New York, United States, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The Global Aviation MRO Market Size was valued at $87.01 billion in 2021 and is expected to reach at a CAGR of 5.27% from 2021 to 2030, According to a latest research study published by Spherical Insights & Consulting.
Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/1247
MRO stands for maintenance, repair, and overhaul. Aviation MRO refers to a specific repair, service, or inspection of an aircraft. This practice includes all maintenance procedures that are carried out to guarantee the safety and airworthiness of an air transport vehicle. Depending on the type of business, there are a wide range of aviation MROs. The following is a list of the six most common MRO aircraft maintenance business models and facility types. We go deeper into each of them in Part 2 of our two-part MRO series, Aviation MRO Business Model Categories.
Although large corporations can own them, repair shops are often small, family-owned enterprises with a small number of employees. These modest MRO facilities often concentrate on one or two specialized areas, such as landing gear or aircraft interiors. These repair shops still have a position in the market even though there is less possibility for expansion. Because the return on investment for equipment and employees is frequently insufficiently high, larger market participants aren't always motivated to diversify into more specialized MRO services. Many folks will go to independent repair businesses for specialized services.
Rapid urbanization, developing economies, particularly in emerging nations, as well as an increase in business and tourist travel are all predicted to support market expansion. It is projected that external factors including aircraft utilization, air traffic volumes, and fleet size will have a substantial impact on the industry. Additionally, more people flying for both business and pleasure will probably lead to more aircraft being produced, which will have a huge impact on the sector.
In the aviation industry, maintenance costs currently exceed fuel costs. Due to the sharp rise in maintenance costs, airlines must now rely on digital technologies to track physical assets like engines and cockpit controls in real-time, which will help them better plan maintenance routines.
Mobile solutions are gaining traction in airline control rooms in a similar way to cloud services and connected technologies. Air transport MRO players are increasingly concentrating on developing software as a service (SaaS) and other effective tightly connected mobile solutions in order to enable users to access aircraft management remotely.
More airlines opted to MRO as their operations halted in order to maintain an effective fleet. A wide range of government programmers have also been developed to support airports' adoption of MRO as a strategic endeavor. Governments are currently pursuing a number of comprehensive programmers, which could increase aircraft MRO activity throughout the predicted time, to ensure that there is enough space for MRO at various airports around the nation. The MRO industry is having issues due to a lack of competent labour, increased labour costs, a lack of experienced labour, and a decline in interest among recently graduated engineers in technical maintenance vocations.
COVID 19 Impact of Global Aviation MRO Market
Practically every country's economic growth has slowed down as a result of the COVID-19 outbreak. The airline industry has been significantly impacted by this economic downturn. Additionally, small airline companies will close in 2020 as a result of countries' slower economic growth. Due to the ongoing COVID-19 pandemic, all of the major countries in Europe, Asia, and North America have severely restricted economic activity as well as the movement of people and goods. All of these factors are restricting the supply and demand for Aeroplan maintenance services, which is preventing the revenue growth of the global aircraft MRO industry. Additionally, the market growth in the first half of 2021 will be negatively impacted by the second COVID-19 epidemic wave in countries including India, France, and the US.
Browse key industry insights spread across 130 pages with 112 market data tables and figures & charts from the report “Global Aviation MRO Market Size, Share, and Global Demand Statistics, By Organization (Airline/ Operator MRO, Independent MRO, Original Equipment Manufacturer (OEM) MRO), By Aircraft Type (Narrow Body, Wide Body, Regional Jet, Others), By Service Type (Engine Overhaul, Airframe Maintenance, Line Maintenance, Modification, Others), Aircraft Generation (Old Generation, Mid Generation, New Generation), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030”, in detail along with the table of contents
BUY NOW FULL REPORT: https://www.sphericalinsights.com/checkout/1247
Global Aviation MRO Market, By Organization
A little over half of the market is in the authority of the OEMs, with the remaining half being split between independent and airline overhaul sectors. OEMs hold a distinct perspective and, based on data analysis, may alter the initial maintenance programme specified for each aircraft. OEMs have the ability to modify the overall situation in order to improve their asset and can utilize the data to assess performance. OEMs can obtain enough trustworthy data to cut out pointless work.
