PUBLISHER: The Business Research Company | PRODUCT CODE: 1245927
PUBLISHER: The Business Research Company | PRODUCT CODE: 1245927
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“Digital Aerospace MRO Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital aerospace mro market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital aerospace mro? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The digital aerospace mro market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the digital aerospace MRO market are: IBM Corporation, IFS AB, Ramco Systems, Rusada, Boeing, Swiss Aviation Software AG, Lufthansa Technik, General Electric, Honeywell International, HCL Technologies Limited, Oracle Corporation, Traxxall Technologies, Ansys, Capgemini, Hexaware Technologies, Winair, and Microsoft Corporation.
The global digital aerospace mro market grew from $0.63 billion in 2022 to $0.66 billion in 2023 at a compound annual growth rate (CAGR) of 5.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The digital aerospace mro market is expected to grow to $1.02 billion in 2027 at a CAGR of 11.5%.
The digital aerospace MRO market includes revenues earned by entities by providing digital software in MRO for intelligent memory use, task recognition, and scalability. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The digital aerospace MRO refers to providing digital aerospace MRO services and software suites for catering the maintenance, repairs, and operational (MRO) needs of aircraft. Digital aerospace MRO uses digital technologies such as the internet of things (IoT), and blockchain to conduct MRO operations.
North America was the largest region in the digital aerospace MRO market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the digital aerospace MRO market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main technologies involved in digital aerospace MRO are predictive maintenance, AR or VR, 3D printing, artificial intelligence, internet of things, robotics, and others. Predictive maintenance (PdM) is preventative maintenance that tracks the performance and state of equipment when it is in use to reduce the risk of failure. It is used in inspection, performance monitoring, predictive analysis, part replacement, mobility and functionality and is employed in various sectors such as OEMs, airlines, MROs and others.
The increase in inflight passengers and the need for more aircraft with minimal downtime for maintenance is expected to propel the growth of the digital aerospace MRO market in the forecast period. Over the years there has been an increase in the global air traffic, which in turn increased the need for more aircraft with minimum downtime. Any establishment, workshop, or hangar that engages in and executes professional aircraft maintenance is referred to as an MRO facility. Through the employment of aviation ground support equipment, MRO facilities and experts assist in keeping airplanes running safely and reliably. For instance, according to the International Air Transport Association (IATA), a global airline trade association, the global overall air travelers in 2021 were 47% of 2019 levels, which is expected to increase to 83% in 2022, 94% in 2023, 103% in 2024 and 111% in 2025. Thus, the increase in inflight passengers and the need for more aircraft with minimal downtime for maintenance will propel the growth of the digital aerospace MRO market in the forecast period.
Technological advancement is an emerging trend gaining popularity in the digital aerospace MRO market. Artificial intelligence technology is being more widely used as the market for predictive maintenance, troubleshooting, and review of past errors grows. AI aids in optimization, upkeep, and organizing by reducing the need for routine maintenance, allowing airlines to increase their spending. For instance, in June 2021, Fingermind, a France-based software company that offers digital aerospace MRO services developed a software suite that is accessible from tablets. Its MRO suite gives fast and convenient access to all of the technical documents needed for aircraft maintenance. It doesn't need any special maintenance training and can be mounted on almost any operating system. With advanced Big Data and AI-ready features, the Fingermind MRO suite also meets the need for predictive maintenance.
In December 2020, FL Technics, a Lithuania-based provider of aircraft servicing, repair, and overhaul (MRO) facilities, acquired Wright International for an undisclosed amount. The acquisition of Wright International grants FL Technics a foothold in the strategically important North American market and allows it to serve its airline clients across an even wider network of international locations. Wright International is a Canada-based provider of aircraft maintenance, repair, and overhaul services (MRO).
The countries covered in the digital aerospace MRO market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The digital aerospace MRO market research report is one of a series of new reports from The Business Research Company that provides digital aerospace MRO market statistics, including digital aerospace MRO industry global market size, regional shares, competitors with a digital aerospace MRO market share, detailed digital aerospace MRO market segments, market trends and opportunities, and any further data you may need to thrive in the digital aerospace MRO industry. This digital aerospace MRO market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.