17-Aug-2021 | Facts and Factors
According to a report by Facts and Factors the global aircraft MRO market is estimated to be at USD 49.65 Billion in 2020 and it is anticipated to reach USD 65.02 Billion by the end of 2026, rising at a CAGR of about 4.6 % between 2021 and 2026.
The abbreviation MRO with respect to the aviation industry stands for Maintenance, Repair, and Overhaul which refers to the repairing and servicing of aircraft and their components. It is vital for all the maintenance work undertaken is as per the level of international standards to ensure the safety and airworthiness of the aircraft. Airlines spend a significant amount of money on MRO activities each year in order to comply with the tight regulations imposed by airworthiness authorities in order to protect the safety of passengers and crew. This accounts for a sizable amount of their total operating costs. MRO service was a relatively untouched sector for OEMs like Boeing, Airbus, Bombardier, and others until a few years ago, despite the considerable understanding of the market and process. However, these OEMs are increasingly becoming more engaged in the MRO business and stressing new technologies such as aircraft maintenance software, which is projected to considerably boost the MRO landscape throughout the projection period.
In comparison to other industries, the aviation sector has been hit the hardest by the coronavirus (COVID-19) outbreak. This is due to the global passenger airline's whole service being shut down due to containment policies against the COVID-19 epidemic. Freight aviation, on the other hand, was hardly affected by the worldwide economic downturn. It's still unclear how long it will take for markets to recover in the post-COVID era. The coronavirus pandemic created a great deal of meta-uncertainty in the global economy, and its impact could change the way our pre-COVID economic institutions work in the future.
Top Market Players
Few of the major players in the aircraft MRO market are AAR 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.
The obligation for meeting international regulatory standards in terms of the maintenance and refurbishment of aircraft is the primary driving factor of the aircraft MRO market
The increased criteria for appropriate aircraft service and refurbishing to maintain peak performance and fulfill strict regulatory specifications is expected to boost MRO commercial aircraft's market share. Technology advancements, along with the need to address product wear and tear, will significantly grow the market size. Furthermore, increased international commerce has resulted in a rise in cargo aircraft frequency. It is also important to do timely maintenance and repairs on planes in order to guarantee maximum efficiency and safe air travel. The various reasons driving the market also include OEMs' increased attention on aircraft MRO operations and the fast development of aircraft fleets. In addition, the growing demand for sufficient engine and component maintenance is propelling the growth of the aviation MRO industry. The rise of low-cost airlines and the high level of expertise shown by ground and maintenance crews take advantage of the aviation industry's global commercialization.
North America is projected to dominate the aircraft MRO market
The aircraft MRO market is segmented into five major geographical regions like North America, Europe, Latin America, Asia Pacific, and The Middle East, and Africa.
Among these regional bifurcations, Asia Pacific is expected to deliver the highest CAGR growth in the aircraft MRO market, between the forecast years 2021-2026. The aviation sector in Asia-Pacific is the world's fastest-growing area. The market for aircraft MRO in the area is expanding fast and this growth is projected to continue over the forecast period, as the air passenger traffic grows rapidly in this region and airlines expand their fleet sizes. Also, the significant rise in low-cost carriers has led to the growth of passenger traffic of commercial airlines in major economies like China, South Korea, Japan, Thailand, Singapore, and India. This has in turn led to increased MRO activities in the region. In addition to granting contracts to other specialist MRO providers, the airlines in the region intend to enhance their MRO capabilities.
Browse the full report “Aircraft MRO Market By Service Type (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Others), By Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft), By Organization Type (Airline/Operator MRO, Independent MRO, and Original Equipment Manufacturer (OEM) MRO), and By Application (Commercial, Cargo, and Defence Services): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/aircraft-mro-market
The aircraft MRO market is segmented as follows:
By Service Type:
By Aircraft Type:
By Organization Type:
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