVERS:
Data exchanged by connected aero planes is increasing need for predictive, prescriptive, and condition-based maintenance.
Software-as-a-service is becoming more popular.
There is a growing demand to replace obsolete aviation management information systems.
RESTRAINTS:
The purchasing of an integrated MRO software package is expensive.
The absence of a common data standard.
OPPORTUNITY:
MROs are becoming more interested in the Internet of Things (IoT), artificial intelligence (AI), blockchain, augmented reality (AR), and big data analytics.
Demand for 3D-printed items and robotic inspection is increasing.
CHALLENGES:
Observance of rigorous aviation regulations
Concerns about cybersecurity are growing.
IMPACT OF COVID-19:
Major participants in the digital MRO sector have expanded their operations across multiple nations. The pandemic has also had an influence on their enterprises. Because of late deliveries, manufacturing shutdowns, and limited equipment availability, the rapid spread of COVID-19 in Europe, the United States, and the Asia Pacific has resulted in a significant drop in demand for digital MRO globally, with a corresponding drop in revenues for various digital MRO service providers across all markets. Global digital MRO demand is expected to completely recover by 2023.
MARKET ESTIMATION:
The MROs category is expected to expand at the fastest CAGR from 2012 to 2028, based on end-users. MROs must meet all regulatory criteria while decreasing Aeroplane maintenance timelines and costs. This is increasing the demand for software solutions to improve operational efficiency. To minimize maintenance costs and aircraft downtime, large MROs are investing in innovative technologies such as AI, blockchain, and digital twin. As a result, the MROs segment in the digital MRO market is expected to grow.
Based on technology, the market for artificial intelligence is expected to develop at the fastest CAGR over the forecast period. This segment's expansion can be attributable to the rising demand for predictive maintenance, part failure analysis, and troubleshooting. IBM has been working on AI-based tools to improve workflow agility.
The market is segmented by application into Inspection, Performance Monitoring, Predictive Analysis, Part Replacement, and Mobility & Functionality. This segment's expansion can be attributable to the rising demand for predictive maintenance, part failure analysis, and troubleshooting. IBM has been working on AI-based tools to improve workflow agility.
KEY MARKET SEGMENTS:
On The Basis of End-User
OEMs
Airlines
MROs
On The Basis of Technology
Predictive Maintenance
AR/VR
3D Printing
Blockchain
Artificial Intelligence
Robotics
Big Data Analytics
Digital Twin
On The Basis of Application
Inspection
Performance Monitoring
Predictive Analysis
Part Replacement
Mobility & Functionality
REGIONAL ANALYSIS:
North America, Europe, Asia Pacific, and the Rest of the World comprise the Global Digital MRO Market. North America is expected to have the largest market share throughout the projected period. And the market will expand as a result of technological advancements in the product line. Increased business R&D spending would increase market growth in the region. The strong demand for services from businesses situated in the United States and Canada is driving regional market expansion. Furthermore, increased revenues of regionally headquartered airlines are expected to enhance the regional market growth.
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
KEY PLAYERS:
The major key players are Ansys Inc., The Boeing Company, Capgemini SE, General Electric Company, Hexaware Technologies, Honeywell International Inc., IFS, Lufthansa Technik AG, Ramco Systems Limited, SAP SE
Report Attributes | Details |
Market Size in 2022 | US$ 2.22 Bn |
Market Size by 2030 | US$ 6.85 Bn |
CAGR | CAGR of 15.13% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By End-User (OEMs, Airlines and MROs) • By Technology (Predictive Maintenance, AR/VR, 3D Printing, Blockchain, Artificial Intelligence, Robotics, Big Data Analytics, Digital Twin, Internet of Things) • By Application (Inspection, Performance Monitoring, Predictive Analysis, Part Replacement, Mobility & Functionality) |
Regional Analysis/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) |
Company Profiles | Ansys Inc., The Boeing Company, Capgemini SE, General Electric Company, Hexaware Technologies, Honeywell International Inc., IFS, Lufthansa Technik AG, Ramco Systems Limited, SAP SE |
Key Drivers | • Software-as-a-service is becoming more popular • There is a growing demand to replace obsolete aviation management information systems |
Market Opportunity | • Demand for 3D-printed items and robotic inspection is increasing |
Frequently Asked Questions (FAQ) :
Ans: - The estimated market size for the Digital MRO market for the year 2028 is USD 5.17Bn.
Ans: - Observance of rigorous aviation regulations and concerns about cybersecurity are growing.
Ans: - North America is expected to have the largest market share throughout the projected period.
Ans: - The major key players are Ansys Inc., The Boeing Company, Capgemini SE, General Electric Company, Hexaware Technologies, Honeywell International Inc., IFS, Lufthansa Technik AG, Ramco Systems Limited, SAP SE.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital MRO Market Segmentation, by End-User
8.1 OEMs
8.2 Airlines
8.3 MROs
9. Digital MRO Market Segmentation, by Technology
9.1 Predictive Maintenance
9.2 AR/VR
9.3 3D Printing
9.4 Blockchain
9.5 Artificial Intelligence
9.6 Robotics
9.7 Big Data Analytics
9.8 Digital Twin
9.9 Internet of Things (IoT)
10. Digital MRO Market Segmentation, by Application
10.1 Inspection
10.2 Performance Monitoring
10.3 Predictive Analysis
10.4 Part Replacement
10.5 Mobility & Functionality
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Ansys Inc.
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 The Boeing Company
12.3 Capgemini SE
12.4 General Electric Company
12.5 Hexaware Technologies
12.6 Honeywell International Inc.
12.7 IFS
12.8 Lufthansa Technik AG
12.9 Ramco Systems Limited
12.10 SAP SE
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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