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Aircraft Maintenance, Repair and Overhauling Services Market Report 2024: Strategies And Recent Developments | Lockheed Martin Corporation, Airbus Group SE, The Boeing Company, Leonardo SpA, Bae Systems plc, Allen Aircraft Radio Corp
Aircraft Maintenance, Repair and Overhauling Services Market Share
The Business Research Company offers in-depth market insights through Aircraft Maintenance, Repair and Overhauling Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The aircraft maintenance, repair and overhauling services market size has grown strongly in recent years. It will grow from $78.92 billion in 2023 to $84.98 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to aging aircraft fleet, regulatory compliance, air travel growth, global economic conditions.
The aircraft maintenance, repair and overhauling services market size is expected to see strong growth in the next few years. It will grow to $109.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to fleet expansion, sustainability initiatives, defense and military mro, new aircraft technologies, market consolidation. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Segmentation:
The main types of aircraft maintenance, repair, and overhaul services are commercial aircraft MRO services, commercial helicopters MRO services, commercial gliders and drones MRO services, aircraft turbines MRO services, aircraft engines MRO services, and rocket engine MRO services. Rocket engine MRO services include maintenance, repair, and overhaul services for rocket engines. The aircraft is divided into the engine, cabin interior, airframe, avionics, and others, and the various sizes include wide-body, narrow-body, regional, and others. The services are used for an annual maintenance contract, individual projects, and others.
Major Driver - Growing Demand For Commercial Aircraft Drives Aircraft Maintenance, Repair, And Overhauling Services Market
The growing demand for commercial aircraft is expected to propel the growth of the aircraft maintenance, repair, and overhauling services market going forward. A commercial aircraft is a type of aircraft designed and used for transporting passengers or cargo for profit or business purposes. Aircraft maintenance, repair, and overhaul (MRO) services are critical for commercial aircraft to ensure their safety and airworthiness. MRO is an aircraft maintenance facility capable of performing required maintenance or inspections. For instance, in January 2023, according to Airbus SE, a Netherlands-based aerospace corporation, the company delivered 661 commercial aircraft to 84 customers in 2022, representing an increase of 8% from the 611 units sold in 2021. Therefore, growing demand for commercial aircraft is driving the growth of the aircraft maintenance, repair, and overhauling services market.
Competitive Landscape:
Major companies operating in the aircraft maintenance, repair and overhauling services market include Lockheed Martin Corporation, Airbus Group SE, The Boeing Company, Leonardo SpA, Bae Systems plc, Allen Aircraft Radio Corp, Aeroman Inc., Air France Industries-KLM Engineering & Maintenance, British Airways Engineering Services Ltd., Etihad Airways Engineering LLC, General Electric Aircraft Engines, Korean Air Lines Co Ltd., Lufthansa Technik Aktiengesellschaft, Safran Aerosystems., Raytheon Technologies Corporation, SIA Engineering Company Ltd., TAP Maintenance & Engineering, Singapore Technologies Engineering Ltd., MTU Aero Engines AG, Rolls-Royce Holdings plc, Air India Engineering Services Ltd., Emirates Engineering Construction Pvt Ltd., StandardAero Aviation Holdings Inc., Air France Industries-KLM Engineering & Maintenance, Avia Solutions Group PLC, Garuda Indonesia Tbk, Delta Air Lines Inc., Hong Kong Aircraft Engineering Co Ltd., Air Works India pvt Ltd., AJW China Co Ltd., Gama Aviation Ltd.
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Top Trend - Digital Thread And Digital Twin In Aerospace Is Enhancing Efficiency And Maintenance
Digital thread and digital twin are two interlinked concepts trending in the aircraft parts manufacturing, repair, and maintenance market. The digital thread is a communication framework that allows connected data flow throughout the lifecycle and across functions such as design, engineering, production, and maintenance, providing an integrated, authoritative, up-to-the-minute view of the asset's data that can be accessed at anytime, anywhere. A digital twin includes design specifications and engineering models describing its geometry, materials, parts, and behavior, which give a digital model of a particular product. Both concepts analyze data captured digitally from end-to-end throughout a product's lifecycle, beginning with design and extending through maintenance, repair, and overhaul to improve the performance of future programs. In aircraft maintenance complexity, this helps in maintaining digital records, minimizing downtime, and streamlining regulatory compliance.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aircraft Maintenance, Repair and Overhauling Services Market Characteristics
3. Aircraft Maintenance, Repair and Overhauling Services Market Trends And Strategies
4. Aircraft Maintenance, Repair and Overhauling Services Market - Macro Economic Scenario
5. Aircraft Maintenance, Repair and Overhauling Services Market Size And Growth
…..
27. Aircraft Maintenance, Repair and Overhauling Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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