New York, United States , Aug. 13, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Engine MRO Market Size to Grow from USD 25.2 Billion in 2023 to USD 35.6 Billion By 2033, at a Compound Annual Growth Rate (CAGR) of 3.52% during the forecast period.
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The Aircraft Engine Maintenance, Repair, and Overhaul (MRO) market is an important part of the aerospace industry, assuring the safety and efficiency of flight operations. It provides inspection, repair, and replacement services for engine components to both commercial and military customers. The industry is being driven by reasons such as an ageing aircraft fleet, technological developments, and increased demand for air travel. Original equipment manufacturers (OEMs) and independent MRO service providers are key stakeholders, as they provide specialised services to improve engine performance and longevity. The growing use of predictive maintenance and digital technologies like artificial intelligence and data analytics is altering the market, making operations more efficient and cost-effective.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the "Global Aircraft Engine MRO Market Size, Share, and COVID-19 Impact Analysis, By Engine Type (Turbine Engine and Piston Engine), By Aircraft Type (Fixed-Wing Aircraft and Rotary-Wing Aircraft), Application (Civil Aviation, and Military Aviation), 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 Engine Type
The turbine engine segment accounted for the largest market share over the forecast period 2023 to 2033. Turbine engines, noted for their high efficiency and power production, are critical to modern aircraft, creating a steady demand for maintenance and repair services. The ageing fleet of turbine-powered aircraft, which need frequent MRO activities to ensure safety and performance, fuels the rise even further. Technological developments, such as more fuel-efficient and ecologically friendly engine designs, add to the complexity and frequency of maintenance. Furthermore, the introduction of new-generation turbine engines necessitates specialised MRO capabilities, which presents chances for service providers to broaden their expertise and offers in this market.
Insights by Aircraft Type
The fixed wing segment accounted for the largest market share over the forecast period 2023 to 2033. As the global fleet of fixed-wing aircraft grows, particularly with the rise of commercial and low-cost carriers, so does the demand for engine maintenance, repair, and overhaul services. This market benefits from advances in aviation technology, such as more efficient engines that necessitate specialised maintenance. Furthermore, the ageing fleet of fixed-wing aircraft need periodic MRO activities to ensure operating safety and efficiency. The expansion of the cargo and logistics sectors, which rely significantly on fixed-wing aircraft, adds to the rising need for MRO services in this area.
Insights by Application
The civil aviation segment accounted for the largest market share over the forecast period 2023 to 2033. The spike in passenger traffic, particularly in emerging countries, has prompted airlines to expand the frequency of flights and routes, increasing the demand for frequent engine maintenance and overhaul services. Furthermore, the increasing use of newer, more fuel-efficient aircraft by commercial airlines needs specialised MRO skills, which contributes to market growth. The ageing civil aircraft fleet requires more frequent maintenance to ensure safety and regulatory compliance. The expansion of low-cost carriers, combined with the growing relevance of sustainability, is driving demand for creative and efficient MRO solutions in the civil aviation sector.
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Insights by Region
North America is anticipated to dominate the Aircraft Engine MRO Market from 2023 to 2033. North America has a considerable share of the Aircraft Engine MRO market, owing to a developed aviation industry and a huge fleet of commercial and military aircraft. The region is home to major airlines, substantial airline networks, and top MRO service providers, which all contribute to a strong demand for maintenance, repair, and overhaul services. The presence of Original Equipment Manufacturers (OEMs) and advanced technological infrastructure facilitates the development and implementation of innovative MRO solutions, such as predictive maintenance and digital twin technologies. Additionally, the ageing aircraft fleet in North America necessitates frequent engine maintenance and updates. The regulatory environment, which includes high safety and compliance regulations, increases demand for dependable MRO services in the region.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Airlines in emerging economies like China, India, and Southeast Asia are expanding their fleets to capitalise on growing middle-class populations and tourism. This increases demand for engine maintenance, repair, and overhaul services. To meet the increased demand, the region is also seeing investments in MRO infrastructure, including as new facilities and technology developments. Furthermore, strategic alliances between domestic airlines and multinational MRO providers are becoming more widespread, improving service capabilities and market reach. The increasing acceptance of low-cost carriers, as well as the growth of regional aviation hubs, are driving up demand for MRO services in Asia-Pacific.
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 players in the market are GE Aviation (U.S.), Pratt & Whitney (U.S.), Safran Aircraft Engines (Paris), Rolls-Royce (U.K.), ST Aerospace (Singapore), SIA Engineering Company (Singapore), Air France Industries KLM Engineering & Maintenance (France), Lufthansa Technik (Germany), MTU Aero Engines (Germany), Delta TechOps (U.S.), and other key companies.
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Recent Market Developments
- In December 2021, Korean Air highlighted technological advancements by using drone swarms to inspect a full-body aircraft with only four drones.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Engine MRO Market, Engine Type Analysis
- Turbine Engine
- Piston Engine
Aircraft Engine MRO Market, Aircraft Type Analysis
- Fixed-Wing Aircraft
- Rotary-Wing Aircraft
Aircraft Engine MRO Market, Application Analysis
- Civil Aviation
- Military Aviation
Aircraft Engine 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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