The global Aircraft MRO Market size is anticipated to reach USD 129.25 billion by 2030, registering a CAGR of 4.57% from 2022 to 2030. According to a new report by Grand View Research, Inc. Aircraft, 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 propelled the MRO industry with an increase in
problems, technological and manpower related. 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
says that this concept has limited reach; few MRO are interested in investing
to increase these skills among themselves.
The ongoing COVID-19 pandemic situation resulted in
crises on a very large scale. Further, restrictions and cancellations of
flights in a global effort to restrict the spread of the virus have reduced
passenger traffic and restricted aircraft movement. Due to this, the aircraft
MRO industry for maintenance, repair, and overhaul was affected significantly
in 2020. But in 2021, decrease in travel restrictions and a steady increase in
flight movements, the demand for aircraft maintenance, repair, and overhaul is
anticipated to grow positively in forecasted years.
For instance, in September 2021, Civil aviation
minister Jyotiraditya Scindia of India declared a recent 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 following airports are Begumpet, 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 propel the growth of the engine MRO segment of the market during the
forecast period.
Related Press Release@ Aircraft MRO Market Report
Aircraft MRO Market Report
Highlights
- The engine MRO market segment is expected to overpower the market
in the coming years. OEMs control over half of the market in the engine
maintenance sector, and the other half is roughly divided between
independent and airline overhaul shops
- The Asia-Pacific region is likely to overgrow over the forecasted
period. The region presently holds 1/3rd of the global commercial aircraft
fleet; with this growth potential and large fleet for the aviation
industry in this region, many key MRO companies are increasing their
presence in the global MRO market
- For instance, in 2020, Pratt & Whitney extended its engine
maintenance network with two new MRO providers of china. These are
Aircraft Maintenance, And Engineering Corporation (Ameco) and MTU
Maintenance Zhubai Co. Ltd.' Aim is to provide the maintenance for Airbus
A320 neo family’s PW1100G-JM engines
- Icing is one of the most significant threats to any aircraft and
aviation industry. Accidents are likely to happen if proper care and De-Icing
of flight are not done during takeoff and landing. So De-Icing should be
done with appropriate MRO systems
- For instance, in March 2022, a leading provider of aviation
industry MRO services, ARR has signed an entire distribution agreement
with Collins Aerospace’s Goodrich De-icing and specialty heating System
business. The contract aims to provide the de-icers and heating systems to
other aircraft and MROs across the globe
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