Aerospace and Defense MRO Market To Gain Substantial Traction Through 2030

According to the Market Statsville Group (MSG), the

global aerospace and defense MRO market size is expected to grow from USD 131.4 billion in 2021 to USD 205.9 billion by 2030, at a CAGR of 5.1% from 2022 to 2030. Aerospace is building up their maintenance, repair, & overhaul (MRO) facilities to increase fleet availability and also for regular maintenance checks in the airline. Third-party MROs collaborate with original equipment manufacturer OEMs to get expertise in advanced aircraft MRO procedures and technologies. Services like component replacement, retrofitting, and maintenance activities related to aircraft design are part of this market. Numerous local and international players with a strong financial base in the market result in a highly fragmented market. OEMs and MROs increasingly incorporate advanced engineering techniques such as AI, real-time health monitoring, IoT, and predictive maintenance to minimize cost and expand the end-user experience.

COVID-19 Impact on the Global Aerospace and Defense MRO Market

The airline industry has witnessed a decline in growth. The COVID-19 pandemic has hindered the economic growth of almost every country and most of the industry. Due to the COVID-19 outbreak, major countries in Asia, Europe, and North America have imposed strict restrictions on business and industrial activities and the movement of goods and people. All these factors are affecting the demand and supply of aircraft maintenance services, thereby hindering the revenue growth of the global aircraft MRO market. Also, the second wave of COVID-19 in India, France, and the US would negatively impact the market growth throughout the first half of 2020 and 2021.

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Global Aerospace and Defense MRO Market Dynamics

Drivers: Government Investing In Defence And Military

The government is investing in military aircraft maintenance, repair, and overhaul (MRO) activity is projected to grow in short to medium term. Over a percent of the airlines across the globe expect a significant increase in investment prospects over the upcoming years. With cheap and skilled labor availability, MRO activity is popular and continues to grow in developing and low- and middle-income economies. Major airlines are also looking to reduce costs by developing sophisticated materials management solutions, cutting inventory budgets, and improving reliability and operations. The MRO service providers are expanding their geographical area to become regional and global full-service providers.

Restraints: High cost of parts, tools, and services

The total costs that most companies overlook when factoring in the cost of MRO include the cost of maintenance, repair, and overhaul for any aviation company globally. The opportunity and labor costs of maintenance, spending time for looking and sourcing parts, the time spent on manual staffing work due to system or technology limitations, high purchase ordering costs, shipping costs for emergency or out-of-stock orders, and costs associated with ordering the wrong material related with tools, parts, and consumables in this industry.

In MRO industry, staffing can be costly and not always targeted to the specific needs or services of the business or specialized equipment or parts.

Opportunities: Rapid growth and rise of emerging market

A rise in emerging markets and rapid growth, especially in aerospace, where the after-service market is inadequate and uncoordinated, will change how Aircraft operators make decisions on the MRO supply chain. The improvement and profitability of MRO business and increasing demand have attracted major players like Boeing and Airbus. These players also entered the after-sale market.

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Scope of the Global Aerospace and Defense MRO Market

The study categorizes the aerospace and defense MRO market based on type, aircraft type, and end user at the regional and global levels.

By MRO Type Outlook (Sales, USD Billion, 2017-2030)

• Engine MRO
• Components and Modifications MRO
• Airframe MRO
• Field Maintenance

By Aircraft Type Outlook (Sales, USD Billion, 2017-2030)

• Fixed-wing Aircraft
• Rotorcraft
• Others

By End User Outlook (Sales, USD Billion, 2017-2030)

• Commercial
• Military
• Others

By Region Outlook (Sales, USD Billion, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Engine MRO segment is projected to account for the largest market share

Engines are essential components of any aircraft and must be airworthy regardless of whether the aircraft is operational. In response to the increasing complexity of engine components and the increased number of aircraft crashes caused by engine failure, the military is increasingly focusing on engine maintenance and periodic inspections. The active fleet of several countries is growing more rapidly than others due to the extreme operating conditions that the aircraft are exposed to regularly. MRO services are required for older aircraft much more frequently than they are for their newer counterparts to keep their systems from malfunctioning or becoming obsolete. On this note, several contracts are being awarded for MRO services for the active fleets. Until 2024, Rolls-Royce will provide maintenance and repair support for the EJ200 engines of the Typhoon fighter aircraft fleet operated by the Royal Air Force (RAF).

Asia Pacific accounts for the highest CAGR during the forecast period

The maintenance repair and overhaul (MRO) business is witnessed to have rapid growth in the upcoming recent years specially in Asia Pacific because of rapid growth rate and rise of emerging market of this industry. As the region's economy grows, urbanization takes place, new domestic airlines are launched, low-cost labor markets are emerging such as India and China, and government aid is required to establish the aerospace cmlusters.

Dubai and Singapore are the major MRO hubs in Asia Pacific. India lies between them and offers a great maintenance repair and overhaul opportunity due to its geographical location, proximity to the international shipment lines, and its own massive intrinsic aircraft fleet.

The market has improved since then due to the good supply chain management, this helped the market to grow faster.

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Key Market Players in the Global Aerospace and Defense MRO Market

Major players in the global aerospace and defense MRO market are:

• Aar Corporation
• Air France Klm Group
• Airbus Sas
• Boeing Company
• Bombardier Inc.
• Delta Air Lines Inc.
• Embraer S.A
• Gal Aviation
• General Dynamics Corporation
• Honeywell International Inc.

Article source: https://article-realm.com/article/Finance/29642-Aerospace-and-Defense-MRO-Market-To-Gain-Substantial-Traction-Through-2030.html