Aircraft Component MRO Industry Report 2024: A Global $29.8 Billion Market by 2032, Driven by Rising Demand Driven by Aging Fleet and Regulatory Compliance

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Mar 20, 2024, 05:45 ET

DUBLIN, March 20, 2024 /PRNewswire/ -- The "Aircraft Component MRO Market Report by Aircraft Type, Component, Application, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.

The global aircraft component MRO market size reached US$ 20.2 billion in 2023. The market is projected to reach US$ 29.8 billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2023-2032. The market is experiencing steady growth driven by the growing number of air travel, aging aircraft fleets, stringent regulatory compliance to extend the lifespan of aircraft, and integration of advanced components and systems to improve fuel efficiency.

The rising adoption of aircraft component maintenance, repair and overhaul (MRO) due to the aging aircraft fleet is propelling the growth of the market. In line with this, many airlines and operators continue to operate older aircraft models due to the substantial capital investment required for fleet replacement. These aging aircraft require more frequent and extensive maintenance to ensure they meet safety and performance standards.

Moreover, MRO providers play a crucial role in extending the lifespan of these aircraft by conducting regular inspections, repairs, and component replacements. Apart from this, advancements in MRO techniques and materials allow for the cost-effective refurbishment of older aircraft, making it an attractive option for airlines seeking to maximize the return on their investments while maintaining high safety standards.

Leading Key Players in the Aircraft Component MRO Industry:

Key players in the market are continuously performing inspections and maintenance tasks to identify and address wear and tear, damage, or potential issues with various aircraft components. They are disassembling, repairing, and reassembling components to restore them to their original or serviceable condition, if components are found to be damaged.

In addition, manufacturers are conducting comprehensive testing, such as performance testing and functionality checks, to ensure that repaired or overhauled components meet strict quality and safety standards. Apart from this, companies are retrofitting aircraft with eco-friendly components and systems, such as more fuel-efficient engines and emissions-reduction technologies, to align with sustainability goals. Many MRO companies leverage data analytics and predictive maintenance technologies to monitor the health of components in real-time.

North America leads the market, accounting for the largest aircraft component MRO market share

North America accounted for the largest market share on account of the rising number of domestic and international flights. Additionally, the presence of major airlines, cargo carriers, and business and general aviation activities is bolstering the growth of the market. Moreover, the increasing need for specialized maintenance services to support advanced aircraft systems is impelling the growth of the market. Besides this, the growing awareness among individuals about the importance of high-quality MRO services to ensure compliance with safety standards is offering a positive market outlook.

Asia-Pacific stands as another key region in the market due to the rising air travel among individuals. In line with this, the aviation industry in Asia-Pacific is characterized by a mix of legacy and low-cost carriers, covering a broad spectrum of aircraft types. This diversity necessitates a wide range of MRO services, ranging from routine maintenance for narrow-body aircraft to complex overhauls for wide-body jets. Furthermore, the region has a strategic geographical location, which makes it a pivotal transit point for international air travel. The increasing demand for cargo aircraft maintenance and modification services is propelling the market growth.

Europe maintains a strong presence in the market, with the growing number of key airlines and aircraft manufacturers. Moreover, stringent regulatory frameworks related to passenger safety are supporting the growth of the market. In addition, the rising awareness among individuals about the importance of high-quality MRO services in maintaining safety and airworthiness is propelling the market growth.

Latin America exhibits growing potential in the aircraft component MRO market on account of the thriving aviation sector. In line with this, the increasing focus on developing enhanced aviation infrastructure is contributing to the growth of the market. Latin America has a diverse range of aircraft, ranging from narrow-body to wide-body and regional jets, which require specialized MRO to maintain enhanced operational efficiency.

The Middle East and Africa region shows a developing market for aircraft component MRO, primarily driven by the improving aviation infrastructure. In line with this, various countries in the region are focusing on investing in aviation infrastructure, including modern airports and world-class MRO facilities. This region also has several major airlines that operate large fleets of modern aircraft and require specialized MRO services.

Stringent regulatory compliance

The increasing focus on aligning with stringent regulatory compliance is contributing to the growth of the market. In addition, aviation authorities of several countries are implementing stringent regulations and safety standards on aircraft maintenance and airworthiness, which is bolstering the market growth. Besides this, airlines and operators must adhere to these regulations to ensure passenger safety and maintain the airworthiness of their fleets. This involves regular inspections, maintenance, and component replacements.

Furthermore, failure to comply with these regulations can result in severe financial penalties along with reputational damage. Apart from this, the escalating demand for aircraft component MRO services, as they are beneficial in meeting stringent regulatory requirements while ensuring the safe operation of aircraft, is impelling the market growth.

Technological Innovations

Modern aircraft are equipped with technologically advanced components and systems, including avionics, engines, and materials. These advanced technologies improve aircraft efficiency, fuel economy, and safety but also require specialized knowledge and equipment for maintenance and repair. In line with this, MRO providers are focusing on investing in training and infrastructure to handle the maintenance and repair of advanced components effectively. Additionally, the introduction of new materials and manufacturing techniques necessitates changes in MRO processes and capabilities. Apart from this, the growing demand for specialized services in the aviation industry is offering a positive market outlook.

Increasing number of air travel

The escalating demand for aircraft component MRO on account of the rising number of air travel among the masses across the globe is positively influencing the market. In addition, people are increasingly choosing air travel for business and leisure purposes. Consequently, aircraft are used more frequently, leading to higher wear and tear on components and systems.

Apart from this, the increasing utilization of aircraft requires more frequent maintenance and component replacements to ensure the ongoing reliability and safety of the aircraft is strengthening the growth of the market. Additionally, MRO providers are essential in supporting airlines by conducting routine inspections, repairs, and overhauls to minimize aircraft downtime and maintain operational schedules.

Key Questions Answered in This Report

What was the size of the global aircraft component MRO market in 2023?
What is the expected growth rate of the global aircraft component MRO market during 2024-2032?
What are the key factors driving the global aircraft component MRO market?
What has been the impact of COVID-19 on the global aircraft component MRO market?
What is the breakup of the global aircraft component MRO market based on the application?
What are the key regions in the global aircraft component MRO market?
Who are the key players/companies in the global aircraft component MRO market?

Competitive Analysis

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)

Aircraft Component MRO Industry Segmentation:

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

For more information about this report visit https://www.researchandmarkets.com/r/fp222w

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