Aircraft Component MRO Market Outlook 2023-2028: Industry Growth Rate and Forecast
According to the latest report by IMARC Group, titled “Aircraft
Component MRO Market: Global Industry Trends, Share, Size, Growth, Opportunity
and Forecast 2023-2028″ the global aircraft component MRO market size reached
US$ 19.3 Billion in 2022. Looking forward, IMARC Group expects the market to
reach US$ 25.7 Billion by 2028, exhibiting a growth rate
(CAGR) of 4.82% during 2023-2028. Aircraft component MRO
represents the maintenance, repair, and overhaul (MRO) of the airplane and its
components. It generally includes various upkeep activities to confirm the
airworthiness and safety of the plane. Aircraft component MRO even involves
multiple sets of managerial and administrative tasks for ensuring the state of
function and performance of the airplane. It is mainly designed and adopted for
restoring fuel, mechanical, electrical, hydraulics, pneumatics system
components, and landing gear wheels and brakes. As a result, aircraft component
MRO plays a vital role in maintaining the reliability and quality of the
product stated by the airworthiness authorities, while improving the lifespan
of the airplane.
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Industry Demand:
The continual technological advancements, the usage of the
internet of things (IoT), artificial intelligence (AI), big data, and augmented
reality (AR), and the expanding aerospace industry are among the primary
factors driving the aircraft component MRO market. Besides this, the IoT- and
big data-enabled sensors aid in improving and streamlining condition-based
maintenance (CBM) of airplanes, which is further augmenting the market growth.
Moreover, the inflating investments by the leading players in the development
of adequate space for conducting MRO activities at various airports across
countries are also catalyzing the global market. Apart from this, the rising
incidences of airliner accidents, the increasing number of airports, and the
growing air passenger traffic are acting as significant growth-inducing
factors. Furthermore, the introduction of innovative software technologies to
aid the OEMs in fulfilling the airworthiness standards of EASA and FAA is
expected to bolster the aircraft component MRO market in the coming
years.
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Competitive Landscape with Key Players:
The report has also analyzed the competitive landscape of the
market with some of the key players being:
- Delta TechOps
- Lufthansa
Technik AG
- Air France
Industries KLM Engineering & Maintenance
- Hong Kong
Aircraft Engineering Company Limited
- Honeywell
International Inc.
- ST Engineering
AAR Corp.
- Barnes
Aerospace, Inc. (Barnes Group)
- FL Technics
(Avia Solutions Group)
- Turkish Technic
Inc. (Turkish Airlines)
Breakup by Aircraft Type:
- Narrow Body
- Wide-Body
- Regional
Jets/Turboprop
Breakup by Component:
- Fuselage
- Empennage
- Landing Gear
- Wings
- Engine
- Others
Breakup by Application:
- Commercial Air
Transport
- Business and
General Aviation
- Military
Aviation
Breakup by Region:
- North America
(United States, Canada)
- Europe (Germany,
France, United Kingdom, Italy, Spain, Others)
- Asia Pacific
(China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America
(Brazil, Mexico, Others)
- The Middle East
and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market
Performance
- Market Outlook
- Porter’s Five
Forces Analysis
- Market Drivers
and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive
Mapping of the Competitive Landscape
Note: If you need specific information that is not
currently within the scope of the report, we can provide it to you as a part of
the customization.
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