DUBLIN--(BUSINESS WIRE)--The "Digital MRO Market - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Digital Mro Market is Projected to Grow from USD 606 Million in 2020 to USD 1,809 Million by 2030, at a CAGR of 11.6% from 2020 to 2030.
The increasing digitalization of MRO to increase efficiency and reduce aircraft downtime is the key factor that is expected to fuel the growth of the digital MRO market. However, limited budgets that restrain the adoption of MRO hurdle the growth of this market.
The digital MRO market includes major players Boeing (US), General Electric (US), Lufthansa Technik (Germany), SAP (Germany), and IBM (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and the Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect digital MRO services by 30-40% globally in 2020.
The artificial intelligence segment of the market is projected to grow at the highest CAGR from 2020 to 2030.
Based on application, the artificial intelligence segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for predictive maintenance, part failure analysis, and troubleshooting.
Based on end-user, the MROs segment is projected to lead the digital MRO market across the forecast period
Based on end-user, the MROs segment is projected to lead during the forecast period. Due to the demand for workflow efficiency and reducing aircraft downtime, the market for MROs is expected to lead during the forecast period.
The North American region is estimated to account for the largest share of the digital MRO market in 2020
The digital MRO market in the North American region is expected to witness substantial growth during the forecast period, owing to the high adoption of digitalization by MROs across the region. The MROs in this region are opting for solutions to optimize the complex repair and maintenance tasks with the help of advanced technologies such as robotics, digital twin, etc.
Market Dynamics
Drivers
- Increasing Demand for Predictive, Prescriptive, and Condition-Based Maintenance Through Data Shared by Connected Aircraft
- Growing Adoption of Software-As-A-Service (Saas)
- Rising Need for Replacing Legacy Aviation Management Information Systems
Restraints
- High Cost of Acquisition of Integrated MRO Software Suite
- Lack of a Common Data Standard
Opportunities
- Increasing Adoption of Internet of Things (Iot), Artificial Intelligence (Ai), Blockchain, Augmented Reality (Ar), and Big Data Analytics by MROs
- Growing Demand for 3D-Printed Parts and Robotic Inspection
Challenges
- Compliance with Stringent Aviation Regulations
- Increasing Cybersecurity Concerns
- COVID-19 Impact: Reduced Global Demand for Maintenance, Repair, and Overhaul (MRO)
Average Selling Price Trend, Usd
Value Chain Analysis
Ecosystem/Market Map
Case Studies
- Wearables - Klm Engineering & Maintenance and Royal Netherlands Aerospace Centre (Nlr) Have Created a Joint Venture Called Nuveon for Developing Ar/Vr Based Solutions
- Robotics - Air New Zealand Has Teamed Up with MRO Provider St Engineering for Trial Testing of Droscan, a Drone-Based Aircraft Inspection Solution
- Digital Twin - GE Aviation is Producing a Digital Twin for Each Engine Being Manufactured
- 3D Printing - Eos Has Tied Up with Etihad Airways Engineering for MRO
- Royal Netherlands Air Force to 3D Print Tools That Fit into the Custom-Made Parts of Aircraft
- Predictive Analysis - Delta Ops Enters into a Contract with Airbus for Predictive Maintenance Technology
- Thai Airways Partnered with Airbus for Developing Robotics for Predictive MRO
Digital MRO Market Scenarios (2016-2030)
Companies Mentioned
- Aero Glass
- Ansys
- Atheer Air
- Boeing
- Capgemini
- Eon Reality
- Fountx
- Future Visual
- General Electric (GE)
- Hexaware
- Honeywell
- IFS
- International Business Machines (IBM)
- Jasoren
- Lufthansa Technik
- Magic Leap
- Oculus VR
- PTC Inc
- Ramco Systems
- Rusada
- SAP
- Sita
- Swiss Aviationsoftware
- Traxxall
- Winair
For more information about this report visit https://www.researchandmarkets.com/r/hqqiip
