Aircraft MRO Market is Forecasted to Reach US$ 292.5 Billion in 2034, Says Stratview Research

The global aircraft MRO market is projected to witness a growth rate of 1.4% annually from 2024 to 2034, with an anticipated size of US$ 292.5 billion by 2034, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global aircraft MRO market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/3920/aircraft-mro-market.html#form

Report Highlights

Segment Insights on the Aircraft MRO Market:

The report dives deep into the segmentation of the Aircraft MRO market based on critical parameters:

Based on Aircraft Type – The market is segmented into (Civil Aircraft [Narrow-Body Aircraft, Wide-Body Aircraft, Regional Aircraft, and Business Jets], General Aviation [Aircraft Analysis: Large Jets, Medium Jets, Small Jets, and Others], Military Aircraft [Fighter Aircraft, Helicopter, Transport Aircraft, C4ISR, Trainer Aircraft, and Others], and Civil Helicopter MRO [Single Helicopter, Light Twins, Medium Helicopter, and Super Mediums/Heavy Helicopter]). Military aircraft dominate the aircraft MRO market due to the need for operational readiness and high defense budgets, while the general aviation aircraft segment is the fastest growing, driven by private travel and regional connectivity demand. Defense fleets often operate for several decades, demanding regular maintenance, upgrades, and overhauls to extend their lifecycle, and military aircraft undergo frequent and rigorous operations, requiring extensive maintenance to ensure readiness and safety. Unlike commercial aviation, military fleets comprise various aircraft types (fighters, helicopters, transporters) that require tailored maintenance solutions. Military aircraft are equipped with sophisticated technologies that require specialized MRO services, increasing maintenance complexity and demand. Narrow-body and wide-body aircraft combined are estimated to remain the second-largest aircraft type for MRO and grow at the fastest rate in the market during the study period.

With growing demand from general aviation to seek cost-effective maintenance solutions and minimize the related maintenance expenses with optimal aircraft performance and safety, this presents new opportunities for special MRO service providers. Increased private and commercial use of aircraft fuels the need for general aviation MRO services because more aircraft need maintenance, repair, and overhaul to continue efficient and safe operations. The growing requirement for specialized services is due to the advancements in aircraft technology, such as avionics and engine systems. MRO providers in general aviation must adopt new capabilities to support these complex systems, ensuring continued growth.

Based on the MRO Type - The market is segmented into Airframe, Engine, Component, and Line. The development of new engine technologies coupled with fleet expansion and stringent safety regulations are the factors that propel the demand for engine MRO during the forecast period. In the commercial aircraft category, CFM International’s CFM56 engines will account for most of the engine MRO expenses during the forecast period, followed by GE Aerospace’s CF6 and CF34 engines, creating enormous opportunities for engine MRO in the market. According to GKN forecast, the global fleet is expected to double over the next two decades, driven by increasing air travel demand and fleet expansion. This growth will significantly boost the need for maintenance, repair, and overhaul (MRO) services to support the larger fleet.

The current fleet is expected to remain in operation for many years, driving a growing demand for aftermarket support. As aircraft age, the need for maintenance, repairs, and parts replacement will continue to rise, ensuring long-term market growth. Complex engine systems incorporating modern technologies, including hybrid-electric engines and high thrust, require engine MRO services to operate optimally and handle complex maintenance requirements. As the aviation industry becomes increasingly focused on fuel efficiency and environmental sustainability, there is a corresponding increase in the demand for high-performance, fuel-efficient engines. These engines demand specialized MRO services to preserve their advanced technology and ensure long-term functionality. The Line category is likely to remain unchanged. This consistency implies that routine checks and on-ground servicing remain a constant airline requirement.

To know the most attractive segments, click here for a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/3920/aircraft-mro-market.html#form

Which Region Shows the Most Promising Growth Forecast and Opportunity?

North America has a huge dominance in the aircraft MRO market, and it is expected to maintain its legacy in the years to come. The region has a vast aircraft fleet and investments in commercial and military aircraft and their services. Over 500 MRO players (including parts & system manufacturers and assemblers) in the USA. This market grows as aging aircraft are utilized longer, with passenger-to-freighter conversions meeting e-commerce demand and production backlogs boosting maintenance needs. The aviation and industrial industries demand continuous MRO services fueled by advanced predictive maintenance technologies and robust defense expenditure, bolstering aerospace industry leadership.

The Asia-Pacific’s MRO market is projected to grow at the fastest rate during 2024-2034. Growing investment projects by multinational aerospace companies make the Asia-Pacific’s MRO market competitive. Fleet expansion in Asia-Pacific, driven by growing economies and increasing passenger demand, increases the number of aircraft requiring continuous MRO services, boosting market opportunities for maintenance providers across the region. Growing defense spending in Asia-Pacific is driving military aircraft purchases and the need for specialized MRO services, thus increasing the demand for aircraft maintenance, repair, and overhaul solutions in the region.

Aircraft MRO Market Drivers:

Some of the key drivers listed in the report are given below.

• Growing air traffic demand, fleet expansion, and a need for low-cost operations. Aging aircraft fleets require frequent maintenance and repairs for safety and compliance. Oliver Wyman reports that the global civil aircraft fleet, including narrow-body, wide-body, regional aircraft, and turboprops, will grow from 28,398 aircraft in 2024 to 36,413 by 2034, driving significant MRO demand.
• Technological advancements, including predictive maintenance and digital tools, further optimize MRO services.
• Increasing regulatory requirements and the demand for improved fuel efficiency require airlines and operators to invest in advanced maintenance solutions, further fueling growth in the market.
• Commercial aircraft deliveries are projected to surpass 2,000 units by the early next decade, signaling sustainable long-term growth for the MRO industry.

Top Companies in the Aircraft MRO Market:

The global market for Aircraft MRO is highly concentrated, with the top four companies capturing a lion’s share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:

-          Rolls-Royce PLC

-          Standard Aero

-          GE Aerospace

-          Raytheon Technologies Corporation (RTX)

-          Honeywell Aerospace

-          Safran S.A.

-          KLM- Air France Group

-          Leonardo S.p.A

-          Hong Kong Aircraft Engineering Company Limited (HAECO)

-          Lufthansa Technik AG

Note: The above list does not necessarily include all the top players in the market.

What Deliverables Will You Get in this Report?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - [email protected]

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

Are you looking for any specific data customized to your objectives? We are just a mail away.

Stratview Research 

E-mail: [email protected] 

Direct: +1-313-307-4176