Global Aviation MRO Market
MARKET OVERVIEW:
The Global Aviation MRO Market Size was valued at USD 87.01 billion in 2021 and is expected to reach at a CAGR of 5.27% from 2022 to 2030. The worldwide market is expected to reach USD 133.69 Billion by 2030.
Global Aviation MRO Market
The market is anticipated to expand faster due to rising economic growth in emerging nations, rapid urbanisation, and increased business and tourist travel. The market is anticipated to be highly impacted by a number of external factors, including air traffic volumes, the size of the worldwide fleet, and aircraft utilisation. Additionally, more aircraft are anticipated to be produced as a result of the growing air travel by people for both personal and professional reasons, which will have a significant impact on the industry.
COVID-19 IMPACT:
Practically every country's economic growth has slowed down as a result of the COVID 19 outbreak. The airline industry has been significantly impacted by this economic downturn. Additionally, small airline companies will close in 2020 as a result of countries' slower economic growth. Due to the ongoing COVID 19 pandemic, all of the major countries in Europe, Asia, and North America have severely restricted economic activity as well as the movement of people and goods. All of these factors are restricting the supply and demand for Aeroplan maintenance services, which is preventing the revenue growth of the global aircraft MRO industry. Additionally, the market growth in the first half of 2021 will be negatively impacted by the second COVID 19 epidemic wave in countries including India, France, and the US.
DRIVING FACTORS:
In the air transportation sector, maintenance expenses now outpace fuel expenses. Airlines must now rely on digital solutions to track physical assets like engines and cockpit controls in real time, which will help them better plan maintenance protocols due to the rapid increase in maintenance expenses.
Similar to cloud services and connected technologies, mobile solutions are making their way into airline control rooms. In order to allow users to access aircraft management remotely, air transport MRO players are becoming more focused on building software as a service (SaaS) and other efficient tightly connected mobile solutions.
RECENT DEVELOPMENTS:
• February 2021: For advanced aviation engine servicing, repairs, wing testing, and other tasks, SIA Engineering Company Ltd. invested in a new branch called the Engine Services Division. Artificial intelligence, drones, and robots are being used by modern MRO businesses to significantly cut down on the time needed for maintenance and repairs.
