New York, United States , July 15, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Component MRO Market Size to Grow from USD 20.3 Billion in 2023 to USD 38.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.58% during the forecast period.
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The Global Aircraft Component MRO (Maintenance, Repair, and Overhaul) Market is expanding rapidly, fueled by rising air traffic, ageing aircraft fleets, and the demand for improved safety and performance. Key market competitors are investing in cutting-edge technology and creative solutions to boost efficiency and reduce downtime. The market is divided into three segments: airframe, engine, and component maintenance. Engine and component MRO services are in high demand due to their vital role in aircraft operations. Regional markets in North America, Europe, and Asia-Pacific are dominant, with Asia-Pacific experiencing the quickest growth due to developing aviation infrastructure. Regulatory compliance, skilled labour shortages, and variable raw material costs are all major challenges. However, technological developments and strategic collaborations are projected to drive market growth.
Browse key industry insights spread across 212 pages with 110 Market data tables and figures & charts from the report on the "Global Aircraft Component MRO Market Size, Share, and COVID-19 Impact Analysis, By Aircraft Type (Commercial Aircraft (Narrow Body, Wide Body, and Regional Aircraft), Business Jet, General Aviation Aircraft, and Helicopters), By Component (Engine, Wheel and Brakes, Landing Gear, Avionics, Fuel System, Hydraulic System, Cockpit System, Flight Control, Electrical Systems, Thrust Reverser, and Others), By Maintenance Service (Inspection, Overhaul, Repairs, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Aircraft Type
The commercial aircraft segment accounted for the largest market share over the forecast period 2023 to 2033. Increased worldwide air travel, fleet expansions, and the launch of new aircraft models all drive demand for maintenance services. Airlines are focused on operational efficiency and cost-effectiveness, which has led to an increase in the outsourcing of MRO activities to specialised providers. The ageing commercial aircraft fleet also need routine maintenance, repair, and overhaul to ensure safety and performance. Technological improvements, such as predictive maintenance and AI-powered diagnostics, improve MRO efficiency and reduce downtime. The industry anticipates significant investment in updating MRO capacity to accommodate next-generation aircraft components.
Insights by Component
The flight control segment accounted for the largest market share over the forecast period 2023 to 2033. As aircraft technology advances, the complexity of flight control systems grows, needing specialised maintenance and repair services. The ageing fleet and higher aircraft utilisation rates necessitate the need for regular inspection and overhaul of flight control components. Technological improvements, like as fly-by-wire systems and digital control mechanisms, necessitate sophisticated MRO capabilities, encouraging investment in advanced diagnostic and repair technology. The regulatory requirements for routine maintenance of flight control systems assure consistent demand. Furthermore, rising worldwide air traffic and the development of airline fleets intensify the demand for effective and dependable flight control MRO services, driving market growth.
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Insights by Region
North America is anticipated to dominate the Aircraft Component MRO Market from 2023 to 2033. The presence of large airlines and OEMs (original equipment manufacturers) increases need for complete MRO services. Technological developments, such as predictive maintenance and AI integration, are routinely used to improve operational efficiency and reduce downtime. The region benefits from a trained workforce and strong regulatory systems that maintain high safety and quality standards. However, issues such as labour shortages and variable raw material costs continue. Strategic alliances and investments in modern MRO facilities are essential trends that will allow North America to preserve its dominating position while meeting the increasing need for efficient and dependable aviation repair solutions.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Emerging economies are leading the way, with large expenditures in new aircraft and aviation infrastructure. The emergence of low-cost carriers, combined with increased passenger traffic, drives the demand for broad MRO services. The market is characterised by an increasing presence of foreign MRO providers and local businesses, which improves service capabilities and competitive pricing. Technological developments, such as digitization and predictive maintenance, are increasingly being used to boost efficiency. Despite obstacles such as regulatory difficulties and skilled labour shortages, the region's emphasis on building strong MRO facilities and strategic relationships positions it for significant future growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Aircraft Component MRO market AAR Corp., Airbus SE, Delta Airlines, Inc. (Delta TechOps), Hong Kong Aircraft Engineering Company Limited, KLM U.K. Engineering Limited, Lufthansa Technik, MTU Aero Engines AG, Raytheon Technologies Corporation (Previously United Technologies Corporation), Singapore Technologies Engineering Ltd, TAP Maintenance & Engineering (TAP Air Portugal), and Others
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Recent Market Developments
- In September 2023, ST Engineering signed a multi-year agreement with Japan Airlines to provide component Maintenance-by-the-Hour (MBHTM) solutions.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Component MRO Market, Aircraft Type Analysis
- Commercial Aircraft
- Narrow Body
- Wide Body
- Regional Aircraft
- Business Jet
- General Aviation Aircraft
- Helicopters
Aircraft Component MRO Market, Component Analysis
- Engine
- Wheel and Brakes
- Landing Gear
- Avionics
- Fuel System
- Hydraulic System
- Cockpit System
- Flight Control
- Electrical Systems
- Thrust Reverser
- Others
Aircraft Component MRO Market, Maintenance Service Analysis
- Inspection
- Overhaul
- Repairs
- Others
Aircraft Component MRO Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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