Report Overview
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The global industrial aircraft maintenance, repair & overhaul (MRO) market size was valued at USD 48350 million in 2022. As per our research, the market is expected to reach USD 58540 million by 2028, exhibiting a CAGR expansion of 3.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Aircraft Maintenance, Repair, and Overhaul (MRO) is a critical aspect of the aviation industry that focuses on the inspection, repair, and maintenance of aircraft to ensure their safety, airworthiness, and operational efficiency. MRO activities are essential to keep aircraft in optimal condition and comply with regulatory requirements.
The Aircraft Maintenance, Repair, and Overhaul (MRO) market is a substantial and dynamic sector within the aviation industry. It encompasses a wide range of services and activities related to the maintenance and upkeep of aircraft, engines, components, and systems. The MRO market plays a crucial role in ensuring the safety, airworthiness, and operational efficiency of aircraft.
COVID-19 Impact: Market Faced a Downfall in Demand Due to Dramatic Reduction in Air Travel
There was no single sector unaffected by COVID-19. The Industrial aircraft maintenance, repair & overhaul (MRO) market was affected as well. One of the most immediate and pronounced effects of the pandemic was a sharp decline in air travel demand. Airlines around the world grounded a significant portion of their fleets, resulting in fewer flight hours for aircraft. This reduced the need for routine maintenance and inspections, leading to a decline in MRO activities, especially in line maintenance.
Latest Trends
"Digitalization and Predictive Maintenance to Bring Efficiency in the Market "
The Industrial aircraft maintenance, repair & overhaul (MRO) market is as dynamic as any market. In the market, there are everyday developments in the market to add more benefits to it. The use of digital technologies, including data analytics, machine learning, and the Internet of Things (IoT), has continued to grow in MRO. These technologies are being used to monitor aircraft systems in real-time, and predict component failures, and optimize maintenance schedules. This helps reduce downtime, improve safety, and lower operational costs.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into maintenance, repair, and overhaul.
In terms of services, Maintenance is the largest segment, as it holds the maximum share of the market.
- By Application Analysis
Based on application, the market can be divided into civil aircraft and military aircraft.
Driving Factors
"Aging Aircraft Population has Increased Demand in the Market"
The global aviation fleet includes many aging aircraft that require more frequent and extensive maintenance. Older aircraft are more likely to undergo major overhauls and modifications, driving MRO demand. The presence of an aging aircraft population has a significant impact on the Aircraft Maintenance, Repair, and Overhaul (MRO) market. As aircraft age, they require more frequent and extensive maintenance and repair work to ensure their continued airworthiness and safety.
"Fleet Expansion Has Influenced the Demand in the Market"
The growth in the global aviation industry, including commercial and regional airlines, leads to an increased demand for MRO services. As airlines expand their fleets to meet growing passenger and cargo demand, there is a need for more maintenance and repair work. Fleet expansion in the aviation industry has several significant implications for the Aircraft Maintenance, Repair, and Overhaul (MRO) market. As airlines and aircraft operators expand their fleets by acquiring new aircraft or increasing the number of existing aircraft, it has a direct impact on the demand for MRO services. This contributes to the aircraft maintenance, repair & overhaul (MRO) market growth.
Restraining Factor
"Cost Pressures Could Lead to a Declining Trend in the Market"
One of the most significant restraining factors in the MRO market is the high cost associated with maintenance and repair activities. These costs include labor, specialized equipment, spare parts, and facility maintenance. Airlines and MRO providers often face cost constraints, which can lead to deferred maintenance and reduced investment in MRO services. As a consequence, there can be a declining trend in the market.
Regional Insights
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"North America Region to Dominate the Market owing to its Large Aviation Market"
North America has the largest Industrial aircraft maintenance, repair & overhaul (MRO) market share as it is home to one of the largest and most mature aviation markets in the world. It has a vast fleet of both commercial and general aviation aircraft, with a substantial number of airlines, cargo carriers, and private operators. This extensive aviation activity generates significant demand for MRO services. The North American aviation market includes a diverse range of aircraft types, from small regional aircraft to large long-haul jets. This diversity results in a wide variety of maintenance and repair requirements, further boosting the demand for MRO services.
Many major international airlines are based in North America, including legacy carriers and low-cost carriers. These airlines operate extensive fleets that require ongoing maintenance and repair work. North America is home to several major aircraft and engine manufacturers, such as Boeing, Airbus, Lockheed Martin, General Electric, and Pratt & Whitney. The proximity of these OEMs to MRO providers facilitates access to technical support, spare parts, and training.
Key Industry Players
"Key Players Focus on Maintenance For Market Expansion "
Key players in the Aircraft Maintenance, Repair, and Overhaul (MRO) market perform a range of critical functions to ensure the safety, airworthiness, and operational efficiency of aircraft. These key players include airlines, independent MRO providers, original equipment manufacturers (OEMs), and component manufacturers. Key players in the MRO market are responsible for ensuring the safety and reliability of aircraft by conducting inspections, maintenance, repairs, and overhauls in compliance with stringent aviation regulations. They play a crucial role in keeping aircraft operational, minimizing downtime, and maximizing the lifespan of aircraft and their components. The MRO market is characterized by a mix of in-house airline maintenance, independent MRO providers, and OEM-related services, allowing aircraft operators to choose the most suitable options for their specific needs.
List of Market Players Profile
- GE (U.S.)
- Rolls-Royce (U.K.)
- MTU Maintenance (Germany)
- Lufthansa Technik (Germany)
- Pratt & Whitney (U.S.)
Report Coverage
The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.
Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 48350 Million in 2021 |
Market Size Value By |
US$ 58540 Million by 2028 |
Growth Rate |
CAGR of 3.2% from 2021 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global Industrial aircraft maintenance, repair & overhaul (MRO) market expected to touch by 2028?
The global Industrial aircraft maintenance, repair & overhaul (MRO) market is expected to touch USD 58540 million by 2028.
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What CAGR is the Industrial aircraft maintenance, repair & overhaul (MRO) industry expected to exhibit during 2022-2028?
The global Industrial aircraft maintenance, repair & overhaul (MRO) market is expected to exhibit a CAGR of 3.2% over 2022-2028.
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What are the factors which help in pushing the Aircraft Maintenance, Repair & Overhaul (MRO) market?
The aging aircraft population and fleet expansion are the driving factors of the Aircraft Maintenance, Repair & Overhaul (MRO) market.
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Which are the key players or most dominating companies functioning in the Aircraft Maintenance, Repair & Overhaul (MRO) market?
GE, Rolls-Royce, MTU Maintenance, Lufthansa Technik, and Pratt & Whitney are the top companies operating in the Aircraft Maintenance, Repair & Overhaul (MRO) market