Redding, California - August 16, 2024
Aviation MRO Market to be Worth $92.1 Billion by 2031
Aviation MRO Market Size, Share, Forecast, & Trends Analysis by Service Type (Engine Overhaul, Airframe Maintenance, Line Maintenance), Aircraft Type (Fixed-wing, Rotary-wing), by Business Model (Independent Repair Stations, Military Facilities), and Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘Aviation MRO Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the aviation MRO market is projected to be $92.1 billion by 2031, at a CAGR of 4.4% from 2024 to 2031.
The growth of this market is driven by rising investments in aircraft MRO, expanding air travel, increased government focus on implementing MRO at airports and enhancing airport infrastructure, and stringent safety regulations. However, rising fuel prices and the high cost of MRO services are constraining market growth. On the positive side, the growing demand for remote maintenance and repair systems, along with the expansion of line maintenance services at airports, is expected to offer new opportunities for stakeholders. A shortage of trained personnel remains a significant challenge impacting the growth of the aviation MRO market.
The aviation MRO market is bifurcated into service type (engine overhaul, components, line maintenance, airframe maintenance, modification), aircraft type (fixed-wing aircraft (narrow-body, wide-body, regional jet, turboprop), rotary-wing aircraft), business model (independent repair stations, fixed-base operators, commercial airline hubs, regional airline facilities, military facilities, in-house corporate facilities). This study also evaluates industry competitors and analyzes the market at the regional and country levels.
On the basis of service type, with a share of 46.0%, the engine overhaul segment to dominate the aviation MRO market in 2024. This segment’s dominating market share is owing to factors such as the increasing need to inspect aircraft engines and the rising demand for new aircraft engines. Aircraft engines are complex machines that must be meticulously maintained, repaired, and overhauled at multiple intervals throughout their lifespan.
However, the line maintenance segment is expected to witness rapid growth during the forecast period. This segment’s growth is attributed to the increasing need for routine maintenance checks and minor repairs to ensure safe and airworthy conditions and compliance with aviation authorities' regulatory requirements. In July 2021, Wright International (Canada) partnered with Flair Airlines Inc. (Canada) to cover line maintenance services for a fleet of 13 Boeing B737 MAX 8 aircraft at Toronto Pearson Airport and the Region of Waterloo International Airport.
On the basis of aircraft type, this market is bifurcated into fixed-wing aircraft and rotary-wing aircraft. With a share of 69.0%, the fixed-wing aircraft segment is anticipated to hold a dominating position in the aviation MRO market in 2024. This segment's significant market share is attributed to the growing requirement to ensure the safety and reliability of fixed-wing aircraft, and the necessity for maintenance and repair of various fixed-wing aircraft components. For instance, in October 2022, Singapore Airlines Limited (“SIA”) (Singapore) launched a medium-haul wide-body aircraft called A350-900 in Hyderabad, India, to enhance comfort for travelers.
However, the rotary-wing aircraft segment is anticipated to witness rapid growth during the forecast period. The rising use of MRO services to extend the life of an aircraft, as well as the growing requirement for rotor blade maintenance, repair, and annual inspections to maintain rotorcraft structural integrity and airworthiness, are driving the segment's growth. In January 2023, FLY BLADE India (India) launched intra-city helicopter services in Bengaluru, India, as part of the company’s expansion plan to simplify commuting and provide a more convenient and efficient transportation option for residents.
On the basis of business model, with a share of 34.0%, the independent repair stations segment is anticipated to hold a dominating position in the aviation MRO market in 2024. The segment's substantial share of the market is due to new opportunities in business aviation, general aviation, and helicopter maintenance, as well as increased collaboration with aviation service providers. Independent repair stations focus on one or two areas of specialization, such as aircraft interiors and landing gear.
However, the commercial airline hubs segment is anticipated to witness rapid growth during the forecast period. The segment's growth is attributed to increased international trade and investment in airport infrastructure. Commercial airline hubs are owned and operated by the airline, and they offer all levels of service and maintenance.
On the basis of geography, this market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. With a share of 32.0%, Asia-Pacific region segment is anticipated to hold a dominating position in the aviation MRO market in 2024. The increasing demand for engine maintenance & repair services, along with the growing necessity to ensure compliance with aviation regulatory standards, are driving the growth of this regional market. The region has witnessed considerable growth in its overall aircraft fleet over the last decade, which is increasing the demand for engine MRO services. It is likely to lead the market throughout the forecast period.
Key Players
According to Airbus SE (Netherlands), air freight will double in Asia-Pacific by 2040, with a 5.3% passenger traffic growth per year, translating to a need for 17,620 passenger and freighter aircraft. Moreover, this region is anticipated to witness rapid growth during the forecast period.
The key players profiled in the report are:
- Hong Kong Aircraft Engineering Company Limited
- Honeywell International Inc.
- Barnes Group Inc.
- KLM UK Engineering Limited
- Lufthansa Technik AG
- MTU Aero Engines AG
- AAR Corp.
- Airbus SE
- Turkish Technic Inc.
- FL Technics
- TAP Maintenance & Engineering
- Abu Dhabi Development Holding Company PJSC
- Raytheon Technologies Corporation
- Singapore Technologies Engineering Ltd
- Collins Aerospace
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5454
Key Questions Answered in the Report:
- What are the high-growth market categories in terms of the service type, aircraft type, and business model?
- What is the historical market size for the aviation MRO market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the aviation MRO market?
- Who are the major players in the aviation MRO market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the aviation MRO market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the aviation MRO market, and how do they compete with other players?
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