Aircraft Component MRO Market to Reach US$ 25.7 Billion by 2028

According to the latest report by IMARC Group, titled "Aircraft Component MRO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″ the global aircraft component MRO market size reached US$ 19.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.82% during 2023-2028.

Aircraft component MRO provides maintenance, repair, and overhaul activity for mechanical actuators, landing gears, auxiliary power units (APU), avionics, and fuel system of the aircraft. It is designed to fulfill the operational activities and maintenance of the aircraft's safe and functional condition. The MRO provides supervision activities to improve the aircraft's lifespan. It is improving the reliability and efficiency of the aircraft. The airlines spend a large amount of money on MRO activities to comply with the stringent standards imposed by airworthiness authorities to ensure the safety of passengers and crew.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Demand:

The global market is majorly driven by the increasing demand for aircraft component MRO solutions from commercial airlines. In line with this, the significant growth of commercial aviation MRO services in developing countries is expected to positively influence market growth. Furthermore, the rising passenger traffic and the growing diversification among airlines are catalyzing the market. Apart from this, rapid urbanization and the escalating business and tourism travels are propelling the market. Moreover, the augmenting air travel by individuals for business and personal purposes is strengthening the market. Besides, heavy investments in aircraft MRO software are offering numerous opportunities for market expansion. Additionally, the increasing demand for older planes and environmental concerns emphasizing continuous monitoring and maintenance of older planes create a positive outlook for the market.

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Competitive Landscape with Key Players:

The report has also analyzed the competitive landscape of the market with some of the key players being:

• Delta TechOps
• Lufthansa Technik AG
• Air France Industries KLM Engineering & Maintenance
• Hong Kong Aircraft Engineering Company Limited
• Honeywell International Inc.
• ST Engineering AAR Corp.
• Barnes Aerospace, Inc. (Barnes Group)
• FL Technics (Avia Solutions Group)
• Turkish Technic Inc. (Turkish Airlines)

Breakup by Aircraft Type:

• Narrow Body
• Wide-Body
• Regional Jets/Turboprop

Breakup by Component:

• Fuselage
• Empennage
• Landing Gear
• Wings
• Engine
• Others

Breakup by Application:

• Commercial Air Transport
• Business and General Aviation
• Military Aviation

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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