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$119.41 Billion, Aircraft MRO Market International Trend Analysis with 4.6% of CAGR by 2027

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$119.41 Billion, Aircraft MRO Market International Trend Analysis with 4.6% of CAGR by 2027

March 18
13:00 2021
$119.41 Billion, Aircraft MRO Market International Trend Analysis with 4.6% of CAGR by 2027

Aircraft MRO Market Regional Outlook
According to the new research report published by The Insight Partners, titled “Aircraft MRO Market – Global Analysis and Forecast to 2027”, the global aircraft MRO market is expected to reach US$ 119.41 Bn in 2027, registering a CAGR of 4.6% during the forecast period 2019-2027.

A proper MRO of an aircraft or its component can help businesses to avoid significant risks to their survival. Maintenance, repair, and overhaul (MRO) process is an essential and unavoidable aspect of every business. Thus, aviation industry players majorly focuses on creating appropriate business processes and infrastructure to support. The growth of the commercial as well as military segments in the aviation industry is likely to fuel the MRO market growth during the forecast period. Further, due to growth in the global population that can afford air travel is one of the factors boosting the growth of the aviation MRO market.

With the increase in the population the demand for new aircraft procurement is also rising along with the surge in shift timings, thus leading to the need for frequent MRO activities. Additionally, improved service quality, increased competition, and lowered service fares are among the crucial factors benefitting both mature and developing market segment around the globe.

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The aviation industry in the region is widely a pivotal contributor to its social and economic development. In the year 2017, Asia Pacific surpassed North America in terms of the leading digital travel market. The growth of Asia has been primarily contributed by the wide range of income levels and rapidly growing middle class. This resulted in robust sales gain in fast-developing economies of the region, such as India and China. APAC is expected to be the region experiencing ample of opportunities for providers of aircraft MRO services. APAC has several growing economies, which is leading the growth with a wide variety of sectors, including aerospace, military & defense, technology, and others. Many emerging economies in the APAC region are attracting investments from the regulatory bodies to bring enhancement in their technologies. This would eventually propel the growth and adoption of advanced technologies to be integrated into aircraft.

Key findings of the study:

In 2018, the Asia-Pacific region accounted for the largest market share due to the significant presence of a strong aviation sector in the region. Moreover, the growing passenger size in the region is growing, which is supporting the demand for new aircraft. Therefore, the growing aircraft fleet size would require repair and maintenance services, which is supporting the growth of aircraft MRO in the region.

In Asia-Pacific, India is among the fastest-growing economies in APAC, and the aviation industry in the region is growing. In India, the maintenance, repairs, and overhaul market is at an emerging stage and has incredible growth opportunities. India is one of the fastest-growing aviation industries in the world and would continue to grow at a swift pace in the coming years. The country is developing as a potential international hub for manufacturing and MRO.

Strategic Insights

The market players present in the aircraft MRO market are mainly focusing on product enhancements by implementing advanced technologies. Few of the recent developments are listed below:

2019: AAR inked a three-year contract with JetBlue to offer component value engineering cost oversight services for the airline’s Airbus and Embraer fleets.

2019: Delta TechOps signed engine maintenance service agreement which covers PW4060 engine maintenance for about 6 years supporting the airline’s Boeing 767 fleet.

2019: GE Aviation and Sanad Aerotech entered into an agreement for the Abu Dhabi-based MRO to offer maintenance services for GE’s GEnx-1B engines and overhauls on CFM International’s Leap engines.

The report segments the global aircraft MRO market as follows:

Global Aircraft MRO Market – By Component

  • Engine MRO
  • Avionics MRO
  • Airframe MRO
  • Cabin MRO
  • Landing Gear MRO
  • Others

Global Aircraft MRO Market – By Aircraft Type

  • Fixed Wing Aircraft
  • Rotary Wing Aircraft

Global Aircraft MRO Market – By End-User

  • Commercial
  • Military

Global Aircraft MRO Market – By Geography

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • Germany
  • UK
  • Italy
  • Russia
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa
  • South America
  • Brazil
  • Argentina
  • Rest of South America

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Media Contact
Company Name: The Insight Partners
Contact Person: Sameer Joshi
Email: Send Email
Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/reports/aircraft-mro-market

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