DUBLIN--(BUSINESS WIRE)--The "Aircraft MRO Market to 2027 - Global Analysis and Forecasts By Component; Aircraft Type; End-users" report has been added to ResearchAndMarkets.com's offering.
The global aircraft MRO market accounted for US$ 80.38 Bn in 2018 and is expected to grow at a CAGR of 4.6% over the forecast period 2019-2027, to account for US$ 119.41 Bn by 2027.
Considering the growing competition worldwide, the implementation of digital technologies is a necessary step toward the growth of MRO companies; this helps them create a continuous stream of data flowing through different levels of the supply chain, further streamlining the communication between the stakeholders and accelerating innovation in various operations. The digital transformation in the aviation industry substantially impacts all areas of the supply chain of the aviation industry, including air traffic management, aircraft operations, and aircraft and component manufacturing and servicing.
The data-driven technologies such as data analytics which helps in tracking aircraft MRO activities in real-time would also optimize the air travel experience of crew and passengers. In addition, other advanced technologies such as AI and machine learning facilitates the airline crew and management to understand the airworthiness of the aircraft. This enable the airline to opt for MRO services. Also, the MRO service providers incorporate AI technologies to boost their procedures by easily and efficiently conducting visual checks and understanding the degree of maintenance and repairs required on the aircraft. Thus, growing trend of inclusion of digital technologies such as AI and machine learning is driving the aircraft MRO market.
Furthermore, to implement digitization in the aviation industry for automating and streamlining the processes, governments around the world are undertaking initiatives to spread awareness about digital technologies. For instance, IATA, a US government regulated body, initiated digital aircraft operation that enable airlines in recognizing the aircraft component that require more effective maintenance, repair, and overhaul activities. Thus, such governmental initiatives encourage the airlines to opt for MRO activities frequently, which further help the airports to boost their aircraft MRO facilities. Hence, growing demand for digital technologies among the airlines as well as aircraft MRO service providers to boost respective business is catalyzing the growth of aircraft MRO market.
The Asia Pacific is a diverse region that houses more than 4 billion population, and also comprises of dynamic economies that cumulatively generate 35% of the global GDP. The aviation industry in the region is widely a pivotal contributor to its social and economic development. In the year 2017, Asia Pacific surpassed North America in terms of the leading digital travel market. The growth of Asia has been primarily contributed by the wide range of income levels and rapidly growing middle class. This resulted in robust sales gain in fast-developing economies of the region, such as India and China. APAC is expected to be the region experiencing ample of opportunities for providers of aircraft MRO services.
The overall global aircraft MRO market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global aircraft MRO market. It also provides an overview and forecast for the aircraft MRO market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aircraft MRO industry.
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the aircraft MRO market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to components, aircraft type, and end-users.
- Growing Demand for MRO Services in Emerging Economies
- Emergence of Digital Technology for MRO Industry
- OEMs Entering the Aftermarket
- Accentuating Trend of Retrofitting of Older Aircraft Fleet
- Blockchain Technology Changing MRO Landscape
- Impact Analysis of Drivers and Restraints
- AAR corp.
- Barnes Group Inc.
- Collins Aerospace
- Delta TechOps
- GE Aviation
- Lufthansa Technik
- Rolls-Royce plc.
- Singapore Technologies Engineering Ltd
- Turkish Technic
For more information about this report visit https://www.researchandmarkets.com/r/aszzid