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Pune, India, July 26, 2022 (GLOBE NEWSWIRE) -- The global aircraft MRO market size was USD 6.73 billion in 2021. The market is projected to grow from USD 6.95 billion in 2022 to USD 9.76 billion by 2029 at an estimated CAGR of 4.93% in 2022-2029.
This information is provided by Fortune Business Insights , in its report, titled,“ Aircraft MRO Market, 2022-2029 .”
According to our analysts, owing to technological progressions in commercial and military aviation, the aviation industry has turned to be more data-driven and related to ground-based MRO systems.
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List of Key Players Mentioned in the Aircraft MRO Market Report:
- AeroSoft Systems Inc. (Canada)
- ATP Inc. (U.S.)
- Aviation Intertec Services Inc. (Canada)
- The Boeing Company (U.S.)
- CAMP Systems International Inc. (U.S.)
- Communications Software (Airline Systems) Limited (U.K.)
- GE Aviation (U.S.)
- HCL Technologies Limited (India)
- IBM Corporation (U.S.)
- IBS Software Pvt. Ltd. (India)
- IFS AB (Sweden)
- Jet Support Services Inc. (U.S.)
- Lufthansa Technik AG (Germany)
- Oracle Corporation (U.S.)
Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2022 | USD 6.95 Billion |
| Revenue forecast in 2029 | USD 9.76 Billion |
| Growth Rate | CAGR of almost 4.93% during 2022-2029 |
| Base Year | 2021 |
| Historic Years | 2018-2020 |
| Forecast Years | 2022- 2029 |
| Segments Covered | By Solution Analysis, By Function Analysis, By End-use Analysis |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | Companies Covered in Aircraft MRO Market are AeroSoft Systems Inc. (Canada), ATP Inc. (U.S.), Aviation Intertec Services Inc. (Canada), The Boeing Company (U.S.), CAMP Systems International Inc. (U.S.), Communications Software (Airline Systems) Limited (U.K.), GE Aviation (U.S.), HCL Technologies Limited (India), IBM Corporation (U.S.), IBS Software Pvt. Ltd. (India), IFS AB (Sweden), Jet Support Services Inc. (U.S.), Lufthansa Technik AG (Germany), Oracle Corporation (U.S.) and Other key players |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
COVID-19 Impacts:
Fiscal Effect of COVID-19 Pandemic on Aircraft MRO Industry to Obstruct Market Growth
The global COVID-19 pandemic has influenced the market for aircraft MRO market in 2020 and 2021. Owing to the lockdown, there was a major effect on the aviation industry, leading to a reduction in aircraft manufacturing, thereby affecting the aircraft supplies. The decrease in aircraft deliveries has dramatically decreased the MRO services and software demand.
Browse Summary of this Research Report:
Segments:
Based on solution, the market is divided into software and services.
The market is classified into subscription and ownership based on point of sale.
Based on function, the market is classified as maintenance management, operations management, business management, and electronic flightbag & logbook management.
The market is classified into on-premise and cloud by deployment type.
The market is classified into airline operators, MROs, and OEMs based on end use. The airline operators segment was the largest segment in 2021.
The market for aircraft MRO market is segmented into North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.
Report Coverage:
Our specialists have used a data extraction technique that further aids us to provide dependable approximations and examine the market dynamics of aircraft MRO market perfectly. Additionally, our experts have gained access to various local and global paid data for presenting the updated information so that the shareholders and business experts capitalize only in the prominent areas.
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Driving Factors:
Growth in Need for Progressive MRO Due to Aircraft Fleet Expansion to Spur Development
Airlines throughout the globe are concentrated on extending their aircraft fleet size due to increasing air passenger traffic. The market's development in the forthcoming decade can be accredited to the growing number of aircraft fleets. The MRO sector is predicted to observe sturdy growth through the upcoming decade, owing to the surging demand for air travel and a rising aircraft fleet. The MRO software prices account for nearly one-fifth of the airline operational charges. The ever-increasing traveler-growth trend will propel the Aircraft MRO Market growth.
Regional Insights:
North America to Lead due to Presence of Major Companies Operating in Regional Market
North America dominated the market in 2021. North America's market size stood at USD 1.85 million in 2021. The U.S. led the market the by holding the largest Aircraft MRO Market share in 2021.
Europe's market size is estimated to grow at a considerable rate, owing to an augmentation in passenger air traffic. The existence of prime companies and original equipment manufacturers, such as Swiss Aviation Software and Lufthansa Technik, carry out an integral part in the regional market growth.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Digitalization in this region is bolstering the technical viewpoint in the aeronautical industry for operative and proficient base controlling, operation administration as well as line management.
Competitive Landscape:
Radical Product Launches by Pivotal Players to Foster Market Growth
The fundamental players present in the market adopt numerous stratagems to boost their position in the market as dominating corporations. One such vital tactics is purchasing firms to boost the brand value among users.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights- Impact of COVID-19 Pandemic on Global Aircraft MRO Market
- Impact of COVID-19 on Global Aircraft MRO Market
- Steps Taken by Industry/Companies/Governments to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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Key Industry Development:
February 2022 : Oracle Corporation presented novel logistics aspects within its software platforms such as Fusion Cloud Transportation Management, Fusion Cloud SCM, and Fusion Cloud Global Trade Management, which shall assist in decreasing prices, risk diminishing, resources scheduling, enhancing customer service experience, and providing swift business functioning.
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