Commercial Aircraft MRO Market
Commercial Aircraft MRO Market to surpass USD 112.6 billion by 2031 from USD 260.2 billion in 2021 at a CAGR of 4.21% within the coming years, i.e., 2021-31.
Aircraft MRO refers to overhaul, inspection, repair, or modification of an aircraft or its components. Cargo and passenger aircraft hands heavily rely upon aircraft MRO solutions to provide safe and hassle-free flights. As producers of the airframe original equipment are focused on the production and development and not on the aftermarket, the aircraft MRO industry has seemingly arisen as a profitable business in the aviation area.
Commercial Aircraft MRO Market is predicted to project a notable CAGR of 4.21% in 2030
Increasing economic growth and rapid urbanization in emerging countries along with business & tourism travels are likely to augment the market growth. The maintenance, repair, and overhaul (MRO) market is conquered majorly by external factors which includes aircraft utilization, global fleet size, and air traffic volumes, i.e., both cargo and passengers. The growth in air travel needs more aircraft production, which will support the MRO industry.
Commercial Aircraft MRO Market: Segments
Manufacturing segment to grow with the highest CAGR during 2021-2031
Commercial Aircraft MRO Market is segmented by End-users into Manufacturing, Logistics & Transport. Manufacturing segment held a major share of the Commercial Aircraft MRO market. Manufacturing entities are aggressively implementing digital manufacturing technologies and Commercial Aircraft MRO Market plays an important role in such advanced technologies. The market is dignified for substantial growth in the near future in line with the strategic partnerships and association stakeholders are striking and the need for a linked supply chain to safeguard mobility, operational efficiency, and regulatory compliance, which is rising continuously.
Engine segment Robot Segment to grow with the highest CAGR during 2021-2031
Commercial Aircraft MRO Market is segmented by MRO services into Airframe, Engine, Component, and Line. Engine segment held a major share of the Commercial Aircraft MRO market. Engine MRO comprises of field maintenance and depot maintenance forms. Depot-level maintenance entails material maintenance, major repair, overhaul, or complete rebuilding of engines, parts, and many others. It also includes the manufacturing of parts, technical assistance, and testing. Field-level maintenance comprises shop-type work and on-equipment preservation activities at levels different than depot maintenance. Many developments are expected to boost the engine MRO segment of the market during the forecast years.
Commercial Aircraft MRO Market: Market Dynamics
Increasing investments in aircraft MRO software
Increasing investments in aircraft MRO software are also projected to provide new growth opportunities. Aircraft MRO software comprises of software components for maintenance tracking, maintenance scheduling, logbook tracking, budget forecasting, manuals, flight time tracking, electronic job card management, service bulletins management, and work order management. It also includes features aiding compliance with regulatory organizations such as FAA and ICAO. It is mainly used to streamline maintenance processes and lessen work time. This industry produces a huge amount of information and data, which will benefit the MRO companies in improving their operational efficacy and providing customized services that cater to the demands of the airlines.
Growing airline passengers
The narrowbody aircraft in the commercial aircraft MRO market is projected to generate USD 55 billion revenue in 2027. A narrowbody aircraft or single-aisle aircraft is used to function short-haul cross-border flights and domestic flights is smaller-type aircraft. A narrowbody aircraft can carry up to 295 passengers owing to its small size and limited to short-distance journeys. The market is extremely dependent on private and commercial narrowbody aircraft. The growing application of such aircraft in the construction industry will further drive the revenue generation.
Impact of the COVID-19 on the Commercial Aircraft MRO Market
The ongoing COVID-19 pandemic has resulted in a full-scale crisis with the imposition of travel restrictions and suspension of flights in a global effort to contain the spread of the virus. The aviation industry is in survival approach, halted by the loss of traffic and revenues. The airlines are expected to record potential losses estimated to USD 280 million to USD 380 billion in gross operating revenues.
Commercial Aircraft MRO Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Air-France Industries KLM Engineering & Maintenance
Hong Kong Aircraft Engineering Co. Ltd.
MTU Aero Engines AG
Triumph Group Inc.
Barnes Group Inc
Other prominent players
Commercial Aircraft MRO Market: Regions
Commercial Aircraft MRO Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is estimated to contribute the largest share of the Commercial Aircraft MRO Market during the forecast period. Many of the chief market manufacturers are based on this region, and also the region has a great sum of startups and constructers working toward the growth of delivery robotic technology. North American market also holds a major share of the global market. The market in the region is projected to register the highest CAGR during the forecast period.
Commercial Aircraft MRO Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Commercial Aircraft MRO Market report also contains analysis on:
Commercial Aircraft MRO Market Segments:
By MRO Services
Logistics & Transport
Commercial Aircraft MRO Market Dynamics
Commercial Aircraft MRO Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Commercial Aircraft MRO Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 74.5 billion
Revenue forecast in 2031 USD 112.6 billion
Growth Rate CAGR of 4.21% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD billion and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Components, End-user and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled
AAAR Corp, Bombardier Inc., Air-France Industries KLM Engineering & Maintenance, GE Aviation, Hong Kong Aircraft Engineering Co. Ltd., Delta TechOps, MTU Aero Engines AG, Lufthansa Technik, Triumph Group Inc., Collins Aerospace, Barnes Group Inc, FLTechnics, Rolls-Royce plc