[197+ Pages Report] As per the Facts and Factors report, the global aircraft MRO market was estimated to be USD 49.65 Billion in 2020 and is further expected to reach up to USD 65.02 Billion by the end of 2026, increasing at a CAGR of around 4.6% from 2021 to 2026.
MRO - Maintenance, Repair, and Overhaul, in aviation, refers to the process of integrating services, performing repairs, and evaluating the aircraft's components. It covers all maintenance tasks that ensure the airworthiness and safety of the aircraft. The Aviation MRO is critical in ensuring the product's quality, dependability, and availability, as well as improving the customer experience. It is widely used in the aviation industry, which includes commercial, military, and freight flights.
Almost every country's economic progress has been hindered by the COVID-19 epidemic. This economic crisis has had a significant influence on the aviation sector. Furthermore, countries' harmed economic progress has resulted in the closure of minor aviation businesses in 2020. All major nations in Europe, Asia Pacific, and North America have put tight limitations on commercial operations, as well as goods and people movement, due to the ongoing COVID-19 epidemic. All of these constraints are limiting both supply and demand for aircraft maintenance services, limiting the global aviation MRO market's revenue growth.
The major drivers driving market expansion include the growing demand for effective aircraft maintenance and modernization, as well as increased air traffic. The advancement of technologies in the aviation MRO business, like the advent of the IoT, IoT wearable and robots, augmented reality and artificial intelligence (AI), is also contributing to the market's expansion. Furthermore, the requirement for rapid upgrades to current avionics is positively impacting the market growth. The massive expenditure required for MRO operations, on the other hand, is likely to limit the market's growth.
Numerous engine manufacturing projects are projected to gain popularity as a result of a rise in aircraft modernization, environmental concerns, and regulations and laws for the replacement of aging fleets. Many engine manufacturers are concentrating on producing powerful and affordable engines for new fleets. Because the dynamics of the MRO market in commercial aviation are changing at a rapid pace, the industry's long-term viability necessitates the quick adoption of solutions to address the dynamism. Another factor fuelling the growth of the worldwide MRO aviation business is straight-line regulatory rules on aircraft and the necessity for the frequent repair of engine components and engines.
Based on service type, the market is bifurcated into engine MRO, airframe MRO, avionics MRO, landing gear MRO, cabin MRO, and others. Based on organization type, the market is bifurcated into independent MRO, airline/operator MRO, and original equipment manufacturer (OEM) MRO. Based on application, the market is bifurcated into cargo, commercial, and defense services.
Based on regions, the global aircraft MRO market can be divided into five main regions namely North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.
Asia Pacific is observed to be the fastest-growing regional segment for the aircraft MRO market and hence is anticipated to witness the highest CAGR growth over the forecast period. This growth is attributed to the fast-growing air traffic, expanding fleet sizes and the reduced carrier cost in the developing economies of the region. Moreover, to strengthen the MRO capabilities, airline companies of Asia Pacific are collaborating with specialized MRO providers.
Some of the key players in the aircraft MRO market are AAAR Corp, Bombardier Inc., Air-France Industries KLM Engineering & Maintenance, GE Aviation, Hong Kong Aircraft Engineering Co. Ltd., Delta TechOps, MTU Aero Engines AG, Lufthansa Technik, Triumph Group, Inc., Collins Aerospace, Barnes Group Inc, FLTechnics, Rolls-Royce plc among others.
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