Aircraft MRO Market accounted for US$ 32.44 billion in 2020 and is estimated to be US$ 38.79 billion by 2030 and is anticipated to register a CAGR of 1.8%. MRO (Maintenance, Repair, and Overhaul) is a set of procedures that ensures an aircraft's and its engine components are kept in good working order. MRO is a large company that manages a number of repair stations for various aviation authorities across the world. The MRO sector seeks to provide enhanced availability and dependability of commercial and other fleets by adhering to international rules and norms of safe airline operation.
The report " Global Aircraft MRO Market, By MRO Type (Engine MRO, Components MRO, Interior MRO, Airframe MRO, Modifications MRO, and Field Maintenance) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029’’
Key Highlights:
- In September 2021, The Minister of Civil Aviation has announced a new MRO policy in order to attract investment.The new policy for Maintenance, Repair, and Overhaul (MRO) services includes open bidding for site leasing and the elimination of the AAI's royalty.
- In November 2021, China Airlines has received possession of its first Airbus A320neo family aircraft on lease from Air Lease Corporation, an A321neo with Pratt & Whitney GTF engines. In 2019, the airline placed a definite order for 25 A320neo family aircraft, with the option to purchase an extra five. A long-term 'EngineWise' agreement for engine maintenance was included in the order.
Analyst View:
Rising air transportation operations in both developed and developing countries are likely to generate demand for the global aircraft MRO market, which would promote target market growth. Furthermore, in recent years, a number of new MRO service facilities have been established in a number of countries, increasing regional enterprises' contribution to the global aviation MRO market. The use of cargo planes has expanded as international trade between countries has increased, and it is critical to schedule timely repairs or inspections of aeroplanes to ensure performance efficiency and safe air travel.
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Key Market Insights from the report:
Global Aircraft MRO Market accounted for US$ 32.44 billion in 2020 and is estimated to be US$ 38.79 billion by 2030 and is anticipated to register a CAGR of 1.8%. Global Aircraft MRO market is segmented into MRO type, application and region.
- Based on MRO Type, the Global Aircraft MRO Market is segmented into Engine MRO, Components MRO, Interior MRO, Airframe MRO, Modifications MRO, and Field Maintenance.
- By Region, the Global Aircraft MRO Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Aircraft MRO Market:
The key players in the global Aircraft MRO market includes AAR Corp., AFI KLM, BAE Systems, Delta Techops, GE Aviation, GMF Aeroasia, HAECO, Iberia Maintenance, LUFTHANSA Technik AG, Mtu Aero Engines, Pratt & Whitney, Rockwell Collins, Rolls Royce, SIAEC (SIA Engineering Company Ltd.), Turkish Technic, and Regent Aerospace. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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