Meticulous Research®—a leading global market research company, published a research report titled, ‘Aviation MRO Market by Service Type (Engine Overhaul, Airframe Maintenance, Line Maintenance, Modification, Components), Aircraft Type (Narrow-body, Wide-body, Regional Jet, Turboprop, Rotary-wing Aircraft), & Geography - Global Forecasts to 2030.’
According to this latest publication from Meticulous Research®, the aviation MRO market is projected to reach $87.43 billion by 2030, at a CAGR of 3.9% from 2023 to 2030. Some of the major factors driving the growth of this market include rising investments in aircraft MRO, growing air travel, and increasing government focus on the aviation sector.
The aviation MRO market is segmented by service type and aircraft type. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on service type, the aviation MRO market is segmented into engine overhaul, airframe maintenance, line maintenance, modification, and components. In 2023, the engine overhaul segment is expected to account for the largest share of the global aviation MRO market.
Aircraft engines require immaculate maintenance, repair, and overhaul at various intervals throughout their lifetime. They are subject to extreme wear due to vibrations caused by rotating components. Moreover, constant exposure to varying climates results in physical and material stresses on the engine. Therefore, the rising need to ensure that an aircraft performs according to applicable serviceable tolerances set by its manufacturer for continued airworthiness is expected to drive the growth of this segment. However, the line maintenance segment is projected to register the highest CAGR during the forecast period.
Based on aircraft type, the aviation MRO market is broadly segmented into fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft segment is further segmented into narrow-body, wide-body, regional jet and turboprop. In 2023, the narrow-body segment is expected to account for the largest share of the global aviation MRO market.
A narrow-body aircraft, also known as a single-aisle aircraft, is a small-type aircraft often used to operate short-haul international flights and domestic flights. Airline companies normally use this type of aircraft for intra-continental journeys, serving routes on which passengers expect carriers to offer multiple flights per day. The large market share of this segment is attributed to increasing air travel, rising passenger traffic, and the growing need for fuel-efficient aircraft. However, the regional jet segment is projected to record the highest growth rate during the forecast period.
Based on geography, the aviation MRO market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the aviation MRO market. This market is also projected to register the highest CAGR during the forecast period.
The region has experienced significant growth in the aircraft fleet over the past decade, which has increased the demand for engine MRO services and is expected to lead the market during the forecast period. This has resulted in several MRO service providers from the U.S. and Europe establishing their maintenance facilities in this region. Also, to reduce overseas maintenance costs, several airlines have partnered with engine MRO service providers to develop in-house capabilities. Thus, all such developments are driving the growth of the aviation MRO market in Asia-Pacific.
The key players operating in the aviation MRO market are AAR CORP. (U.S.), Airbus SE (Netherlands), Delta Air Lines, Inc. (U.S.), Hong Kong Aircraft Engineering Company Limited (China), KLM UK Engineering Limited (U.K.), Lufthansa Technik AG (Germany), MTU Aero Engines AG (Germany), Raytheon Technologies Corporation (U.S.), Singapore Technologies Engineering Ltd (Singapore), and TAP Maintenance & Engineering (Portugal).
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