Aircraft MRO Market 2030 Growth Analysis, Technology Innovation, Industry News by 2030

Aircraft MRO Market Overview

Aircraft MRO Market Size Valued at USD 95 Billion, market Grow at a CAGR Of 6.05% by 2021 -2030
Aircraft MRO refers to the overhaul, inspection, repair, or modification of an aircraft or its components. The introduction of a new generation fleet in the aviation industry, rising disposable income, and greater airline passenger traffic have all led to an increase in market value. Increased development initiatives for aircraft modernization are also projected to accelerate market growth.

Because the dynamics of the commercial aviation MRO sector are rapidly changing, the industry's long-term viability needs the quick deployment of solutions to meet the dynamism. Furthermore, government regulations governing aircraft, as well as the demand for frequent maintenance of engine parts and engines, are boosting the global MRO aircraft industry.

As a result of rising aircraft modernization, environmental concerns, and rules and legislation requiring the replacement of outdated fleets, numerous engine development projects are expected to gain popularity. For new fleets, many engine manufacturers are focusing on providing powerful and inexpensive engines.

Market Segmentation

Engine, component, line maintenance, airframe, and modifications are among the MRO types segmented. In 2018, the Airframe MRO segment had the second-highest demand, and it is expected to grow aircraft MRO market share over the forecast period.

Narrow-body, wide-body and other segments are used to segment aircraft by class. Narrow-body aircraft have a large market share and are expected to continue to operate in the projection period. Airlines are modernizing their aircraft types to enable cost savings and increased fuel efficiency, resulting in a larger fleet of narrow-body aircraft.

Wide-body aircraft is expected to grow at the quickest rate in the predicted timeframe, resulting in a dramatic shift in turbofan engine production in recent years. Because of their complexity and high maintenance, widebody aircraft have a significant proportion of MRO expenditures.

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Commercial air transport, business and general aviation, and military aviation are the three application segments. Commercial air transport companies pursue important measures to maintain their aircraft fleet because of the demand for fuel efficiency and passenger and aircraft safety.

Regional Classification

The Asia Pacific had the largest market share in the total aircraft MRO market in 2018. Over the foreseeable time, it is also expected to increase at the quickest CAGR. Furthermore, increased air traffic is expected to propel market expansion. China has more than 5000 aircraft in its fleet. In addition, the rising demand for new planes and international trade activities are expected to increase the demand for MRO services.

Furthermore, OEMs, particularly in the European market, are integrating services with the help of innovative technologies. All of these important aspects are expected to boost aircraft MRO market expansion.

Industry News

From 2021 to 2027, the commercial aircraft MRO market is expected to increase at a CAGR of over 4.9 per cent, surpassing USD 70 billion. Increasing economic growth and fast urbanization in emerging countries, as well as business and tourism trips, are expected to drive aircraft MRO market expansion.

External variables such as aircraft utilization, global fleet size, and air traffic volumes (both cargo and passengers) influence the maintenance, repair, and overhaul (MRO) business. More aircraft manufacture is required as air traffic grows, which will benefit the MRO industry.

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