FELTON, Calif., Jan. 19, 2021 /PRNewswire/ -- The global aircraft MRO market is estimated to attain USD 104.46 billion, by the end of 2025, and is anticipated to grow at a CAGR of 4.7% from 2019 to 2025, according to a new report by Million Insights. The increasing number of aircraft OEMs in the maintenance and repair sector is expected to boost the market growth.
According to the air transport association, MRO services constitute around15.0% of the overall airline operating costs. Moreover, the growing investment by the MRO providers and OEMs on technology is helping to improve the efficiency. The profitability of the industry is dependent on old planes maintenance, which is primarily supporting the MRO service market.
Service providers in the industry have a separate department for the airline operators. Service providers also offer full-service to serve the MRO needs of all the airlines. For example, Lufthansa Technik offers its MRO services through the use of different advanced technologies.
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MRO service providers in North America provide huge opportunities for skilled and experienced workers to support the increasing demand from airline maintenance. For example, avionics and mechanics led the worker demand then followed by software and electrical engineers. In 2018, MRO spending on outsourcing service has foreseen high demand.
Airbus a France based airline company is keen on developing Air+ programs that will provide opportunities for the MRO service providers. The company is allowing MRO providers to collaborate with others to offer customized solutions. The company is also planning to open an MRO center in Asian countries such as India.
In 2019, AFI KLM E&M has started using climbing robots for its line maintenance service. The company is also planning to make the integration of these robots with Donecle drones.
Further key findings from the report suggest:
- Engine and aircraft manufacturers like Boeing and Rolls-Royce are focusing on aircraft maintenance services.
- The continuous outsourcing of MRO services is anticipated to create huge opportunities for MRO service providers.
- The mechanical systems are getting replaced by the electronic systems. The advanced technologies are increasing the demand for experienced and skilled workers.
- Major players in the aircraft maintenance repair and overhaul market includes AAR Corp; Bombardier Inc.; Lufthansa Technik; GE Aviation; Delta TechOps; Hong Kong Aircraft Engineering Co. Ltd.; and Air-France Industries.
Browse 118 page research report with TOC on "Global Aircraft MRO Market" at: https://www.millioninsights.com/industry-reports/global-aircraft-maintenance-repair-overhaul-mro-market
Million Insights has segmented the aircraft MRO market based on service type, organization type, aircraft type, aircraft generation and region:
- Aircraft MRO Service Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Engine Overhaul
- Airframe Maintenance
- Line Maintenance
- Aircraft MRO Organization Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Airline/Operator MRO
- Independent MRO
- Original Equipment Manufacturer (OEM) MRO
- Aircraft MRO Aircraft Type Outlook (Revenue, USD Billion, 2015 - 2025)
- Regional Jet
- Aircraft MRO Aircraft Generation Outlook (Revenue, USD Billion, 2015 - 2025)
- Old Generation
- Mid Generation
- New Generation
- Aircraft MRO Regional Outlook (Revenue, USD Billion, 2015 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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