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.
|Market Size||US$ 130.9 Billion by 2030|
|Growth Rate||CAGR of 15.0% From 2021 to 2030
|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|
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.
SIA Engineering Company (SIAEC) Ltd.
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.
Hong Kong Aircraft Engineering Company (HAECO) Ltd.
Narrow Body Aircraft
Wide Body Aircraft
Business & General Aviation
Central & South America
The Aerospace And Defense MRO market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Aerospace And Defense MRO market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Aerospace And Defense MRO market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Aerospace And Defense MRO market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Aerospace And Defense MRO market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Aerospace And Defense MRO capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Aerospace And Defense MRO by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Aerospace And Defense MRO market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Aerospace And Defense MRO market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Aerospace And Defense MRO market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Aerospace And Defense MRO industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Aerospace And Defense MRO market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Aerospace And Defense MRO market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Aerospace And Defense MRO market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Aerospace And Defense MRO market. These factors have benefited the growth of the global market for Aerospace And Defense MRO. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Aerospace And Defense MRO. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Aerospace And Defense MRO are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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