MRO Market Analysis: Share, Size, and Forecast

MRO Market Overview

The global MRO market is expected to continue its growth over the next few years as the rising demand for air travel is keeping production lines of aircraft, engine, and component manufacturers busy. Lower oil prices and the willingness of airlines to spend on upkeep is resulting in delayed retirements of older jets, which is providing more business for the MRO industry because of their additional servicing needs.

Numerous MRO market segments will experience strong growth over the next five years, including the global commercial aircraft MRO market which is expected to grow more than USD 17 billion by 2023. The adoption of predictive maintenance tools will act as the primary factor driving the growth of this market. Additionally, the global aircraft engine MRO market will witness an increase in market size of over USD 17 billion between 2018-2022. The growth of this market will be attributed to increasing investments in MRO facilities, especially in developing economies like India.

The naval vessels MRO market will also witness significant growth as many countries across the world are upgrading and modernizing their existing naval fleet. This has increased the number of naval vessels such as submarines, aircraft carriers, and destroyers. Land boundary disputes in the South and East China Sea and the Indian Ocean have increased defense spending by China, India, Japan, South Korea, Australia, Singapore, Vietnam, and the Philippines. Such factors will drive naval vessels MRO market growth in APAC and the market will grow by over 2 billion in this region during 2019-2023.

The increase in number of naval vessels such as aircraft carriers is expected to have a positive impact on the demand for military helicopters. Many defense firms are engaging in strategic alliances to cater to the growing demand for replacing aging helicopters. Many governments across the Americas are funding aircraft manufacturers to develop military helicopters with advanced technologies. These governments are also increasing the procurement of rotorcraft to replace their aging fleet of military helicopters. With increased spending in the development and procurement of military aircraft, the need for military helicopter MRO will also increase. Technavio’s MRO market analysis reports forecast that by 2022, the military helicopter MRO market will grow by USD 1.4 billion.

MRO Market Insights

  • Owing to factors like increase in air passengers, expansion of LCC, and rising middle-class income, major MRO companies are shifting their focus toward developing countries. Developing economies across the globe have seen an upsurge in investments in setting up new MRO plants in recent years. With the increase in expansion of MRO capabilities, an MRO plant is expected to deliver various services such as avionics repair and installation, engine change, aircraft conformity, mechanical and structural repair services, aircraft inspections, and advanced troubleshooting.
  • The military helicopter MRO market will witness an increase in joint ventures, and according to our military helicopter MRO market analysis, this will be one of the primary factors that will trigger the growth of commercial and military aircraft MRO market. To meet the growing demand for replacing aging helicopters with new and upgraded models, companies in the military helicopter industry are focusing on entering into partnerships with other companies.
  • According to our defense armored vehicle MRO market analysis, the rising procurement of new defense armored vehicles will be one of the major factors that will have a positive impact on the defense armored vehicle MRO market growth during the forecast period. Many nations have increased the procurement of armored vehicles to widen and strengthen their current fleet. Factors such as the increased R&D activities in the armored vehicles market and rising defense appendage have led to the development of new armored vehicles

MRO Market Share and Segmentation

Within our MRO industry analysis, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment this market by type, category.

Our MRO market segmentation research offerings include:

  • MRO Market by Type
    • Aircraft MRO market
    • Engines MRO market
    • Line MRO market
    • Components MRO market
    • Modifications MRO market
    • Interior MRO market
    • Field maintenance MRO market
  • MRO Market by Category
    • MRO for single-aisle market
    • MRO for twin-aisle long-range market
    • MRO for twin-aisle medium range market
    • MRO for twin-aisle ultra-large market
    • 4MRO for regional turboprop market
    • MRO for regional jet market
    • MRO for twin-aisle short range market
    • MRO for narrow-body jet market
    • MRO for widebody jet market

We at Technavio, with our comprehensive understanding of the MRO market, have been monitoring the latest MRO industry trends and developments to create an in-depth portfolio of MRO market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. MRO market reports offer the following insights:

  • MRO industry overview
  • MRO industry statistics
  • MRO market size
  • MRO market share
  • MRO market growth
  • MRO market forecast
  • MRO market trends

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