Market Overview:
The market for aircraft maintenance, repair, as well as overhaul (MRO) is anticipated to expand from 2021 to 2030. According to Market Research, the market would increase at a CAGR of 6.05% over the projected years to reach an anticipated value of USD 95 billion by 2030. The maintenance, repair, and overhaul (MRO) of aircraft are collectively referred to as aircraft. It is primarily intended to carry out operational tasks and maintain the aircraft's safe and secure state. Generally, the adoption of a worldwide set of standards guarantees the aircraft's general safety and airworthiness.
The Aircraft MRO Market Share value has increased as a result of causes including growing environmental concerns, rising demand for older aircraft, the introduction of a new generation of fleet in the aviation industry, rising levels of disposable income, and expanding airline passenger traffic. Additionally, one important aspect that is anticipated to speed up market growth is the expansion of development programmes for modernizing aircraft.
Market Segmentation:
By MRO Type
Segmentation by MRO type comprises of engine, component, line maintenance, airframe, and modifications. The Airframe MRO segment held the second-largest demand in 2018 and is predicted to grow its shares during the projected period.
By Aircraft Type
Segmentation by aircraft class involves narrow-body, wide-body, and other segments. Narrow-body aircraft have a commanding market share and are projected to continue to operate throughout the forecast timeframe.
By Application
Business, general aviation, commercial air transport, and military aviation are included in the application-specific segmentation.
Regional Classification:
The global economy has been geographically divided into four primary regions: Asia Pacific, Europe, North America, as well as the rest of the world.
U.S. Dominates the North American Market
The global MRO demand for aeroplane engines was dominated by North America in 2016.
Europe will invest more in RD to drive the market
Regional expansion in Europe is expected to be fueled in the upcoming years by an increase in air traffic. Germany maintained a greater market value across the review period.
China to Drive APAC Market:
The Aircraft MRO Market Trends is motivated by a range of factors, including rising air travel in the Asia-Pacific area, especially nations like China, India, and others. The increase in travellers, economic expansion, and rising investments in the region's aviation infrastructure are indeed the causes causing the aircraft MRO market in APAC to develop at an unprecedented rate.
Industry News:
Recently, numerous new MRO support centers have indeed been constructed in a number of nations. The market share of MRO commercial aircraft would increase if the standards for sufficient servicing and refurbishing of aircraft were raised in order to maintain their peak performance and to comply with strict regulatory specifications. The market size will increase further as a result of technological advancements and the requirement to address product wear and tear. Additionally, more cargo aircraft are being used more frequently as a result of increased international trade. It is also essential to carry out timely inspections and repairs on aero planes in order to guarantee maximum efficiency plus safe air travel.
The market is driven by a variety of factors, including the fast expansion of aircraft fleets and OEMs' increased attention on aircraft MRO operations. The growth of the aircraft MRO market is also being driven by the rising demand for proper engine and component servicing. The global commercialization of the aviation sector is exploited by the advent of low-cost carriers and the high level of expertise demonstrated by ground as well as maintenance personnel.
Key Players:
Key players operating in the global Aircraft Aftermarket Parts market include AAR (US), A.J. Walter Aviation Limited (UK), Aviall (US), Eaton (Ireland), General Electric Company (US), Honeywell International Inc.(US), Raytheon Technologies Corporation (US), Meggitt PLC (England), Parker Hannifin Corporation (US), and Kellstrom Aerospace (US),
Related Report:
Aircraft Synthetic Vision System Market Report: Information by Display System (Primary Flight Display, Navigation Display, Head-Up Helmet Mounted Display Others), by Aircraft Type (Fixed-Wing Rotary-Wing), by Application by Region - Forecast to 2030.
Aircraft Line Maintenance Market: Information by Service (Component Replacement Rigging Service, Engine APU Service, Line Station Setup Management Service, Defect Rectification Service, and Aircraft on Ground (AOG) Service), Type (Transit Checks and Routine Checks), Technology (Traditional Line Maintenance and Digital Line Maintenance), Application (Commercial Aviation, Military Aviation, and Business and General Aviation), and Region - Forecast till 2030
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