Aircraft MRO Market Size to Hit $134.07 Billion, Globally, by 2030 | Exclusive Report by The Insight Partners
Aircraft MRO Market is growing at a CAGR of 4.9% from 2022 to 2030.
Pune, India, Nov. 07, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Aircraft MRO Market Forecast to 2030 – Global Analysis – by Components (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, Others); Aircraft Type (Fixed Wing Aircraft, Rotary Wing Aircraft); End Users (Commercial, Military); and Geography,” the market is expected to grow from US$ 91.15 billion in 2022 to US$ 134.07 billion by 2030; it is anticipated to register a CAGR of 4.9% from 2022 to 2030.
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Aircraft MRO Market: Competitive Landscape and Key Developments
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 are among the key aircraft MRO market players profiled during this study. In addition, several other important aircraft MRO market players have been studied and analyzed during the study to get a holistic view of the aircraft MRO market and its ecosystem.
In 2023, ST Engineering announced that its Commercial Aerospace business has secured multi-year contracts to provide Japan Airlines with its component Maintenance-By-the-Hour (MBHTM) solutions, strengthening a longstanding relationship with the airline in integrated MRO support.
In 2023, Safran Nacelles and Lufthansa Technik signed a license agreement for the Maintenance, Repair, and Overhaul (MRO) of Airbus A320neo’s LEAP-1A nacelles. Over 2,500 nacelles produced by Safran Nacelles are currently in service on Airbus A320neo aircraft that are powered by CFM International’s LEAP-1A engines.
Global Aircraft MRO Market Scope:
|Market Size Value in||USD 91.15 Billion in 2022|
|Market Size Value by||USD 134.07 Billion by 2030|
|Growth rate||CAGR of 4.9% from 2022 to 2030|
|Segments covered||Components, Aircraft Type, End Users|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Rising Presence of MRO Service Providers in Emerging Economies is Boosting the Aircraft MRO Market Growth
With the rapidly growing aviation industry over the past few years, the demand for airline MRO services is also increasing. Emerging economies, such as those in APAC, are highly focused on extending MRO services to commercial as well as military aircraft companies. Major aircraft MRO businesses in APAC include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Heavy spending on aviation infrastructure, economic growth, and increase in passenger count are the factors propelling the adoption of aircraft maintenance services. Moreover, the soaring number of middle-class travelers—especially in APAC countries, such as China, Singapore, and India—is the main factor contributing to air travel growth, which is consequently increasing the need for aircraft maintenance services in the region. The Rest of APAC countries, which include Singapore, Malaysia, and Thailand, produce a large amount of revenue from the aircraft MRO market due to well-established MRO hubs. For instance, Singapore dominates the Rest of APAC due to its established MRO hubs, and major market players such as GE Aviation, Airbus, and Rolls-Royce have substantial footprints in Singapore. According to the Wisconsin Economic Development Corporation (WEDC), Singapore houses 120 aerospace companies, which have gathered one-quarter of the APAC’s aircraft MRO market.
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Aircraft MRO Market Analysis: End User Overview
The commercial aviation industry consists of commercial airlines that engage in the transportation of goods and passengers. The increasing number of global passengers is fueling the demand for new aircraft, which is expected to drive the aircraft MRO market. In the defense sector, aircraft are used to carry out complex missions with maximum security, precision, and efficiency. The demand for new aircraft is growing with the increasing military spending in the emerging economies of APAC and the MEA.
The surge in global security threats, coupled with increased defense spending by several countries, is fueling the production of global defense aircraft. In defense applications, aircraft are used to carry out complex missions with maximum security, precision, and efficiency. The defense forces across the globe carry out repair, maintenance, and modernization activities on their existing fleet. For instance, in August 2023, Boeing won a contract of US$ 94 million for integrating and installing advanced technology on two Boeing 777 aircraft for the Indian market. This contract aims to enhance the military capabilities of India, which is expected to complete in 2027. Such contracts are boosting the growth of aircraft MRO market share of India.
Similarly, in September 2023, Honeywell International Inc. bagged a contract of US$ 95.03 million for MRO of UH-60 Black Hawk starters. It is a firm-fixed-price contract, which is expected to be completed in September 2028. The defense forces conduct in-house MRO activities on their aircraft fleet and also invest substantial amounts in outsourcing the same to private MRO companies. This factor boosts the aircraft MRO market growth for the military segment.
Through several approaches, governments ensure that sufficient space is mandatorily allocated at airports for MRO, and this would lead to an improvement in terms of aircraft MRO activities during the forecast period. They are also striving to improve their airport infrastructure to provide high-quality MRO services. For instance, in August 2023, VK Singh, the Minister of State for Civil Aviation, announced that the Indian government allocated US$ 12 billion of investment for the enhancement of 41 existing airports. Further, the government is planning for the construction of nine new “greenfield” airports in order to fulfill the growing demand for domestic and international air travel in the country. The noteworthy approach toward the development of airport infrastructure is expected to drive the aircraft MRO market share in the country.
Go through further research published by The Insight Partners:
Aircraft Wheels MRO Market– Global Analysis and Forecast to 2028
Military UAV MRO Market– Global Analysis and Forecast to 2030
Aircraft Engine MRO Market– Global Analysis and Forecast to 2028
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