Press release
Aviation MRO Industry to See Robust Expansion, Valued at $105.29 Billion by 2029
Aviation MRO
What Is the Projected CAGR for the Aviation MRO Market from 2024 to 2025?
In the last few years, the size of the aviation mro market has seen considerable growth. The market is forecasted to increase from $77.38 billion in 2024 to $82.2 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. Factors contributing to the growth seen in the historic period include expanding aircraft fleet, maintenance of aging aircraft, the trend towards outsourcing, emphasizes on safety and reliability, and increased global air traffic.
What are the Expected Market Size and CAGR for Aviation MRO by 2029?
Expectations are high for robust growth in the aviation MRO market over the coming years, with an anticipated CAGR of 6.4% taking it to a worth of $105.29 billion by 2029. This expansion over the forecast period is likely to be driven by factors including enhancements and expansions to aircraft fleets, the proliferation of data-centric maintenance, growth in aviation in burgeoning markets, changes to regulations and adherence to them, and a move toward contracting out MRO services. Further trends predicted for the forecast period encompass an increase in new competitors and competition, concentration on sustainability, the implementation of predictive maintenance, leaning towards outsourcing, upholding regulatory compliance and safety benchmarks, and progress in airplane technology.
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Which Factors Are Driving the Global Aviation MRO Market Expansion?
The continuous growth of air travel is anticipated to catalyze the enlargement of the aviation MRO market in the future. Air travel encompasses journeying from one location to another using an aircraft. The role of aviation MRO is to ensure the upkeep and restoration of aircraft, maintaining them in operable and flight-ready condition at all times. This is crucial given that air travel is the most favored mode of transport for global journeys. For instance, data from the International Air Transport Association, a Canadian international trade union of global airlines, showed that demand for air travel soared 78.7% in April 2022 compared to the same period in 2021. The association also predicts that passenger numbers will hit a staggering 7.8 billion by 2036. Consequently, the upswing in air travel is fuelling the growth of the aviation MRO market.
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Which Segment Currently Holds the Largest Share of the Aviation MRO Market?
The aviation mro market covered in this report is segmented -
1) By Service Type: Engine Overhaul, Airframe Maintenance, Line Maintenance, Modification, Other Service Types
2) By Aircraft Type: Narrow Body, Wide Body, Regional Jet, Other Aircraft Types
3) By End User: Original Equipment Manufacturer (OEM), Aircraft Operator, Other End Users
Subsegments:
1) By Engine Overhaul: Complete Engine Overhaul, Engine Inspection And Repair, Engine Component Repair
2) By Airframe Maintenance: Scheduled Maintenance, Structural Repair And Modifications, Painting And Coating Services
3) By Line Maintenance: Routine Checks And Inspections, A-Checks And B-Checks, Component Replacement And Repairs
4) By Modification: Avionics Upgrades, Cabin Modifications, Performance Enhancements
5) By Other Service Types: Component Maintenance And Repair, Logistics And Supply Chain Management, Technical Training And Support
Which Major Trends Are Shaping the Future of the Aviation MRO Industry?
Leading enterprises in the aviation MRO market are advancing in the creation of aviation software with the aim of amplifying operational productivity, minimizing maintenance costs, and augmenting aircraft safety and reliability. The innovation of aviation software is set to metamorphose Maintenance, Repair, and Overhaul (MRO) procedures by incorporating sophisticated technologies such as artificial intelligence (AI) to simplify processes and heighten efficiency. To illustrate, Ramco Systems Ltd, a technology enterprise based in India, unveiled Aviation Software 6.0 in September 2024. This software aims to upend Maintenance and Engineering (M&E) and MRO operations by providing AI-driven insights and automation. It comprises a dedicated engine MRO component and cloud-powered 'Anywhere Apps' for handling operations remotely, thereby improving accessibility and enterprise agility.
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Which Key Players Dominate the Aviation MRO Industry Globally?
Major companies operating in the aviation MRO market include Delta Airlines Inc., AAR Corp., Hong Kong Aircraft Engineering Company Limited, Airbus SE, Singapore Technologies Engineering Limited, KLM UK Engineering Limited, Lufthansa Technik AG, MTU Aero Engines AG, Raytheon Technologies Corporation, SIA Engineering Company Limited, TAP Maintenance & Engineering, SR Technics AG, British Airways Ltd., Air-France Industries KLM Engineering & Maintenance Group, Bombardier Inc., GE Aviation Inc., L3Harris Technologies Inc., Singapore Technologies Aerospace, AJW Group, Ameco Beijing, JAL Engineering, AFI KLM Engineering & Maintenance, Erickson Aircraft Services, Jet Aviation, StandardAero, Air Works Group, Gama Aviation, International Air Transport, BAE Systems, Collins Aerospace, Honeywell Aerospace, Pratt & Whitney
What Are the Fastest-Growing Regions in the Aviation MRO Market?
North America was the largest region in the aviation MRO market in 2024. The regions covered in the aviation MRO market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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