According to the latest report by IMARC Group, titled "Aircraft Component MRO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global aircraft component MRO market reached a value of US$ 18.3 Billion in 2021. Aircraft component MRO is the maintenance, repair and overhaul (MRO) of aircraft and its components. It generally includes various maintenance activities for ensuring the airworthiness and safety of aircraft. Along with this, it also involves multiple sets of managerial and administrative tasks for ensuring the state of function and performance of aircraft. It is mainly designed and adopted for restoring hydraulics, fuel, mechanical, electrical, pneumatics system components and landing gear wheels and brakes. It plays a vital role in maintaining the reliability and quality of the product stated by the airworthiness authorities while improving the lifespan of the aircraft.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Aircraft Component MRO Market Trends:
The global market is primarily driven by significant growth in the aerospace industry. Along with this, continual technological advancements and the deployment of the Internet of Things (IoT), artificial intelligence (AI), big data and augmented reality (AR) across the industry are creating a positive outlook for the market. For instance, IoT- and big data-enabled sensors aid in improving and streamlining condition-based maintenance (CBM) of aircraft, thereby favorably influencing the market growth. Moreover, increasing investments by leading players in the development of adequate space for conducting MRO activities at different airports across multiple countries are propelling the market growth. Also, major companies are heavily investing in training and development activities for their personnel, which is also positively influencing the market growth. Other factors, including the rising incidences of aircraft accidents, the increasing number of airports, the growing air passenger traffic and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 24.5 Billion by 2027, expanding at a CAGR of 4.9% during 2022-2027.
- On the basis of the aircraft type, the market has been segmented into narrow-body, wide-body and regional jets/turboprop.
- Based on the component, the market has been segregated into fuselage, empennage, landing gear, wings, engine and others.
- On the basis of the application, the market has been classified into commercial air transport, business and general aviation and military aviation.
- Based on the region, the market has been divided into Europe, North America, Asia Pacific, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are Delta TechOps, Lufthansa Technik AG, Air France Industries KLM Engineering & Maintenance, Hong Kong Aircraft Engineering Company Limited, Honeywell International Inc., ST Engineering, AAR Corp., Barnes Aerospace, Inc. (Barnes Group), FL Technics (Avia Solutions Group) and Turkish Technic Inc. (Turkish Airlines).
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