MarkNtel Advisors recently published a detailed industry analysis of the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Aircraft Maintenance, Repair and Overhaul (MRO) Services Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2029
The Aircraft Maintenance, Repair and Overhaul (MRO) Services Market size in the year 2022 was around USD 78.9 billion and it is estimated to grow at a CAGR of around 7.32% during the forecast period, i.e., 2024-29.
What are the Major Driver of the Aircraft Maintenance, Repair and Overhaul (MRO) Services industry?
Extensive Air Cargo Delivery & Air Travel Driving Market Growth – Over the past few years, air traffic has consistently increased due to the surge in the transportation of goods via air and the rising tourism across the globe. Air cargo is crucial for perishable goods transportation like pharmaceuticals, seafood, vaccines, etc., since it provides timely delivery of these goods and ensures the preservation of the quality & shelf life of the goods.
According to the International Air Transport Association, in 2022, Air Cargo transports over USD 6 trillion worth of goods annually and accounts for approximately 35% of world trade. In addition, valuable & expensive products like electronics and other luxury goods are transported from one country to the destination via air to reduce the risk of theft. This rising usage of aircraft for the delivery of goods is resulting in a surge in aircraft utilization rates. As a result, the aircraft are more prone to some failures in aircraft systems and components. Thus, cargo operators such as DHL Aviation, Emirates SkyCargo, etc., are going for Aircraft MRO Services to ensure the smooth functioning of the aircraft.
Moreover, the rising net disposable income in countries like the UAE, Hong Kong, Germany, etc., and the increasing inclination of the Millennials & GenZ population towards exploration of different regions is leading to an increase in air travel. The surge in air travel is putting strain on aircraft components like engines, propellers, etc. Hence, the fleets of airlines like Go First, Akasa Air, etc., undergo regular maintenance, driving the Global Aircraft Maintenance, Repair and Overhaul (MRO) Services Market.
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What segments define the Aircraft Maintenance, Repair and Overhaul (MRO) Services market from 2024 to 2029? How do these segments contribute to market dynamics and growth?
- By Type of MRO
- Independent MRO- Market Size & Forecast 2019-2029F, USD Million
- Original Equipment Manufacturer (OEM) MRO- Market Size & Forecast 2019-2029F, USD Million
- Airline/Operator MRO- Market Size & Forecast 2019-2029F, USD Million
- By Service Type
- Airframe Maintenance- Market Size & Forecast 2019-2029F, USD Million
- Engine Overhaul- Market Size & Forecast 2019-2029F, USD Million
- Modification- Market Size & Forecast 2019-2029F, USD Million
- Component repair & Maintenance- Market Size & Forecast 2019-2029F, USD Million
- Line Maintenance- Market Size & Forecast 2019-2029F, USD Million
According to report, Engine overhaul segment witnessed remarkable growth in the Global Aircraft Maintenance, Repair and Overhaul (MRO) Services Market due to the increasing insurance & warranty agreements between the MROs and airline operators related to engine maintenance and performance.
- By Type of Aircraft
- Commercial Aviation
- Narrow body Jet- Market Size & Forecast 2019-2029F, USD Million
- Widebody Jet- Market Size & Forecast 2019-2029F, USD Million
- Regional Jet- Market Size & Forecast 2019-2029F, USD Million
- Cargo- Market Size & Forecast 2019-2029F, USD Million
- General Aviation
- Single-Engine Piston Aircraft
- Twin-Engine Piston Aircraft
- Turboprop Aircraft
- Business Jets
- Amphibious Aircrafts
- Others (Rotorcraft, Aerobatic Aircraft, etc.)
- Military Aviation
- Fighter Aircraft
- Bomber Aircraft
- Reconnaissance Aircraft
- Special Mission Aircraft
- Others (Transport Aircraft, Trainer Aircraft, etc.)
- Commercial Aviation
According to report, The increasing air travel by individuals & the surging air cargo has led to a surge in the demand for commercial aviation.
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Geographical Analysis: Aircraft Maintenance, Repair and Overhaul (MRO) Services Market
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Aircraft Maintenance, Repair and Overhaul (MRO) Services Market Share & Competitive Landscape:
The Aircraft Maintenance, Repair and Overhaul (MRO) Services Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market are:
- Delta TechOps
- Lufthansa Technik AG
- Financial Details
- Air France Industries KLM Engineering & Maintenance
- Hong Kong Aircraft Engineering Company Limited (HAECO)
- PT GMF Aeroasia TBK
- Avia Solutions Group PLC
- StandardAero
- Emirates Engineering
- MTU Aero Engines AG
- Singapore Technologies Engineering Ltd
- Tap Maintenance & Engineering Ltd.
- AAR Corporation
- Textron Aviation, Inc.
- Euravia Engineering & Supply Co. Ltd
- Air India Engineering Services Ltd
Aircraft Maintenance, Repair and Overhaul (MRO) Services Industry Recent Development:
- 2023: AAR Corp. announced to provide airframe MRO services to the existing fleet of United Airlines till 2030.
- 2022: Delta TechOps announced an agreement with CFM International to provide engine overhaul MRO services for their next-generation LEAP-1B aircraft engine.
Questions Addressed in this Study
- What factors are driving the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market growth?
- How is the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market expected to grow over the next five years?
- What are the key insights into the current trends in the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market?
- What is the current size of the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market, and how is it projected to change in the future?
6.What is the future outlook for the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market in terms of technological advancements and market expansion?
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