WASHINGTON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Global Aviation MRO Software Market is valued at USD 6.2 Billion in 2021 and is projected to reach a value of USD 8.1 Billion by 2028 at a CAGR of 4.60% over the forecast period.
The COVID-19 outbreak severely disrupted the entire aviation sector. In 2020, the MRO market was severely impacted by the decline in passenger traffic and the subsequent reduction in aircraft movements. But when limits on air travel lifted in 2021 and air traffic progressively rose, demand for airplane maintenance is forecasted to rise in the next years. The aviation maintenance, repair, and overhaul (MRO) software market stand to benefit from this.
The aviation sector is rapidly adopting MRO software due to the ever-changing nature of technological advancements. Because of the shutdown and lockdown of the aviation industry due to the pandemic, new developments in this area have been accelerated. Additionally, significant aircraft users have opted to purchase or lease old aircraft as a result of economic limitations. As a result, there was a greater need for airplane refurbishments, which opened up excellent prospects for MRO applications generally.
The stakeholders' reliance on the MRO software has been bolstered by the fact that the development of artificial intelligence (AI) has paved the way for precise repair operations and predictive maintenance. Major airlines and MRO companies are investing in cutting-edge MRO software to facilitate daily operations, motivated by a deep interest in the industry and obvious benefits.
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Market Overview
According to Vantage Market Research, Some of the drivers expected to drive market expansion during the projected period are the expanding need for airplanes based on prescriptive and predictive analysis and the increasing popularity of software as a service. The research entitled "Global Aviation MRO Software Market" is an all-encompassing market analysis. The research thoroughly examines the market's most important subsegments, trends, drivers, restraints, competitive landscape, and other variables.
Market Dynamics
The Expansion Of The Aviation Industry Is Expected To Drive Demand For High-Tech Maintenance, Repair, And Overhaul (MRO)
Due to increasing demand, airlines around the world are working to increase the average size of their aircraft fleets. The increasing number of aircraft fleets is a key factor that will drive market expansion in the following decade. Demand for air travel and an expanding aircraft fleet are factors that should contribute to MRO industries' sustained growth over the next decade. International Air Transport Association (IATA) forecasts USD 118 billion in industry growth between 2020 and 2027. As a result, the MRO software industry is forecast to expand at a rate similar to the overall sector.
About 20 percent of an airline's operating expense goes toward aviation MRO software. If the current trend of increasing passenger numbers continues, we may see the industry expand, with most of the increase in maintenance costs being concentrated in the engines. When splitting out the costs of operating a business, the maintenance of the airframe, the components, and the lines could account for a sizable portion. Air operators can now pick from various original equipment manufacturers (OEMs), independent maintenance, repair, and overhaul facilities (MROs), and component suppliers because of the increased focus on aircraft maintenance.
Aircraft operators increasingly turn to aviation MRO software to facilitate paperless operations, shorten TATs for maintenance tasks, and implement predictive maintenance strategies.
Market expansion will be fueled by an uptick in maintenance, repair, and overhaul (MRO) spending as a result of a growing aircraft fleet
Major aircraft producers like Airbus and Boeing Company are working on building next-generation aircraft with improved fuel efficiency, fewer emissions, and lower operating costs. Increasing flight hours for planes directly result from the rising demand for air travel. Longer flights shorten the useful lives of several aircraft parts, including the engine, landing gear, brakes, wheels, and others. As a result, airlines and operators place a premium on preventative maintenance, frequent servicing, and up-to-date information on the condition of their aircraft. Market expansion during the forecast period is anticipated to be driven by rising demand for aviation MRO software to improve operational efficiency through the collection of data generated by aircraft.
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Top Players in the Global Aviation MRO Software Market
- IBS Software (India)
- Flatirons Solutions Inc. (US)
- Rusada (Switzerland)
- Sopra Steria (France)
- Communications Software Limited (UK)
- Aviation Intertec Services (Canada)
- GE Aviation (US)
- BytzSoft Technologies Pvt. Ltd. (India)
- Lufthansa Technik AG (Germany)
- Tracware Limited (UK)
- Aerosoft Systems Inc. (US)
- FLY Online Tools (US)
Global Aviation MRO Software Market Segmentation
Solution
- Enterprise Resource Planning (ERP) Solution
- Point Solution
Deployment
- On Premise
- Cloud
Application
- Commercial
- Military
End-User
- Airlines
- MRO Companies
- OEMs
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Top Trends in Global Aviation MRO Software Market
- The Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) contract for aircraft component overhauls and repairs been extended, the Indian LCC Indigo announced in April 2021. With the extension, AFI KLM E&M will support the 350 Airbus A320 family aircraft in IndiGo's fleet while they undergo Aircraft Component overhauls.
- The Asia Pacific region had more than 7900 commercial aircraft in 2021, indicating a large prospective market for MRO software in the area.
- The American-based Pathfinder Aviation stated in December 2021 that it has decided to implement Ramco System's aviation software for business purposes. The programme will include components for supply chain management, flight operations, and maintenance.
- The cloud enterprise applications provider IFS received an MRO software contract with the low-cost airline Viva Air in November 2021. The Latin American airline's maintenance planning and execution throughout its fleet of aircraft will be supported by IFS's MRO and fleet planning software under the terms of the agreement.
Top Report Findings
- Based on End user, most of the Aviation MRO Software market's revenue is controlled by the MRO category. The increased demand for MRO organisations' services and software for aviation maintenance is to blame for this. The rising aircraft fleet is expected to increase the burden at MRO facilities during the next ten years, prompting a larger need for MRO speed. In recent years, outsourcing support contracts have also increased significantly.
- Based on deployment type, the residential segment dominated the Aviation MRO Software market. During the projected period, the cloud-based category is anticipated to develop at the fastest rate. Software-as-a-service (SaaS) and cloud-based solutions are provided as a service, with the ERP provider managing the data and a web browser being used to access the services. The hybrid model, where cloud software is stored on a company's private servers, has recently gained popularity in the market.
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Recent Development:
- In June 2020, IBS Software has entered into a strategic partnership with cargo.one with proven integration, giving airlines seamless access to cargo.one’s rapidly growing customer base.
- In June 2020, GE Aviation launched Health Application ID for the aviation industry. The solution focuses on three important areas: employee control, passenger control, and object control.
Regional Analysis:
North America holds the greatest revenue share and is predicted to keep it during the projected period. Due to the growing demand for maintenance specialists and a notable increase in new commercial aircraft deliveries in developing nations like India and China., The main cause of the growing demand for maintenance professionals, and consequently for MRO software, is growth in passenger traffic, particularly in nations like India, China, Japan, and Singapore. The existence of numerous significant Aviation MRO Software suppliers in this area contributes to the market's anticipated rapid expansion.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Aviation MRO Software Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 31.5 Billion |
| Revenue Forecast by 2028 | USD 42.9 Billion |
| CAGR | 5.3% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | BASF SE, Akzo Nobel N.V., Croda International PLC, The Dow Chemical Company, Eastman Chemical Company, Loréal International, Unilever, The Estée Lauder Companies Inc., COTY Inc., Colgate-Palmolive Company |
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