The global air transport MRO (Maintenance, Repair, and Overhaul) market is estimated to reach a valuation of USD 79.2 billion in 2023 and is projected to exceed USD 130 billion by 2033, with a CAGR of 5% during the forecast period.
The aircraft engine MRO sector is expected to experience significant growth, driven by the rapid expansion plans of airline and military fleets. Additionally, the aging military aircraft fleet in several countries is creating substantial demand for MRO services, as these nations seek to extend the service life of their aircraft due to budget constraints.
The introduction of new generation engines in aircraft is likely to boost demand for aircraft engine MRO, as these advanced engines require more expensive materials compared to older models.
Gain expert insights and supercharge your growth strategies. Request our market overview sample now: https://www.futuremarketinsights.com/reports/sample/rep-gb-115
Advanced technologies that digitize and automate maintenance activities are anticipated to drive market growth. These innovations are expected to enhance the efficiency of the maintenance process, reduce turnaround time, and improve safety, benefiting engine MRO providers.
Increasing investments in aviation MRO software are set to create new growth opportunities in the global aircraft MRO market. This software includes components such as:
– Maintenance monitoring
– Maintenance scheduling
– Logbook tracking
– Budget forecasting
– Manuals
– Flying time tracking
– Electronic task card management
– Service bulletin management
– Work order administration
Aviation MRO software also facilitates compliance with regulatory agencies like the FAA and ICAO. Its main objective is to streamline maintenance processes and minimize downtime. The software has seen significant enhancements due to advancements in big data and analytics within the aviation industry.
The industry generates vast amounts of data, enabling MRO companies to improve operational efficiency and provide customized solutions tailored to the specific needs of airlines.
Key Takeaways:
- North America’s air transport MRO industry is projected to expand with a CAGR of 4.8% during the forecast period.
- The demand for air transport MRO in China is expected to capture a CAGR of 4.9% from 2023 to 2033.
- By application, the engine segment is anticipated to thrive at a CAGR of 5.5% between 2023 and 2033.
- The United Kingdom is expected to record an impressive CAGR of 4.5% throughout the forecast period.
The introduction of advanced technologies and rising investments in aviation MRO software is expected to fuel the market growth during the forecast period- Anticipates an FMI Analyst.
Competitive Landscape
The market for air transport MRO is highly competitive, with several key industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players operating in the market include AAR Corporation, KLM Engineering & Maintenance, Delta TechOps, HAECO Ltd., Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, SIA Engineering Company (SIAEC).
Some Recent Developments in the Air Transport MRO Market
- In February 2021, SIA Engineering Company Ltd. established the Engine Services Division, focusing on research, development, and support for advanced aircraft engine servicing, repairs, wing testing, and more.
- In July 2022, Delta TechOps, the MRO division of an airline, announced its signing of a CFM Branded Service Agreement (CBSA) to provide support for LEAP-1B engines. This agreement potentially allows Delta to join CFM’s MRO network for LEAP-1B engines.
- AAR, a prominent MRO service provider for commercial and government operators, announced in October 2021, the renewal of their power-by-the-hour (PBH) component pool and repair support agreement with Flydubai. This five-year contract extends and reinforces the partnership initiated in 2016, aimed at delivering comprehensive rotatable component support for Flydubai’s Boeing 737NG fleet.
Direct Checkout of this Report:
https://www.futuremarketinsights.com/checkout/115
Key Segments Profiled in the Air Transport MRO Market
By Application Type:
- Airframe
- Engine
- Component
- Line
By Aircraft Type:
- Narrow Body Aircraft
- Wide-Body Aircraft
- Regional Jet
- Turbo Prop
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube