The global air transport MRO market is estimated to attain a valuation of US$ 79.2 billion in 2023 and is projected to accumulate over US$ 130 billion by 2033, trailing a CAGR of 5% during the forecast period.
As to FMI’s estimate, the United Kingdom is predicted to lead Europe’s air transport MRO industry. According to the market report, FMI expects the European market to grow at a 4.5% CAGR.
The rising use of new technologies like augmented reality (AR), virtual reality (VR), and blockchain to optimise aviation maintenance operations will continue to drive market expansion.
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The aircraft engine MRO market is predicted to experience substantial growth during the forecast period, driven by the rapid fleet expansion plans of airlines and military forces. Additionally, the aging military aircraft fleet in certain countries is generating significant demand, as these countries aim to extend the service life of these aging aircraft due to budget constraints.
The introduction of new generation engines in new aircraft might contribute to increased demand for aircraft engine MRO, as these engines require expensive materials compared to old aircraft.
The introduction of advanced technologies that digitize and automate maintenance activities is expected to propel market growth. This is most likely to enhance overall maintenance process efficiency, reduce the turnaround time, and improve safety, driving the growth of engine MRO players in the market.
Increasing investments in aviation MRO software are poised to create new growth opportunities in the global aircraft MRO market. This software encompasses various components such as:
- Maintenance Monitoring
- Maintenance scheduling
- Logbook tracking,
- Budget forecasting,
- Manuals,
- Flying time tracking,
- Electronic task card management
- Service bulletin management, and work order administration
The aviation MRO software incorporates features that facilitate compliance with regulatory agencies like the FAA and ICAO. Its primary objective is to streamline maintenance processes and minimize downtime. Notably, the software has undergone significant modifications due to the advancements in big data and analytics within the aviation industry.
The industry generates a vast amount of data, which enables MRO companies to enhance operational efficiency and deliver tailored solutions that cater to the specific requirements of airlines.
Key Takeaways:
- North America’s air transport MRO industry is projected to expand with a CAGR of 4.8% during the forecast period.
- The demand for air transport MRO in China is expected to capture a CAGR of 4.9% from 2023 to 2033.
- By application, the engine segment is anticipated to thrive at a CAGR of 5.5% between 2023 and 2033.
- The United Kingdom is expected to record an impressive CAGR of 4.5% throughout the forecast period.
The introduction of advanced technologies and rising investments in aviation MRO software is expected to fuel the market growth during the forecast period- Anticipates an FMI Analyst.
Competitive Landscape
The market for air transport MRO is highly competitive, with several key industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players operating in the market include AAR Corporation, KLM Engineering & Maintenance, Delta TechOps, HAECO Ltd., Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, SIA Engineering Company (SIAEC).
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Some Recent Developments in the Air Transport MRO Market
- In February 2021, SIA Engineering Company Ltd. established the Engine Services Division, focusing on research, development, and support for advanced aircraft engine servicing, repairs, wing testing, and more.
- In July 2022, Delta TechOps, the MRO division of an airline, announced its signing of a CFM Branded Service Agreement (CBSA) to provide support for LEAP-1B engines. This agreement potentially allows Delta to join CFM’s MRO network for LEAP-1B engines.
- AAR, a prominent MRO service provider for commercial and government operators, announced in October 2021, the renewal of their power-by-the-hour (PBH) component pool and repair support agreement with Flydubai. This five-year contract extends and reinforces the partnership initiated in 2016, aimed at delivering comprehensive rotatable component support for Flydubai’s Boeing 737NG fleet.
Key Segments Profiled in the Air Transport MRO Market
By Application Type:
- Airframe
- Engine
- Component
- Line
By Aircraft Type:
- Narrow Body Aircraft
- Wide-Body Aircraft
- Regional Jet
- Turbo Prop
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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