Global Aviation MRO Market, By Aircraft Type
With the fastest CAGR of 5.26% during the projection period, wide-body aircraft are anticipated to rise quickly. Because more long-distance routes with heavy traffic are connecting international locations, there is an increase in demand for wide-body aircraft maintenance and repair. The establishment of numerous new wide-body aircraft manufacturing infrastructures in numerous nations over the past few years has enhanced OEM engagement in wide-body aircraft MRO services. As the fleet of aircraft grows, OEMs will have more options to offer aircraft MRO services.
Global Aviation MRO Market, By Service Type
Over the anticipated time, the engine segment in aviation MRO is anticipated to rule the market. Additionally, in the approaching years, the Engine segment will get more active and competitive. For instance, AAR stated in April 2019 that it had extended its PW2000 engine support contract with MTU maintenance by an additional five years. MTU, a significant global provider of engine overhauls, received engine components from AAR.
Global Aviation MRO Market, By Air Generation
Major participants in the market are collaborating with OEMs to provide services for next-generation aircraft and for aircraft maintenance. This will build a foundation for MRO services for new-generation aircraft, which are anticipated to be used more frequently by the aviation fleet. For instance, in February 2021, GMR and Airbus in India worked on aircraft repair and aviation services. The MoU was inked in Bengaluru, during aero India 2021. Airbus and GMR Group collaborate to improve services for both commercial and military aircraft.
Inquire Before Buying This Research Report: https://www.sphericalinsights.com/inquiry-before-buying/1247
Global Aviation MRO Market, By Region
With the aid of cutting-edge technologies, the North American aviation MRO market prevails in order to achieve sustainable objectives. The largest fleet of airplanes is in North America, which creates a sizable need for aircraft MROs. Due to the strict safety regulations and rules in this area, entry into the aviation MRO business has very high obstacles. However, MROs find this market appealing due to the widespread accessibility and simplicity of deployment of sophisticated technologies.
Some Recent Developments in Global Aviation MRO Market
- February 2021: The Engine Services Division is a new department that SIA Engineering Company Ltd. invested in for advanced aircraft engine servicing, repairs, wing testing, and other responsibilities. Modern MRO organizations are utilizing AI, drones, and robotics to drastically reduce the time required for maintenance and repairs.
- December 2021: Korean Air demonstrated the use of drone swarms to do a full-body aircraft assessment using just four drones. As a result, it is estimated that the aviation MRO market will experience growth over the forecasted period.
List of Key Market Players
- Delta Airlines, Inc.
- AAR Corp.
- Hong Kong Aircraft Engineering Company Limited
- Airbus SE
- Singapore Technologies Engineering Limited
- KLM UK Engineering Limited
- Lufthansa Technik
- MTU Aero Engines AG
- Raytheon Technologies Corporation (Previously United Technologies Corporation)
- Singapore Technologies Engineering Ltd
- TAP Maintenance & Engineering (TAP Air Portugal)
Segmentation
By Organization
- Airline/ Operator MRO
- Independent MRO
- Original Equipment Manufacturer (OEM) MRO
By Aircraft Type
- Narrow Body
- Wide Body
- Regional Jet
- Others
By Air Generation
- Old Generation
- Mid Generation
- New Generation
By Service Type
- Engine Overhaul
- Airframe Maintenance
- Line Maintenance
- Modification
- Others
By Region:
North America
- North America, by Country
- U.S.
- Canada
- Mexico
- North America, by Organization
- North America, by Aircraft Type
- North America, by Air Generation
- North America, Service Type
Europe
- Europe, by Country
- Germany
- Russia
- U.K.
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Europe, by Organization
- Europe, by Aircraft Type
- Europe, by Air Generation
- Europe, by Service Type
Asia Pacific
- Asia Pacific, by Country
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Asia Pacific, by Organization
- Asia Pacific, by Aircraft Type
- Asia Pacific, by Air Generation
- Asia Pacific, by Service Type
Middle East & Africa
- Middle East & Africa, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Organization
- Middle East & Africa, by Aircraft Type
- Middle East & Africa, by Air Generation
- Middle East & Africa, by Service Type
South America
- South America, by Country
- Brazil
- Argentina
- Colombia
- Rest of South America
- South America, by Organization
- South America, by Aircraft Type
- South America, by Air Generation
- South America, by Service Type
For more information on your target market, please contact us below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us
Follow Us: LinkedIn | Facebook | Twitter
