The Latest Aircraft Mro Industry Statistics Explained
The global aircraft MRO (Maintenance, Repair and Overhaul) market size was valued at USD 75.71 billion in 2020.
The statistic that the global aircraft Maintenance, Repair, and Overhaul (MRO) market size was valued at USD 75.71 billion in 2020 indicates the total amount of money spent on MRO activities for aircraft worldwide during that year. This value reflects the significant investment made by the aviation industry to ensure the upkeep, safety, and operational efficiency of its aircraft fleets. This market size figure serves as a key indicator of the scale and importance of the MRO sector in supporting the global aviation industry, including both commercial and military aircraft, and highlights the economic significance of MRO services in maintaining the airworthiness and longevity of aircraft assets.
The aircraft MRO market is expected to grow at a CAGR of 3.1% from 2021 to 2028.
The statistic “The aircraft MRO market is expected to grow at a CAGR of 3.1% from 2021 to 2028” indicates that the aircraft Maintenance, Repair, and Overhaul (MRO) industry is projected to experience a compound annual growth rate (CAGR) of 3.1% over the period from 2021 to 2028. This growth rate suggests that the market for maintaining and servicing aircraft is expected to expand steadily over the forecasted timeframe. Factors such as increasing air travel demand, the growth of the commercial aviation sector, and the need for regular maintenance and repair services to ensure aircraft safety and operational efficiency are likely contributing to this projected growth in the aircraft MRO market.
Asia Pacific held the second largest share in the global market in 2020, accounting for over 27% of the total revenue.
The statistic “Asia Pacific held the second largest share in the global market in 2020, accounting for over 27% of the total revenue” indicates that the Asia Pacific region was a significant contributor to the overall global market in 2020. With a market share of over 27%, Asia Pacific ranked second in terms of revenue generation, highlighting its importance in the global economy. This statistic suggests that businesses operating in the Asia Pacific region played a substantial role in driving market growth and generating revenue on a global scale, underscoring the region’s economic influence and potential opportunities for investment and expansion.
The engine overhaul segment is predicted to hold the largest market share, worth $34.85 billion by 2025.
This statistic suggests that within the market for engine overhaul services, it is anticipated that this segment will dominate and hold the largest share of the market by generating an estimated revenue of $34.85 billion by the year 2025. This prediction indicates that engine overhaul services are expected to be in high demand and play a significant role in the overall market landscape. It suggests that businesses offering engine overhaul services may see substantial growth opportunities and revenue potential within this segment over the upcoming years.
The line maintenance segment is expected to witness the fastest growth during the forecast period.
This statistic suggests that within the context of an industry or market, the line maintenance segment is projected to experience the highest rate of growth over a specific period in the future. It implies that compared to other segments within the industry, such as base maintenance or component maintenance, the line maintenance sector is anticipated to expand more rapidly in terms of revenue, demand, or other performance indicators. This growth forecast may be influenced by factors such as increasing air traffic, technological advancements, regulatory changes, or shifting consumer preferences within the industry, making the line maintenance segment a key area for potential investment or strategic focus for businesses operating in the sector.
The wide-body aircraft segment held a market share of over 32.0% in 2020 in the aircraft MRO market.
The statistic indicates that the wide-body aircraft segment, which includes larger commercial airplanes designed for long-haul flights, accounted for more than 32.0% of the total market share in the aircraft Maintenance, Repair, and Overhaul (MRO) industry in 2020. This suggests that a significant portion of the MRO market activities, such as maintenance, repairs, and overhauls of aircraft, were focused on servicing wide-body planes during that year. The dominance of wide-body aircraft in the market share highlights the importance of specialized MRO services tailored to the maintenance needs of these larger aircraft types to ensure their safe operation and efficiency in the aviation industry.
North America is expected to register the highest CAGR during the forecast period due to an increase in air travel.
The statistic indicates that North America is projected to experience the highest Compound Annual Growth Rate (CAGR) in a specific industry or sector, likely the aviation or airline industry, over the forecast period. The expected growth in North America is attributed to an increase in air travel within the region, suggesting a positive trend for the aviation sector. Factors such as rising disposable incomes, growing population, expanding tourism, and advancements in technology may be contributing to the surge in air travel in North America. This statistic highlights the region’s potential for significant growth opportunities and market expansion for businesses operating in the aviation industry.
Over 43% of the world’s fleet will need MRO services by 2030.
This statistic indicates that more than 43% of the total number of aircraft across the world will require maintenance, repair, and overhaul (MRO) services by the year 2030. This highlights a significant demand for MRO services in the aviation industry within the next decade, pointing towards the need for extensive maintenance work on a large portion of the global fleet. Factors contributing to this high demand may include aging aircraft, increased flight hours, and the need to comply with stringent safety and regulatory standards. Meeting this demand will require the MRO sector to ramp up its capacity, technology, and workforce to ensure the continued safety and airworthiness of the aircraft fleet.
In 2020, the global aircraft MRO market contracted by 46% as a result of the COVID-19 pandemic.
In 2020, the global aircraft Maintenance, Repair, and Overhaul (MRO) market experienced a significant 46% contraction due to the impact of the COVID-19 pandemic. This contraction can be attributed to the sharp decline in air travel demand and the widespread grounding of commercial aircraft as countries implemented lockdowns and travel restrictions to curb the spread of the virus. As a result, airlines had reduced revenues and faced financial constraints, leading them to cut back on maintenance and repair expenditures. The drastic reduction in MRO activities highlighted the profound impact that the pandemic had on the aviation industry, causing a ripple effect across the entire aircraft MRO market.
The MRO market in Eastern Europe is expected to grow at the highest CAGR during the forecast period.
