Aircraft MRO Market is Forecasted to Reach US$ 292.5 Billion in 2034, Says Stratview Research
The global aircraft MRO market is projected to witness a growth rate of 1.4% annually from 2024 to 2034, with an anticipated size of US$ 292.5 billion by 2034, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global aircraft MRO market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights:
Market Size in 2034: US$ 292.5 billion
Growth (CAGR): 1.4% during 2024-2034
Forecast Period: 2024-2034
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 3
Number of Tables & Graphs: 100+
Segment Insights on the Aircraft MRO Market:
The global Aircraft MRO market is segmented based on Aircraft type, MRO type, and Region.
Based on aircraft type - Military aircraft is expected to be the largest demand generator for MRO services throughout the forecast period, whereas general aviation offers the highest growth prospects in the coming years. Defense fleets often operate for several decades, demanding regular maintenance, upgrades, and overhauls to extend their lifecycle, and military aircraft undergo frequent and rigorous operations, requiring extensive maintenance to ensure readiness and safety. Unlike commercial aviation, military fleets comprise various aircraft types (fighters, helicopters, transporters) that require tailored maintenance solutions. Military aircraft are equipped with sophisticated technologies that require specialized MRO services, increasing maintenance complexity and demand. Narrow-body and wide-body aircraft combined are estimated to remain the second-largest aircraft type for MRO and grow at the fastest rate in the market during the study period.
With growing demand from general aviation to seek cost-effective maintenance solutions and minimize the related maintenance expenses with optimal aircraft performance and safety, this presents new opportunities for special MRO service providers. Increased private and commercial use of aircraft fuels the need for general aviation MRO services because more aircraft need maintenance, repair, and overhaul to continue efficient and safe operations. The growing requirement for specialized services is due to the advancements in aircraft technology, such as avionics and engine systems. MRO providers in general aviation must adopt new capabilities to support these complex systems, ensuring continued growth.
Based on MRO type - Engine is expected to be the largest and fastest-growing MRO category due to the complexity of modern engine systems, longer operational hours, and the increasing demand for fuel-efficient, high-performance engines requiring specialized and frequent maintenance. The development of new engine technologies coupled with fleet expansion and stringent safety regulations are the factors that propel the demand for engine MRO during the forecast period. In the commercial aircraft category, CFM International's CFM56 engines will account for most of the engine MRO expenses during the forecast period, followed by GE Aerospace's CF6 and CF34 engines, creating enormous opportunities for engine MRO in the market. According to GKN forecast, the global fleet is expected to double over the next two decades, driven by increasing air travel demand and fleet expansion.
This growth will boost significantly the need for maintenance, repair, and overhaul (MRO) services to support the larger fleet.
The current fleet is expected to remain in operation for many years, driving a growing demand for aftermarket support. As aircraft age, the need for maintenance, repairs, and parts replacement will continue to rise, ensuring long-term market growth. Complex engine systems incorporating modern technologies, including hybrid-electric engines and high thrust, require engine MRO services to operate optimally and handle complex maintenance requirements. As the aviation industry becomes increasingly focused on fuel efficiency and environmental sustainability, there is a corresponding increase in the demand for high-performance, fuel-efficient engines. These engines demand specialized MRO services to preserve their advanced technology and ensure long-term functionality. The Line category is likely to remain unchanged. This consistency implies that routine checks and on-ground servicing remain a constant airline requirement.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
North America has a huge dominance in the aircraft MRO market, and it is expected to maintain its legacy in the years to come. The region has a vast aircraft fleet and investments in commercial and military aircraft and their services. Over 500 MRO players (including parts & system manufacturers and assemblers) in the USA. This market grows as aging aircraft are utilized longer, with passenger-to-freighter conversions meeting e-commerce demand and production backlogs boosting maintenance needs. The aviation and industrial industries demand continuous MRO services fueled by advanced predictive maintenance technologies and robust defense expenditure, bolstering aerospace industry leadership.
The Asia-Pacific's MRO market is projected to grow at the fastest rate during 2024-2034. Growing investment projects by multinational aerospace companies make the Asia-Pacific's MRO market competitive. Fleet expansion in Asia-Pacific, driven by growing economies and increasing passenger demand, increases the number of aircraft requiring continuous MRO services, boosting market opportunities for maintenance providers across the region. Growing defense spending in Asia-Pacific is driving military aircraft purchases and the need for specialized MRO services, thus increasing the demand for aircraft maintenance, repair, and overhaul solutions in the region.
Aircraft MRO Market Drivers:
Some of the key drivers listed in the report are given below.
• Growing air traffic demand, fleet expansion, and a need for low-cost operations.
• Aging aircraft fleets require frequent maintenance and repairs for safety and compliance.
• Technological advancements, including predictive maintenance and digital tools, further optimize MRO services.
• Increasing regulatory requirements and the demand for improved fuel efficiency require airlines and operators to invest in advanced maintenance solutions.
Top Companies in the Aircraft MRO Market:
Stratview Research has identified the following companies as the top market players.
• Rolls-Royce PLC
• Standard Aero
• GE Aerospace
• Raytheon Technologies Corporation (RTX)
• Honeywell Aerospace
• Safran SA
• KLM- Air France Group
• Leonardo SpA
• Hong Kong Aircraft Engineering Company Limited (HAECO)
• Lufthansa Technik AG
Note: The above list does not necessarily include all the top players in the market.
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Aircraft MRO Market, answering critical questions like:
• How big is the sales opportunity?
• Which offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
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Explore more reports here:
• European Avionics MRO Market: https://www.stratviewresearch.com/3682/European-avionics-MRO-market.html
• Military Aircraft MRO Market: https://www.stratviewresearch.com/3919/military-aircraft-mro-market.html
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