Aircraft MRO Market Growth On The Basis Of Type, Application, Region & Forecast To 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on July 1st, 2024 San Francisco, 01 July 2024: The Report Aircraft MRO Market Size, Share & Trends Analysis Report By Service Type (Engine Overhaul, Airframe Maintenance), By Organization Type, By Aircraft Type, By Aircraft Generation, By Region, And Segment Forecasts, 2023 - 2030 The global aircraft MRO market size is expected to reach USD 118.80 billion by 2030, to register an estimated compound annual growth rate (CAGR) of 5.02% from 2023 to 2030, according to a new report by Grand View Research, Inc. According to a new report by Grand View Research, Inc. Aircraft maintenance, repair, and overhaul (MRO) implies overhaul, inspection, repair, and modification of aircraft and its components. Majorly the market is covered by the Original Equipment Manufacturing industries (OEMs) or Aerospace Engineering Service Providers (AESPs). The high-level EPSs are highly monitored with the help of the Service Level Agreement (SLA) to maintain a high level of confidentiality. AXISCADES is a leading aircraft ESP with over two decades of experience in various aircraft areas. Furthermore, the advancement in predictive maintenance has resulted in an increase in technological and manpower related problems for the MRO industry. Predictive maintenance requires innovative technologies, such as digital twins, through which rapid improvements and growths are detected within a short period. This states that not all organizations are fully equipped with the entire infrastructure, which also implies that this concept has limited reach; and few MROs are interested in investing to increase these skills among themselves. The COVID-19 outbreak situation resulted in crises on a very large scale. Restrictions and cancellations of the flights in a global effort to restrict spread of the virus reduced passenger traffic and restricted the aircraft movement. Due to this, the aircraft MRO industry for maintenance, repair, and overhaul was affected significantly in 2020. In 2021, due to the decrease in travel restrictions and a steady increase in flight movements, demand for the aircraft maintenance, repair, and overhaul increased relatively. The market is anticipated to grow positively in forecasted years. For instance, in September 2021, Civil aviation minister of India Mr.Jyotiraditya Scindia announced a MRO policy for civil aviation space, intending to attract investments for MRO services, including renting land via open bidding and canceling royalty charges by AAI. Further, the minister has allocated eight airports to attract investment for MRO installations. The aforementioned airports are Begum Pet, Juhu, Tirupati, Telangana, Bhopal, Chennai, Chandigarh, Delhi, and Kolkata. The integration of advanced engines in new aircraft is expected to create lucrative opportunities. For instance, in December 2021, the Saudi Arabia airlines flynas signed a multiple-year rate per flight hour (RPFH) contract with CFM international for the LEAP-1A engines joining the airline fleet of eighty Airbus A320 neo aircraft. Due to this agreement, CFM will ensure the airline’s 160 LEAP-1A engine maintenance cost per engine flight hour. This will help to propel the growth of the engine MRO segment of the market during the forecast period. Request sample report of Aircraft MRO Market@ https://www.grandviewresearch.com/industry-analysis/aircraft-mro-market/request/rs1 Rapid urbanization and the rising economic growth in emerging countries with increased business and tourism travels are expected to increase the market growth. Various external factors, such as air traffic volumes, global fleet size, and aircraft utilization, are the factors expected to significantly impact the market. Also, the increased air travel by individuals for business and personal purposes is expected to create more aircraft production, thereby substantially impacting the market. Aircraft MRO Market Report Highlights
The rise in investments in aircraft (maintenance, repair and overhaul) MRO software are also expected to create new business prospects. Aircraft MRO software consists of maintenance tracking, logbook tracking, flight time tracking, service bulletins management, maintenance scheduling, budget forecasting, electronic task card management, and work order management. For instance, in May 2021, India observed significant foreign direct investments in different sectors, including aircraft maintenance, repair, and overhaul industries. Therefore, investments and acquisitions are the factors expected to create lucrative opportunities for the market. The market is also influenced by the regulatory compliance with organizations like the Federal Aviation Administration (FAA) and International Civil Aviation Organization (ICAO). Furthermore, the rise in demand for older planes and environmental concerns emphasize the continuous monitoring and maintenance of the older planes, thereby creating traction for the market. Furthermore, the global outburst of the COVID-19 and shutting down of travel and tourism due to strict lookdowns imposed by the governments to curb the spread hampered the revenue and profit margins of the airline industry. Aircraft MRO Market Report Scope
The shutting down of the functioning of airlines resulted in more airlines turning to MRO to maintain fleet efficiency. Moreover, numerous government programs have been developed to encourage airports to embrace MRO as a strategic activity. Governments are currently pursuing a variety of holistic measures to ensure that enough space is available for the MRO at various airports around the country, which could boost aircraft MRO activities during the forecasted period. List of Key Players in the Aircraft MRO Market
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