Aircraft MRO- Market Scope
MRO means maintenance, repair, and overhaul, which is important in the air transport business to ensure the safety and airworthiness of an aircraft by international standards. The task done in aircraft MRO is maintenance, repair, an overhaul of composites and mechanical airframe components, defect rectification, inspection, repair, and embodiment of modifications. These services change according to different business models such as independent repair stations, fixed-based operations, commercial airline hubs, regional airline facilities, military facilities, and in-house corporate facilities. Owing to the increasing demand for aviation business which shows a significant effect on aircraft MRO, thus the aircraft MRO market is expected to grow at a significant rate during the forecast period.
|Unit||Value (USD Million)|
|Key Companies Profiled||AAR Corporation (United States), Lufthansa Technik Provider (Germany), ST Engineering (Singapore), GE Aviation (United States), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Air France Industries and KLM Engineering & Maintenance (France), Aviation Technical Services (United States), SIA Engineering Company (Singapore), Boeing Company (United States), Turkish Technic (Turkey) and Wesco International (United States)|
Aircraft MRO market is a fragmented market due to the presence of various players. The players are focusing on increasing their manufacturing capacity and are offering competitive prices to gain a high market share and establish their position in the market. Further, companies are focusing on developing innovative products such as drones and monitoring software to improve quality and enhance and promote performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
AAR Corporation (United States), Lufthansa Technik Provider (Germany), ST Engineering (Singapore), GE Aviation (United States), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Air France Industries and KLM Engineering & Maintenance (France), Aviation Technical Services (United States), SIA Engineering Company (Singapore), Boeing Company (United States), Turkish Technic (Turkey) and Wesco International (United States) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Aircraft MRO- market by Type , by Application (Commercial, Industrial, Defence and Government) and Region with country level break-up.
On the basis of geography, the market of Aircraft MRO- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn March 2023, AAR Corporation acquired Trax. Trax is US–based aircraft MRO and fleet management software provider company. Trax provides entire solutions for an entire variety of maintenance activities and created a system of records required by airlines, MROs, and government aircraft operations. This acquisition strengthens the AAR Corporation's position in the aircraft MRO market.
In October 2019, AAR Corporation launched Donecle Drone Technology. AAR Corporation is an aviation service provider for commercial and government airlines globally. Donecle Drone Technology is designed for aircraft maintenance. With this launch, AAR Corporation expanded its presence in the aircraft MRO market.
Influencing Trend:Increasing In Demand of Digital Technology for Continuous Monitoring Of Vital Parts of Aircraft and Growing Demand for Digital Twin Technology
Market Growth Drivers:Increasing Number of Aircraft in Service, Growing Demand for Innovative Supply Chain Management and Rise in Demand for Aircraft MRO for High-Quality Production with Low Cost of Overall Business
Challenges:Time Bound Services and Lack of Skilled Work Force
Restraints:Increasing In Incidence and Accidence during Aircraft MRO
Opportunities:Increasing IoT –Based Advancement in Condition-Based Maintenance and Increasing Demand for AL and Cognitive Computing in Aircraft MRO
Key Target AudienceAircraft MRO Service Provider, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others