According to the latest report by IMARC Group, titled “Aircraft Component MRO Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global aircraft component market size market was worth US$ 16.5 Billion in 2019. Aircraft component maintenance, repair, overhaul (MRO) refers to various activities that are undertaken to restore the aircraft components to their primary state of performance and function. It relies on nanocomposite sensors, autonomous vehicles, real-time tracking, tools and software to ensure the safety and compliance of an aircraft. It assists in maintaining product availability, reliability and quality, improving performance efficiency, and enhancing the overall passenger experience.
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Currently, the aircraft component MRO market is hindered by the suspension of airline services on account of the global spread of coronavirus disease (COVID-19) and consequent lockdown imposed in various countries. However, the market is expected to grow once normalcy is regained. This growth can also be attributed to the escalating demand for improving proficiency, operational efficiency and profitability of the aircraft. Other than this, the incorporation of advanced technologies, such as big data, internet-of-service (IoT), artificial intelligence, wearables, robotics and augmented reality (AR), are expected to influence the demand for aircraft component MRO positively. Furthermore, several manufacturers are offering custom features to meet consumer requirements, which is anticipated to further drive the market in the coming years.
Market Breakup by Aircraft Type:
- Narrow Body
- Wide-Body
- Regional Jets/Turboprop
- Fuselage
- Empennage
- Landing Gear
- Wings
- Engine
- Others
- Commercial Air Transport
- Business and General Aviation
- Military Aviation
- 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)
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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