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Digital Aerospace MRO Global Market Overview, Driving Factors, Future Trends, Key Players and Growth Opportunities And Forecast By 2033 | HCL Technologies Limited, Oracle Corporation, Traxxall Technologies Inc., Ansys Inc.
Digital Aerospace MRO Global Market
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According to The Business Research Company's, The digital aerospace mro market size has grown rapidly in recent years. It will grow from $0.79 billion in 2023 to $0.91 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to increased air traffic, increased travel and tourism, population growth, rise in disposable income, growth of the aviation industry.
The digital aerospace mro market size is expected to see rapid growth in the next few years. It will grow to $1.56 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to emerging market demand, fuel-efficient airframe designs, sustainable aviation materials, market entry of new players, and growing need for commercial aircrafts. Major trends in the forecast period include increasing use of data analytics and predictive maintenance tools, the development of digital twin technology, iot integration, the use of blockchain technology, and 3d printing.
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Market Drivers and Trends:
The increase in inflight passengers and the need for more aircraft with minimal downtime for maintenance is expected to propel the growth of the digital aerospace MRO market in the forecast period. Over the years there has been an increase in the global air traffic, which in turn increased the need for more aircraft with minimum downtime. Any establishment, workshop, or hangar that engages in and executes professional aircraft maintenance is referred to as an MRO facility. Through the employment of aviation ground support equipment, MRO facilities and experts assist in keeping airplanes running safely and reliably. For instance, according to the International Air Transport Association (IATA), a global airline trade association, the global overall air travelers in 2021 were 47% of 2019 levels, which is expected to increase to 83% in 2022, 94% in 2023, 103% in 2024 and 111% in 2025. Thus, the increase in inflight passengers and the need for more aircraft with minimal downtime for maintenance will propel the growth of the digital aerospace MRO market in the forecast period.
Technological advancement is an emerging trend gaining popularity in the digital aerospace MRO market. Artificial intelligence technology is being more widely used as the market for predictive maintenance, troubleshooting, and review of past errors grows. AI aids in optimization, upkeep, and organizing by reducing the need for routine maintenance, allowing airlines to increase their spending. For instance, in June 2021, Fingermind, a France-based software company that offers digital aerospace MRO services developed a software suite that is accessible from tablets. Its MRO suite gives fast and convenient access to all of the technical documents needed for aircraft maintenance. It doesn't need any special maintenance training and can be mounted on almost any operating system. With advanced Big Data and AI-ready features, the Fingermind MRO suite also meets the need for predictive maintenance.
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Major Key Players of the Market:
International Business Machines Corporation., IFS AB, Ramco Systems Corporation, Rusada Limited, The Boeing Company, Swiss AviationSoftware AG, Lufthansa Technik AG, General Electric Company, Honeywell International Inc., HCL Technologies Limited, Oracle Corporation, Traxxall Technologies Inc., Ansys Inc., Capgemini SE, Hexaware Technologies Limited, AVBase Systems Inc., Microsoft Corporation, Airbus SE, Delta Air Lines Inc., Embraer S.A., L3Harris Technologies Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran SA, ST Engineering Ltd., Textron Aviation Inc., United Technologies Corporation, Collins Aerospace, AAR Corp.
Digital Aerospace MRO Market 2024 Key Insights:
• The digital aerospace mro market size is expected to see rapid growth in the next few years. It will grow to $1.56 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• Rising Air Travel Demand Driving Digital Aerospace Mro Growth
• Integration Of Artificial Intelligence In Digital Aerospace Mro
• North America was the largest region in the digital aerospace MRO market in 2023
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