Aircraft MRO Market Growth is accelerated by Rising Economic Growth in Emerging Countries

Aircraft MRO Industry Overview

The global aircraft MRO market was evaluated at USD 87.01 billion in 2021 and is expected to expand at a CAGR of 4.57% from 2022 to 2030. Rapid urbanization and rising economic growth in emerging countries with increased business and tourism travels are expected to increase the market growth. Various external factors, such as air traffic volumes, global fleet size, and aircraft utilization, are expected to significantly impact the market. Also, the increased air travel by individuals for business and personal purposes is expected to create more aircraft production, thereby substantially impacting the market.

Rising investments in aircraft MRO software are also expected to create new business prospects. Aircraft MRO software consists of maintenance tracking, logbook tracking, flight time tracking, service bulletins management, maintenance scheduling, budget forecasting, electronic task card management, and work order management. For instance, in May 2021, India observed significant foreign direct investments in different sectors, including aircraft maintenance, repair, and overhaul industries, as foreign companies focused on acquiring billions of dollars in aircraft MRO services. Therefore, investments and acquisitions are expected to create lucrative opportunities for the market.

Gather more insights about the market drivers, restraints, and growth of the Global Aircraft MRO Market

It also has capabilities that help with regulatory compliance with organizations like the Federal Aviation Administration (FAA) and International Civil Aviation Organization (ICAO). Furthermore, the rise in demand for older planes and environmental concerns emphasizes continuous monitoring and maintenance of older planes, thereby creating traction for the market. Furthermore, the global outburst of the COVID-19 pandemic and shutting down of travel and tourism due to strict lookdowns imposed by the government to curb the spread hampered the revenue and profit margins of the airline industry.

The shutting down of the functioning of airlines resulted in more airlines turning to MRO to maintain fleet efficiency. Moreover, numerous government programs have been developed to encourage airports to embrace MRO as a strategic activity. Governments are currently pursuing a variety of holistic measures to guarantee that enough space is available for MRO at various airports around the country, which might raise aircraft MRO activities during the forecasted period. The MRO industry faces the issues due to a shortage in workforce supply, rising workforce costs, a lack of an experienced workforce, and reduced interest in technical maintenance jobs from recent graduate engineers.

This affects the aircraft maintenance, repair, and overhaul (MRO) industry in the forecasted period without any significant change. For MRO operators, right-sourcing and outsourcing are two options that are more relevant to MRO service providers. Ever-increasing material prices are becoming a critical factor affecting the expansion of the aircraft MRO market. Due to this, MRO service providers are targeting to create strategic alliances with OEMs to get help in procuring aircraft parts and components. For instance, in November 2021, Singapore-headquarter SIA Engineering Company (SIAEC) announced that it has set up 23 joint ventures and subsidiaries across seven countries with OEMs, including Pratt & Whitney, Collins, Jamco, Rolls-Royce, GE, Safran, aiming to develop a range of MRO capabilities.

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Aircraft MRO Market Segmentation

Grand View Research has segmented the global aircraft MRO market based on organization, service, aircraft type, aircraft generation outlook, and regional outlook:

Aircraft MRO Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Engine Overhaul
• Airframe Maintenance
• Line Maintenance
• Modification
• Components

Aircraft MRO Organization Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Airline/Operator MRO
• Independent MRO
• Original Equipment Manufacturer (OEM) MRO

Aircraft MRO Aircraft Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Narrow-body
• Wide-body
• Regional Jet
• Others

Aircraft MRO Aircraft Generation Outlook (Revenue, USD Billion, 2018 - 2030)

• Old Generation
• Mid Generation
• New Generation

Aircraft MRO Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Market Share Insights:

December 2021: Korean Air displayed its technology advancements by using drone swarms to conduct a full-body aircraft inspection with only four drones.

February 2021: SIA Engineering Company Ltd. invested in a brand new subdivision called as Engine Services Division to research, develop, and assist in advanced aircraft engine servicing, repairs, wing testing, and so forth.

Key Companies profiled:

Some prominent players in the global Aircraft MRO market include

• GE Aviation.
• AAR Corp.
• Safran SA
• Raytheon Technologies Corporation
• Lufthansa Technik AG
• Air-France Industries KLM Engineering & Maintenance
• Bombardier Inc.
• Delta Airlines, Inc.
• Hong Kong Aircraft Engineering Co. Ltd
• Triumph Group, Inc

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