The Global Aerospace Defense MRO Market Size was valued at USD 127.98 Billion in 2023 and the Worldwide Aerospace Defense MRO Market Size is Expected to Reach USD 210.10 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: Lufthansa Technik AG, AAR Corp., ST Engineering Ltd., Delta TechOps, HAECO Group, Collins Aerospace (Raytheon Technologies Corporation), Bombardier Inc., United Airlines, Inc., Textron Inc., General Dynamics Corporation, Turkish Technic Inc., FL Technics, Barnes Aerospace, Inc. and Other Key Vendors.
New York, United States, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The Global Aerospace Defense MRO Market Size is expected to Grow from USD 127.98 Billion in 2022 to USD 210.10 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.08% during the projected period.
Aerospace defense MRO is the maintenance, repair, and overhaul of aircraft defense equipment. It includes scheduled maintenance to prevent breakdowns and ensure peak performance, as well as unscheduled repairs to address unforeseen issues. MRO activities are critical to the safe and efficient operation of aerospace and defense assets, ensuring regulatory compliance and extending their life. Aerospace and defense MRO organizations are classified into three types: airline or operator MROs, independent or third-party MRO organizations, and OEM MRO organizations that provide MRO services. SMEs play a minor role in OEM MRO services, falling primarily under the independent MRO category. OEMs and global third-party companies have used advanced predictive and preventive aircraft maintenance technologies to digitize and automate their airframe maintenance activities, increasing overall maintenance process efficiency. The increased global air passenger traffic caused by low-cost airlines has created a growing demand for highly efficient flight safety mechanisms and security checks to ensure maximum passenger safety. Furthermore, as major economies improve their trade relations, demand for cargo services is expected to increase, driving growth in the global aerospace defense MRO market. Market drivers are the forces that propel the growth and development of the global aerospace defense MRO markets. However, market restraints are factors that restrict the growth of the aerospace and defense MRO markets. This section discusses high operating costs, skilled labor shortages, complex regulatory environments, and the negative impact of geopolitical factors on defense spending. Recognizing market constraints allows industry participants to develop effective strategies for overcoming challenges and maintaining growth.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Aerospace Defense MRO Market Size, Share, and COVID-19 Impact Analysis, ByProduct (Engine, Airframe, Line, Component),ByApplications (Narrow Body Aircraft, Wide Body Aircraft, Regional Aircraft, Others), ByEnd-User (Commercial Aviation, Business and General Aviation, Military Aviation, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
The engine segmentis expected to grow at the highest pace in the global aerospace defense MRO market during theanticipated period. Based on the product, the global aerospace defense MRO market is divided into engine, airframe, line, and component. Among these, engine segment is expected to grow at the highest pace in the global aerospace defense MRO market during the forecast period. excellent mechanical properties, high toughness, high thermal resistance, low thermal expansion, and improved electric insulation in a high voltage connector are among the benefits that have driven the expansion of the electrical grade epoxy resins market.
The narrow body aircraft dominates the global aerospace defense MRO market during the forecast period. Based on the application, the global aerospace defense MRO market is divided into narrow body aircraft, wide body aircraft, regional aircraft, and others. Among these, the narrow body aircraft segment is expected to grow at the highest pace in the global aerospace defense MRO market during the forecast period. Narrow-body aircraft are typically single-aisle planes with a smaller seating capacity, designed for short to medium-haul flights. Furthermore, narrow-body aircraft components such as avionics, engines, landing gear, and cabin systems require regular maintenance. Aside from that, MRO providers are focusing on providing timely and efficient services to reduce aircraft downtime for airlines that use these aircraft.
The commercial aviation dominates the global aerospace defense MRO market during the forecast period. Based on the end user, the global aerospace defense MRO market is divided into commercial aviation, business and general aviation, military aviation, and others. Among these, the commercial aviation dominates the global aerospace defense MRO market during the forecast period. Commercial aviation maintenance models have evolved considerably over the forecast period. The market is expected to grow due to increased fleet size, rapid urbanization, GDP growth in emerging economies, increased tourism, greater penetration of low-cost carriers (LCC), and mandatory maintenance programs for aging aircraft. Furthermore, increased demand for cargo services as a result of improved global economic connections will drive the commercial aviation global aerospace defense MRO market during the forecast period.
Asia-Pacificdominates the market with the largest market share over the forecast period.
Asia-Pacific is projected to hold the largest share of the global aerospace defense MRO market over the forecast period. Asia-Pacific is one of the world's largest-growing aerospace markets, owing to sustained economic growth, increased passenger traffic, and rising domestic aircraft demand as Japan, China, and India's economies expand. Because of the availability of a skilled workforce, competitive labor costs, the expansion of engineering services, and R&D expertise, the region is emerging as a potential international hub for aerospace parts and MRO services.
Europe is expected to grow the fastest in the global aerospace defense MRO market during the anticipated forecast period. Cross-border ownership and manufacturing networks have boosted the integration and regulation of Europe's aerospace defense MRO industry. Global air travel is expected to grow rapidly, with an increase in demand for fuel-efficient, cost- and energy-saving aircraft, while an aging aircraft fleet increases demand for aircraft maintenance and repair, driving global aerospace defense MRO market growth during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global aerospace defense MRO market are Lufthansa Technik AG, AAR Corp., ST Engineering Ltd., Delta TechOps, HAECO Group, Collins Aerospace (Raytheon Technologies) Corporation, Bombardier Inc., United Airlines, Inc., Textron Inc., General Dynamics Corporation, Turkish Technic Inc., FL Technics, Barnes Aerospace, Inc. and Others.
In February 2023, The Crown Group has announced that it is fully prepared to provide total MRO and Avionics support to India's existing fighter jet fleet, which includes the Indian Navy's MiG-29K and the Indian Air Force's MiG-29, Jaguar, Mirage 2000, and Sukoi-30.
Market Segment This study forecasts revenue at global aerospace defense MRO, regional, and country levels from 2022 to 2033. Spherical Insights has segmented the global aerospace defense MRO market based on the below-mentioned segments:
Global Aerospace Defense MRO Market, Product Analysis
Engine
Airframe
Line
Component
Global Aerospace Defense MRO Market, Application Analysis
Narrow Body Aircraft
Wide Body Aircraft
Regional Aircraft
Others
Global Aerospace Defense MRO Market, End-User
Commercial Aviation
Business and General Aviation
Military Aviation
Others
Global Aerospace Defense MRO Market, Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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