The global Aircraft Maintenance, Repair and Operations (MRO) market size was estimated at USD 408.5146 billion in 2023 and is projected to reach USD 498.902 billion in 2030 at a CAGR of 2.53% during the forecast period 2023-2030.
Aircraft Maintenance, Repair and Operations (MRO) can be described as all the steps and procedures required to maintain an aircraft to keep it running smoothly. In addition, there is an increasing focus on sustainability, which has led to parts being repaired rather than replaced, which has contributed to the growth of the MRO market, creating demand for MRO products. The emergence of new technologies and the need to improve competitiveness have also changed the MRO industry, and suppliers in the market now offer a wide range of products to meet different customer needs.
The growth of the global Aircraft Maintenance, Repair and Operations (MRO) market is mainly driven Rapid urbanization and acceleration of economic growth in developing countries along with increasing business and tourism travel is expected to boost market growth. The market is significantly affected by various external factors such as air traffic volume, global fleet size and aircraft utilization. The increase in people's business and personal air travel is also expected to increase the production of aircraft, which will have a major impact on the market. The development of smart factories and the increase in the use of predictive maintenance such as sensors and the Internet of Things are expected to stimulate growth in the MRO sector.
Proactive maintenance allows production components to be replaced before visible defects occur, reducing downtime and saving costs. But the growing need to comply with various regulations and safety standards is also a challenge for companies, leading to rising costs of MRO products and challenging market growth. In addition, increased competition among suppliers leads to price competition reducing profit margins and slow market growth.
The COVID-19 pandemic has disrupted global supply chains, making it difficult for MRO companies to obtain parts and equipment needed to maintain and repair machinery, causing service delays and costs for some companies. The slowdown in economic growth caused by the pandemic has also reduced the demand for MRO products and services, which has further affected the market growth.
The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. Despite the Strides Taken in Safe Flying, Ever-Present Threat of Plane Crashes Drives Emphasis on Airworthiness & Plane Maintenance: Global Number of Fatalities on Commercial Flights for the Period 2010-2019. The Ever-Present Threat of Air Accidents Reinforces the Importance of MRO. This presents as a great opportunity to enter the MRO market as currently it is in great demand because of the regulations being set-up by the governments. The market growth is fueled by several factors, including but not limited to the growing need to Reduce Operating Costs Drives Growth in MRO Outsourcing Services, the increasing adoption of Aircraft Maintenance, Repair for smooth operations, Low-Cost Carriers (LCCs) Expand MRO Opportunity in Asia-Pacific. These factors have led to the expansion of the market and increased demand for Aircraft Maintenance, Repair and Operations (MRO) solutions.
Asia-Pacific to Dominate the Market