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Aircraft Maintenance, Repair and Overhauling Services Market: Major Trends Reshaping the Future of the Industry
Aircraft Maintenance, Repair and Overhauling Services
What Will the Aircraft Maintenance, Repair and Overhauling Services Industry Market Size Be by 2025?
In the last few years, the market size for aircraft maintenance, repair, and overhauling services has seen a robust growth. It is projected to increase from $86.87 billion in 2024 to $92.86 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.9%. Factors such as an aging aircraft fleet, compliance with regulations, the expansion of air travel, and global economic conditions have contributed to the growth during the historic period.
What's the Long-Term Growth Forecast for the Aircraft Maintenance, Repair and Overhauling Services Market Size Through 2029?
In the next few years, the market size for aircraft maintenance, repair, and overhauling services is projected to witness significant growth, escalating to $117.8 billion in 2029, with a compound annual growth rate (CAGR) of 6.1%. Factors contributing to this growth projection for the forecast period include fleet expansion, sustainability measures, defense and military MRO activities, the advent of new aircraft technologies, and market consolidation. Noteworthy trends for the forecast period encompass electrification and lightweighting, use of advanced materials, the rise of additive manufacturing, digitalization and connectivity, along with collaborations and partnerships.
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What Are the Key Growth Drivers Fueling the Aircraft Maintenance, Repair and Overhauling Services Market Expansion?
The expansion of the aircraft maintenance, repair, and overhauling services market is projected to be driven by an increasing demand for commercial aircraft. A commercial aircraft, used to carry passengers or cargo for commercial or business profits, necessitates the critical services of maintenance, repair, and overhaul (MRO). MRO, being a facility capable of conducting necessary maintenance or inspections, ensures the safety and airworthiness of these aircraft. This is exemplified by Airbus SE, a Dutch-based aerospace corporation, which reported an 8% increase in its delivery of 661 commercial aircraft to 84 customers in 2022 from the 611 units sold the previous year in January 2023. As such, the surge in demand for commercial aircraft is fueling the expansion of the aircraft maintenance, repair, and overhauling services market.
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What Are the Key Trends Driving Aircraft Maintenance, Repair and Overhauling Services Market Growth?
The concepts of the digital thread and digital twin are currently trending in the market for producing, repairing, and maintaining aircraft components. The former refers to a communication structure which enables a seamless data flow across all stages and functions including design, engineering, production, and maintenance. This offers a unified, accurate, real-time overview of asset data that is accessible anytime, anywhere. The latter refers to design detalails and engineering models which outlines its geometry, materials, components, and behavior. It essentially creates a digital replica of a specific product. These two concepts utilize data collected digitally from end-to-end all through a product's lifecycle. Starting from design till maintenance, repair and overhaul phases in order to enhance performance of future projects. They assist in maintaining digital logs for reference, reducing downtime, and ensuring regulatory compliance is simpler in the complicated practice of aircraft maintenance.
How Is the Aircraft Maintenance, Repair and Overhauling Services Market Segmented?
The aircraft maintenance, repair and overhauling services market covered in this report is segmented -
1) By Type: Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services
2) By Aircraft Division: Engine, Cabin Interior, Airframe, Avionics, Others
3) By Size: Wide-Body, Narrow-Body, Regional, Others
4) By Service Type: Annual Maintenance Contract, Individual Works, Others
Subsegments:
1) By Commercial Aircrafts MRO Services: Airframe Maintenance, Avionics Maintenance, Landing Gear Maintenance, Cabin Maintenance
2) By Commercial Helicopters MRO Services: Airframe Maintenance, Engine Maintenance, Avionics And Electrical Systems Maintenance
3) By Commercial Gliders and Drones MRO Services: Airframe Maintenance, Propulsion System Maintenance, Electrical And Control Systems Maintenance
4) By Aircraft Turbines MRO Services: Engine Overhaul And Repair, Engine Component Repair, Turbine Blade Repair
5) By Aircraft Engines MRO Services: Engine Overhaul And Rebuild, Engine Parts Repair, Engine Testing And Inspection
6) By Rocket Engines MRO Services: Propulsion System Maintenance, Rocket Engine Overhaul, Component Testing and Inspection
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Which Companies Are Leading the Charge in Aircraft Maintenance, Repair and Overhauling Services Market Innovation?
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.
Which Regions Are Leading the Global Aircraft Maintenance, Repair and Overhauling Services Market in Revenue?
Asia-Pacific was the largest region in the aircraft maintenance, repair and overhauling services market in 2023. Eastern Europe is expected to be the fastest growing region. The regions covered in the aircraft maintenance, repair and overhauling services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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