The statistic implies that the maintenance, repair, and overhaul (MRO) market in Eastern Europe is projected to experience the highest Compound Annual Growth Rate (CAGR) compared to other regions during the forecast period. This indicates that the demand for MRO services in Eastern Europe is expected to increase at a faster pace than in other regions, potentially driven by factors such as the growing aviation industry, increasing infrastructure development, and evolving regulatory requirements in the region. This growth may present opportunities for MRO service providers to expand their operations, cater to the growing market demand, and capitalize on the emerging market trends in Eastern Europe.
The MRO spending in Latin America is expected to increase by 5.2% CAGR from 2019 to 2029.
This statistic indicates that the maintenance, repair, and overhaul (MRO) spending in Latin America is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2019 to 2029. This suggests that there is an anticipated upward trend in the investments dedicated to maintaining and repairing assets such as infrastructure, equipment, and machinery within the region over the specified time frame. The forecasted growth rate implies an increasing demand for MRO services in Latin America, reflecting potential economic development, industrial expansion, and overall investment in maintaining and improving existing assets.
The commercial aviation sector contributes over 60% of the total revenues in the aircraft MRO market.
This statistic indicates that the commercial aviation sector plays a significant role in generating revenue within the aircraft Maintenance, Repair, and Overhaul (MRO) market. Specifically, it highlights that more than 60% of the total revenues in this market are derived from services provided to commercial airlines. This underscores the importance of commercial aviation in driving demand for MRO services, which encompass activities such as routine maintenance, repairs, and overhauls to ensure the safety and airworthiness of aircraft. The high contribution from the commercial aviation sector signifies its substantial impact on the overall economic health and growth of the aircraft MRO industry.
The MRO spending for military aircraft is expected to grow at a CAGR of 1.8% to $27.7 billion by 2029.
This statistic indicates that the Maintenance, Repair, and Operations (MRO) spending for military aircraft is projected to increase at a Compound Annual Growth Rate (CAGR) of 1.8% over the specified period until 2029, reaching a total expenditure of $27.7 billion. This growth suggests a gradual expansion in the funding allocated for the maintenance and support activities of military aircraft, likely driven by increased operational demands, evolving technologies, and the need to ensure the readiness and effectiveness of the aircraft fleet. Such projections are essential for stakeholders in the defense industry to anticipate future budgetary considerations and plan resource allocations accordingly to sustain the operational capabilities of military aircraft.
By 2035, Middle East’s MRO market is expected to reach a value of $13.1 billion.
The statistic indicates that the Middle East’s Maintenance, Repair, and Operations (MRO) market is projected to grow significantly by the year 2035, reaching a value of $13.1 billion. This forecast suggests a substantial increase in demand for maintenance and repair services across various industries in the region over the next decade and a half. The growth in the MRO market can be influenced by factors such as expanding infrastructure, increased investment in industrial sectors, and technological advancements. Such growth presents opportunities for MRO service providers to capitalize on the rising demand for their services, contributing to the region’s economic development and fostering a competitive MRO market landscape.
The aircraft retrofit segment in MRO is projected to reach $3.04 billion by 2025.
The statistic regarding the aircraft retrofit segment in the maintenance, repair, and overhaul (MRO) industry indicates that the market for retrofitting aircraft is expected to grow significantly, reaching a projected value of $3.04 billion by the year 2025. This suggests a growing demand for upgrading and modifying existing aircraft to enhance their performance, efficiency, safety, and compliance with evolving industry regulations. The increasing investments in airline fleet modernization, technological advancements, and the need for extending the lifespan of older aircraft are some of the factors driving this growth in the aircraft retrofit segment of the MRO industry. The projected value provides valuable insight for stakeholders in the aviation sector to understand the market opportunities and potential for expansion in this specific area of MRO services.
By 2022, the annual MRO spend per aircraft in service is expected to reach $1.60 million.
The statistic “By 2022, the annual MRO spend per aircraft in service is expected to reach $1.60 million” signifies the projected average amount of money that will be spent on maintenance, repair, and overhaul (MRO) services for each aircraft in service by the year 2022. This statistic indicates the anticipated financial commitment per aircraft for maintaining operational efficiency and safety. The $1.60 million figure highlights the substantial investment required to ensure that aircraft are properly maintained and comply with regulatory standards in order to guarantee their continued airworthiness and operational readiness. As such, this statistic underscores the significant financial impact that MRO services have on the aviation industry and the crucial role they play in sustaining the air transportation sector.
By 2030, the MRO services for the avionics component is expected to reach $25 billion.
The statistic states that the market for Maintenance, Repair, and Overhaul (MRO) services related to avionics components is projected to reach $25 billion by the year 2030. Avionics components include systems such as navigation, communication, and monitoring equipment used in aircraft. This figure highlights the growing demand for maintenance services to ensure the safe and reliable operation of avionics systems in the global aviation industry. The increasing complexity and reliance on technology in modern aircraft drive the need for specialized MRO services to keep these critical systems in optimal working condition, thereby ensuring the overall safety and efficiency of air travel.
The aircraft parts manufacturing industry in the U.S, which plays a crucial role in MRO work, recorded a revenue of $45 billion in 2020.
The statistic indicates that the aircraft parts manufacturing industry in the United States generated a total revenue of $45 billion in the year 2020. This figure reflects the substantial economic contribution made by this vital sector, which plays a crucial role in supporting Maintenance, Repair, and Overhaul (MRO) activities within the aviation industry. The revenue generated by aircraft parts manufacturers encompasses the sales of various components and systems that are essential for the maintenance and operation of aircraft, highlighting the industry’s significance in ensuring the safety and efficiency of the aviation sector. This statistic underscores the industry’s substantial financial impact and further emphasizes its role in sustaining and advancing aviation operations.
References
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