Aerospace And Defense MRO Market Present Scenario and Growth Prospects 2021-2030

SHARE THIS ARTICLE

The global aerospace and defense MRO market size is expected to be worth around US$ 130.9 billion by 2030, according to a new report by Vision Research Reports.

The global aerospace and defense MRO market size was valued at US$ 46.4 billion in 2020 and is anticipated to grow at a CAGR of 15.0% during forecast period 2021 to 2030.

Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/38911

Aerospace And Defense MRO Market (By Product: Engine, Airframe, Line, Component; By Application: Narrow Body Aircraft, Wide Body Aircraft, Regional Aircraft, Others; By End-use: Commercial Aviation, Business & General Aviation, Military Aviation, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030

Report Coverage

Report Scope Details
Market Size US$ 130.9 Billion by 2030
Growth Rate CAGR of 15.0% From 2021 to 2030
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Product, Application, End-use
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned AAR Corporation; SIA Engineering Company (SIAEC) Ltd.; Embraer S.A; Air France KLM Group; Raytheon Technologies Corporation; Delta Air Lines  Inc.; General Dynamics Corporation; MTU Aero Engines AG; Lufthansa Technik AG; Honeywell International Inc.; Spirit AeroSystems Inc.; Turkish Technic Inc.; Bombardier Inc.; Rolls-Royce plc; Hong Kong Aircraft Engineering Company (HAECO) Ltd.; GE Aviation; Boeing Company; Airbus SAS; ST Engineering; Magnetic MRO

Growth Factors

Expansion of fleet by low-cost airlines, coupled with increasing military spending spurred by the ongoing political conflicts and territorial disputes are expected to drive the market for aerospace and defense maintenance, repair, & overhaul (MRO) over the forecast period. The ongoing COVID-19 pandemic has resulted in lower aircraft utilization rates which led to a drop in demand for the commercial aviation MRO, whereas the cargo aviation MRO market had increased considerably owing to enhanced global trade relations. However, the defense sector was only mildly affected and reported modest growth.Steady economic growth, the prevalence of aging commercial and military aircraft fleet, and increased military spending are expected to drive the market over the forecast period.

By Product Analysis

The engine MRO segment led the market for aerospace and defense MRO and accounted for the largest revenue share of more than 40.0% in 2020. Regulations regarding reducing the environmental impact while increasing the performance of aircraft engines are a key area to consider for engine MRO.

Airframe MRO activities are expected to observe significant growth over the forecast period owing to the rapid fleet expansion, outsourcing of MRO services by OEMs, modification and modernization of commercial and military aircraft.

Line MRO activities include pre-flight checks, scheduled and unscheduled maintenance, inspection, and repairs and are directly linked to age and rate of utilization of aircraft.

Component MRO activities involve sourcing and fitting mechanical, structural, electrical, and hydraulic components with quick turnarounds. Factors such as the use of 3D printing in aftermarket components, RFID in component identification and tracking.

By Application Analysis

The narrow body aircraft MRO segment led the market for aerospace and defense MRO and accounted for the largest revenue share of more than 53.0% in 2020, which can be attributed to less operating cost, low fuel consumption, lower maintenance costs, and expansion by low-cost airlines.

The high demand for wide-body aircraft MRO services can be attributed to the growth in long-haul routes with higher traffic, usually connecting international destinations.

The demand for regional aircraft MRO is estimated to grow at a steady rate over the forecast period owing to the dominance of aircraft OEMs, non-standardization of global MRO procedures, and high complexity.

By End-use Analysis

The commercial MRO segment led the market for aerospace and defense MRO and accounted for the largest revenue share of about 70.0% in 2020. growing urbanization, budding developing economy, rapidly growing international trade relations, and mandatory maintenance program for aging aircraft.

Business and general aviation MRO activities are highly consolidated with few players accounting for the majority of the market share and are closely linked and intertwined with general aviation.

The growth in the global military aircraft MRO market is driven by higher delivery time of new aircraft, slower retirement of older aircraft, complex military aircraft components, and regional tensions due to territorial issues.

The growing use of UAVs in military operations, transportation of emergency medical supplies, and supply of essential food items in remote and inaccessible areas are expected to drive the demand for UAVs MRO services.

By Regional Analysis

Asia Pacific dominated the aerospace and defense MRO market and accounted for the largest revenue share of about 32.0% in 2020. Europe is one of the most liberalized regions in terms of aviation policies and activities led by the Member States of the European Union (EU).

Costa Rica, Brazil, and Argentina are the fastest-growing economies in Central and South America, with Embraer S.A. leading the industry. Despite economic and political concerns, growth is set to continue in the next decades owing to the rapid modernization of the military fleet.

Africa’s competitive advantage relative to many developed markets is its potential demographic dividend. Some governments in the region have created highly competitive aerospace clusters by designing highly convenient business policies for investors.

Key Players

  • AAR Corporation
  • SIA Engineering Company (SIAEC) Ltd.
  • Embraer S.A
  • Air France KLM Group
  • Raytheon Technologies Corporation
  • Delta Air Lines Inc.
  • General Dynamics Corporation
  • MTU Aero Engines AG
  • Lufthansa Technik AG
  • Honeywell International Inc.
  • Spirit AeroSystems Inc.
  • Turkish Technic Inc.
  • Bombardier Inc.
  • Rolls-Royce plc
  • Hong Kong Aircraft Engineering Company (HAECO) Ltd.
  • GE Aviation
  • Boeing Company
  • Airbus SAS
  • ST Engineering
  • Magnetic MRO

Market Segmentation

  • By Product
    • Engine
    • Airframe
    • Line
    • Component
  • By Application
    • Narrow Body Aircraft
    • Wide Body Aircraft
    • Regional Aircraft
    • Others
  • By End-use
    • Commercial Aviation
    • Business & General Aviation
    • Military Aviation
    • Others
  • Regional
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • Indonesia
      • Malaysia
      • Singapore
    • Central & South America
      • Brazil
      • Argentina
    • Middle East
      • Saudi Arabia
      • UAE
    • Africa

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/38911 or call: +1 9197 992 333

Daksh

Daksh is an SEO Analyst having 3 years of experienced. we can quickly understand and support initiatives that will contribute to the goals and success of client campaigns. and also Perform keyword research in coordination with client business objectives to optimize existing content and uncover new opportunities.

View all posts by Daksh →

Leave a Reply

Your email address will not be published.