Aircraft Component MRO Market Outlook 2023-2028: Industry Growth Rate and Forecast

According to the latest report by IMARC Group, titled “Aircraft Component MRO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″ the global aircraft component MRO market size reached US$ 19.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.82% during 2023-2028. Aircraft component MRO represents the maintenance, repair, and overhaul (MRO) of the airplane and its components. It generally includes various upkeep activities to confirm the airworthiness and safety of the plane. Aircraft component MRO even involves multiple sets of managerial and administrative tasks for ensuring the state of function and performance of the airplane. It is mainly designed and adopted for restoring fuel, mechanical, electrical, hydraulics, pneumatics system components, and landing gear wheels and brakes. As a result, aircraft component MRO plays a vital role in maintaining the reliability and quality of the product stated by the airworthiness authorities, while improving the lifespan of the airplane.

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Industry Demand:

The continual technological advancements, the usage of the internet of things (IoT), artificial intelligence (AI), big data, and augmented reality (AR), and the expanding aerospace industry are among the primary factors driving the aircraft component MRO market. Besides this, the IoT- and big data-enabled sensors aid in improving and streamlining condition-based maintenance (CBM) of airplanes, which is further augmenting the market growth. Moreover, the inflating investments by the leading players in the development of adequate space for conducting MRO activities at various airports across countries are also catalyzing the global market. Apart from this, the rising incidences of airliner accidents, the increasing number of airports, and the growing air passenger traffic are acting as significant growth-inducing factors. Furthermore, the introduction of innovative software technologies to aid the OEMs in fulfilling the airworthiness standards of EASA and FAA is expected to bolster the aircraft component MRO market in the coming years.  

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Competitive Landscape with Key Players:

The report has also analyzed the competitive landscape of the market with some of the key players being:

• 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)
• Turkish Technic Inc. (Turkish Airlines)

Breakup by Aircraft Type:

• Narrow Body
• Wide-Body
• Regional Jets/Turboprop

Breakup by Component:

• Fuselage
• Empennage
• Landing Gear
• Wings
• Engine
• Others

Breakup by Application:

• Commercial Air Transport
• Business and General Aviation
• Military Aviation

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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