Aircraft Component MRO Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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, also known as maintenance, repair and overhaul, is a set of administrative, managerial, and supervision activities. They are employed for restoring aircraft components to their original state of performance and function. MRO in the aeronautical industry has strict and precise requirements stated by the airworthiness authorities to guarantee the safety of cargo, passengers and aircrew. It plays a vital role in maintaining product quality, reliability and availability. The services encompass components including mechanical actuators, avionics and electronics, fuel systems and carburetors, and landing gear and auxiliary power units (APUs).

Global Aircraft Component MRO Market Trends:
Over the past few years, airline operators and OEMs have been using radio-frequency identification (RFID) in the commercial aerospace component MRO market to enhance the cost-effectiveness of the services provided by them. However, airline companies are now outsourcing these activities to third-party organizations for contract organizations. As aircraft component MRO accounts for a significant portion of airline expenses, this trend has created numerous growth opportunities in the market. In addition to this, improving economic conditions in regions like the Middle East, Asia and Africa has led to the demand for low-cost air travel services. Apart from this, the introduction of innovative software technologies has helped OEMs in fulfilling the airworthiness standards of EASA and FAA. Such software programs offer features like labor-hour tracking, maintenance scheduling, and service bulletins for airline operators and service providers.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global aircraft component MRO market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on aircraft type, component and application.

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:

Europe
North America
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:
The report has also analysed 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) and Turkish Technic Inc. (Turkish Airlines), etc.

Key Questions Answered in This Report
1. What was the size of the global aircraft component MRO market in 2022?
2. What is the expected growth rate of the global aircraft component MRO market during 2023-2028?
3. What are the key factors driving the global aircraft component MRO market?
4. What has been the impact of COVID-19 on the global aircraft component MRO market?
5. What is the breakup of the global aircraft component MRO market based on the application?
6. What are the key regions in the global aircraft component MRO market?
7. Who are the key players/companies in the global aircraft component MRO market?