Market Research Report
Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Components, Aircraft Type, and End-Users
|Published by||The Insight Partners||Product code||1004649|
|Published||Content info||171 Pages
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|Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Components, Aircraft Type, and End-Users|
|Published: April 29, 2021||Content info: 171 Pages||
The aircraft MRO market was valued at US$ 49.80 billion in 2020 and is projected to reach 68.35 billion by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Considering the growing competition worldwide, the implementation of digital technologies is a necessary step toward the growth of MRO companies. Digitalization will help the industry to create a continuous stream of data flowing through different levels of the supply chain. Further, it will also streamline the communication between the stakeholders and accelerating innovation in various operations. The digital transformation in the aviation industry substantially impacts all areas of the supply chain of the industry such as air traffic management, aircraft operations, and aircraft and component manufacturing and servicing. The data-driven technologies such as data analytics helps in tracking aircraft MRO activities in real-time that would also optimize the air travel experience of crew and passengers. In addition, other advanced technologies such as artificial intelligence (AI) and machine learning (ML) facilitates the airline crew and management to understand the airworthiness of the aircraft. This enable the airline to opt for MRO services. Also, the MRO service providers incorporate AI technologies to boost their procedures by easily and efficiently conducting visual checks and understanding the degree of maintenance and repairs required on the aircraft. Thus, growing trend of inclusion of digital technologies such as AI and ML is driving the aircraft MRO market.
The COVID-19 pandemic has hampered the economic growth of almost every country. The airline industry has witnessed high impact of this economic downturn. Moreover, the damaged economic growth of countries has led to shutdown of small airlines companies in 2020. Due to the ongoing COVID-19 outbreak, all the major countries in Europe, Asia Pacific, and North America imposed strict restrictions on business activities, and goods and people movement. All these factors are restricting both supply of and demand for aircraft maintenance services, thereby hindering the revenue growth of the global aircraft MRO market. Also, second wave of COVID-19 outbreak in countries such as India, France, and the US would negatively impact the market growth throughout the first half of 2021. It is expected that the aircraft MRO market growth will stabilize in 2022, and the market would witness positive growth from 2022 to 2028.
The aircraft MRO market is segmented on the basis of component, aircraft type, and end-user. Based on component, the market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. Based on aircraft type, the market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held a larger market share in 2020. By end-user, the aircraft MRO market is bifurcated into commercial and military. The commercial segment held a larger market share in 2020.
The overall aircraft MRO market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the aircraft MRO market with respect to all the segments. It also provides the overview and forecast for the global market based on all the segmentation provided with respect to four major regions-North America, Europe, Asia Pacific, and rest of the world. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the aircraft MRO market. A few major players operating in the market are AAR, Barnes Group Inc, Collins Aerospace, Delta TechOps, FLTechnics, UAB., GE Aviation, Lufthansa Technik, Rolls-Royce plc., Singapore Technologies Engineering Ltd, and Turkish Technic Inc.
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