LONDON, April 04, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Aircraft Maintenance, Repair And Overhauling Services Global Market Report 2024, the aircraft maintenance, repair, and overhauling services market has witnessed robust growth in recent years, with a projected compound annual growth rate (CAGR) of 7.7% from 2023 to 2024, reaching $84.98 billion. This growth is fueled by various factors, including increasing investments in the defense and military sectors. Looking ahead, the aircraft maintenance, repair, and overhauling services market is expected to continue its upward trajectory, reaching $109.24 billion by 2028, with a CAGR of 6.5%.
Increasing Investments in Defense and Military Sectors:
Investments in defense and military sectors are on the rise globally due to heightened national security threats, strategic priorities, and geopolitical dynamics. For instance, defense spending in the European Union surged to $235.4 billion (€214 billion) in 2021, reflecting a 6% increase from the previous year. Such investments drive the demand for MRO services, particularly for military aircraft equipped with specialized systems requiring expert maintenance and repair.
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Innovative Platforms Transforming Airline Operations:
Major players in the aircraft maintenance, repair and overhauling services market are focusing on innovation to enhance airline operations. For example, IBS Software launched a new version of its iFlight platform, offering comprehensive solutions for operations, crew, and hub management. This platform, adopted by LATAM Airlines Group, provides advanced optimization, real-time analytics, and disruption management tools, improving operational efficiency and scalability for airlines.
Market Segmentation:
The aircraft maintenance, repair and overhauling services market is segmented based on type, aircraft division, size, and service type. These segments include commercial aircraft MRO services, aircraft engines MRO services, engine, cabin interior, airframe, avionics, wide-body, narrow-body, regional, annual maintenance contract, individual works, and more.
Market Landscape:
The global aircraft maintenance, repair and overhauling services market is characterized by fragmentation, with a multitude of players operating in various regions. The top ten competitors accounted for 20.3% of the total market share in 2022. Delta Air Lines Inc., Raytheon Technologies Corporation, Air France KLM, Safran Aerosystems, and Lockheed Martin Corporation are among the leading competitors in this market.
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As defense spending continues to increase worldwide, the aircraft maintenance, repair, and overhauling services market is poised for significant growth. With advancements in technology and a focus on innovation, MRO service providers are well-positioned to meet the evolving needs of the aerospace industry. As we look towards the future, collaboration between industry stakeholders and continued investment in research and development will be key to driving further advancements in this dynamic aircraft maintenance, repair, and overhauling services market.
Aircraft Maintenance, Repair And Overhauling Services Global Market Report 2024 by The Business Research Company provides insights on the aircraft maintenance, repair and overhauling services market size, aircraft maintenance, repair and overhauling services market segments, aircraft maintenance, repair and overhauling services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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