Air Transport MRO Industry Forecast to Reach USD 130 Billion by 2033, Growing at a 5% CAGR | FMI Insights

Posted on 2024-12-03 by Future Market Insights in Automotive // 0 Comments

Air Transport MRO Market — Air Transport MRO Industry

The global air transport MRO industry is estimated to reach a valuation of USD 79.2 billion in 2023, with projections to exceed USD 130 billion by 2033, reflecting a CAGR of 5% during the forecast period.

Industry Drivers

The aircraft engine MRO sector is anticipated to see significant growth, driven by the rapid expansion plans of airline and military fleets. Additionally, the aging military aircraft fleet in several countries is creating substantial demand for MRO services, as these nations aim to extend the operational lifespan of their aircraft amid budget constraints.

The introduction of new generation engines is also expected to increase the demand for aircraft engine MRO, as these advanced engines require more expensive materials compared to older models.

Technological Advancements

Advanced technologies that digitize and automate maintenance activities are projected to further propel Industrygrowth. These innovations are anticipated to enhance maintenance efficiency, reduce turnaround times, and improve safety, benefiting engine MRO providers.

Software Investments

Increasing investments in aviation MRO software are set to create new growth opportunities in the global aircraft MRO industry. Key software components include:

Maintenance monitoring
Maintenance scheduling
Logbook tracking
Budget forecasting
Manuals
Flying time tracking
Electronic task card management
Service bulletin management
Work order administration

Aviation MRO software also plays a crucial role in ensuring compliance with regulatory agencies such as the FAA and ICAO. Its primary objective is to streamline maintenance processes and minimize downtime.

Data-Driven Solutions

The aviation Industry generates vast amounts of data, allowing MRO companies to improve operational efficiency and offer customized solutions tailored to the specific needs of airlines. The integration of big data and analytics within the aviation sector has led to significant enhancements in MRO software, further driving Industrygrowth.

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Key Takeaways:

North America’s air transport MRO Industry is projected to expand with a CAGR of 4.8% during the forecast period.
The demand for air transport MRO in China is expected to capture a CAGR of 4.9% from 2023 to 2033.
By application, the engine segment is anticipated to thrive at a CAGR of 5.5% between 2023 and 2033.
The United Kingdom is expected to record an impressive CAGR of 4.5% throughout the forecast period.

The introduction of advanced technologies and rising investments in aviation MRO software is expected to fuel the Industrygrowth during the forecast period- Anticipates an FMI Analyst.

Competitive Landscape

The Industryfor air transport MRO is highly competitive, with several key Industry players making substantial investments in increasing their manufacturing capabilities.

The key Industry players operating in the Industryinclude AAR Corporation, KLM Engineering & Maintenance, Delta TechOps, HAECO Ltd., Lufthansa Technik AG, Turkish Technic Inc., Singapore Technologies Engineering Ltd, Guangzhou Aircraft Maintenance Engineering Company Limited, Sabena Technics, Aeroman, Airbus SAS, SIA Engineering Company (SIAEC).

Some Recent Developments in the Air Transport MRO Industry

In February 2021, SIA Engineering Company Ltd. established the Engine Services Division, focusing on research, development, and support for advanced aircraft engine servicing, repairs, wing testing, and more.
In July 2022, Delta TechOps, the MRO division of an airline, announced its signing of a CFM Branded Service Agreement (CBSA) to provide support for LEAP-1B engines. This agreement potentially allows Delta to join CFM’s MRO network for LEAP-1B engines.
AAR, a prominent MRO service provider for commercial and government operators, announced in October 2021, the renewal of their power-by-the-hour (PBH) component pool and repair support agreement with Flydubai. This five-year contract extends and reinforces the partnership initiated in 2016, aimed at delivering comprehensive rotatable component support for Flydubai’s Boeing 737NG fleet.

Key Segments Profiled in the Air Transport MRO Industry

By Application Type:

Airframe
Engine
Component
Line

By Aircraft Type:

Narrow Body Aircraft
Wide-Body Aircraft
Regional Jet
Turbo Prop

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
The Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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