Aircraft MRO Market Skyrockets to $134.07 Billion by 2030 | CAGR of 4.8%, Dominated by Tech Giants - AAR, Barnes Group Inc and Collins Aerospace, Delta TechOps | The Insight Partners

The global aircraft MRO market is set for explosive growth, with projections indicating a surge to $134.07 billion by 2030. This remarkable expansion, driven by Increasing air travel, rising presence of MRO service providers in emerging economies and growing integration of digital technology in MRO industry.

/EIN News/ -- US & Canada, Jan. 27, 2025 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “the global Aircraft MRO Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Components (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, Others); Aircraft Type (Fixed Wing Aircraft, Rotary Wing Aircraft); End Users (Commercial, Military), and Geography”.

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The aircraft MRO market comprises a vast array of components and services that are expected to register strength during the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.

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Market Overview and Growth Trajectory:

Aircraft MRO Market Growth: The aircraft MRO market was valued at US$ 91.16 billion in 2022 and is projected to reach US$ 134.07 billion by 2030; it is expected to register a CAGR of 4.8% during the forecast period.The Global Aircraft MRO Market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. This growth can be accredited to numerous factors. One of the prime factors is the retrofitting of older aircraft fleet. Retrofitting, which implies to the installation or addition of newer technologies on older aircraft fleets, helps increase passenger comfort and safety and facilitates the airlines in maintaining their older fleets. Continuous advancements in aircraft technologies are resulting in the upgrade of MRO capabilities. MRO service providers are constantly seeking updates and procurement of latest technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. In the current scenario, global commercial airlines are holding on to their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. The retrofitting trend is soaring among the MRO service providers. Thus, the integration of advanced and modern technologies into older aircraft fleets is expected to change the aircraft MRO market landscape as well as the face of the aviation industry.

Increasing Adoption of Sustainable Aviation Fuel: Investing in sustainable aviation fuels (SAFs) and related services presents a significant opportunity for aircraft MRO providers. As the aviation industry intensifies its efforts to reduce carbon emissions and achieve sustainability goals, MRO companies can play a pivotal role in SAF adoption. By offering SAF-related services and technologies, MRO providers can position themselves as leaders in environmental sustainability and contribute to the industry's commitment to greener aviation practices. This opportunity aligns with the growing demand for eco-friendly aviation solutions and can open new revenue streams while fostering a more sustainable future for the sector. For instance, in February 2022, SIA Engineering Company Limited announced a trial using SAF with SIAEC's joint venture with Rolls-Royce and Singapore Aero Engine Services Private Limited (SAESL) to perform engine tests at its engine test facility. This is anticipated to position SIAEC as a sustainability-centric MRO service provider in the coming years.

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Growing Integration of Digital Technology in MRO Industry: Considering the growing competition worldwide, the implementation of digital technologies is a necessary step toward the growth of MRO companies; this helps them create continuous data flow through various levels of the supply chain, further streamlining the communication between the stakeholders and accelerating innovation in various operations. The digital revolution in the aviation industry significantly impacts all areas of the supply chain of the aviation industry, including aircraft operations, air traffic management, and aircraft and component manufacturing and servicing. The data-driven technologies such as data analytics—which help in tracking aircraft MRO activities in real-time—would also optimize the air travel experience of crew and passengers. Other advanced technologies such as AI and machine learning facilitate the airline crew and management to understand the airworthiness of the aircraft. For instance, in March 2020, the US Air Force's Air Education and Training Command (AETC) started developing a new competency-based virtual and augmented reality (VR/AR) training solution for aircraft maintenance.

The US is among the leading countries in the global aviation sector, with a significantly higher number of passengers, aircraft fleet, and investment toward the development of the sector. The US aircraft MRO market has been experiencing sluggish growth for the past few years due to higher labor costs, which resulted in the outsourcing of most of the airplanes for heavy checks. The airlines in the country experience a significantly higher density of air traveling passengers, owing to which the flying hours of each aircraft are higher and consequently demand frequent aircraft maintenance. The presence of numerous independent MRO service providers has enabled airlines to opt for frequent A-checks, B-checks, and C-checks in the country. This factor has catalyzed the growth of the aircraft MRO market in the country. Moreover, the US Department of Defense (US DoD) continuously indulges itself in procuring newer aircraft fleet; however, the existing aircraft fleet is significantly higher than other countries across the world.

Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Asia Pacific is expected to register the highest CAGR during the forecast period.

Aircraft MRO Market Segmentation, Applications, Geographical Insights:

• Based on component, the Aircraft MRO market is divided into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others . The engine MRO segment held a larger share of the aircraft MRO market in 2023.
  
  
• Based on aircraft type, the Aircraft MRO market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held the largest aircraft MRO market share in 2023.
  
  

• Based on end user, the Aircraft MRO market is divided into commercial and military. The commercial segment held the largest aircraft MRO market share in 2023.
  
  

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Key Players and Competitive Landscape:

The Aircraft MRO Market is characterized by the presence of several major players, including:

• AAR
• Barnes Group Inc
• Collins Aerospace
• Delta TechOps
• FLTechnics
• UAB
• GE Aviation
• Lufthansa Technik
• Rolls-Royce plc
• Singapore Technologies Engineering Ltd
• Turkish Technic Inc
  
  

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Aircraft MRO Market Recent Developments and Innovations:

• " Barnes Completes the Acquisition of MB Aerospace.”
  
  
• “TEI and GE Aerospace sign F110 MRO service agreement.”
  
  
• “BAESL, Rolls-Royce and Air China's Joint Venture MRO facility, breaks ground in Beijing, China.”
  
  

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Conclusion:

Numerous global players are expanding their MRO facilities in APAC . For instance, in July 2022, Safran AB (one of the leading suppliers of key aircraft components, including landing gear, wheels and brakes, and wiring) announced an investment of US$ 305 million in India. The company is planning to invest US$ 204.15 million in one of the largest MRO facilities in the world in Hyderabad. Such investments of global players will boost the growth of the aircraft MRO market during the forecast period. Besides this, one of the factors catalyzing the aircraft MRO market is the continued emphasis on rising spending on maintenance and repair activities of various components. Furthermore, MRO service providers in the region continually focus on creative integrated technologies, such as digital MRO technology, which enables service providers to carry out MRO activities more effectively and efficiently. As a result, digital MRO technology is expected to create lucrative opportunities for aircraft MRO service providers.

The report from The Insight Partners, therefore, provides several stakeholders—including important information on component providers, system technology integrators, and system manufacturers—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

Related Report Titles:

• Aircraft Engine MRO Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031
  
  
• Military UAV MRO Market Regional Share, Size, Trends, and Forecast by 2031
  
  
• Digital MRO Market Developments, Trends, Opportunities, and Forecast by 2031
  
  
• General Aviation Aircraft MRO Market Drivers, Opportunities, Trends, and Forecasts by 2031
  
  

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