The North America aircraft MRO market is expected to grow from US$ 13. 51 billion in 2021 to US$ 18. 29 billion by 2028; it is estimated to grow at a CAGR of 4. 4% 2021-2028. Rising digital technology for the MRO industry drives the market growth.
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Aircraft MRO Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component, Aircraft Type, and End-User" - https://www.reportlinker.com/p06103246/?utm_source=GNW
Considering the growing competition, the implementation of digital technologies is a necessary step toward the growth of MRO companies; this helps them create a continuous stream of data flowing through different levels of the supply chain, further streamlining the communication between the stakeholders and accelerating innovation in various operations. The digital transformation in the aviation industry substantially impacts all areas of the supply chain of the aviation industry, including air traffic management, aircraft operations, and aircraft and component manufacturing and servicing. The data-driven technologies such as data analytics which helps in tracking aircraft MRO activities in real-time would also optimize the air travel experience of crew and passengers. In addition, other advanced technologies such as AI and machine learning facilitate the airline crew and management to understand the airworthiness of the aircraft. For instance, in March 2020, the US Air Force’s Air Education and Training Command (AETC) started developing a new competency-based virtual and augmented reality (VR/AR) training solution for the aircraft maintenance. Also, the MRO service providers incorporate AI technologies to boost their procedures by easily and efficiently conducting visual checks and understanding the degree of maintenance and repairs required on the aircraft. Thus, the growing trend of inclusion of digital technologies such as AI and machine learning is driving the North America aircraft MRO market.
Countries in North America, especially the US, are highly affected due to the COVID-19 outbreak.In the US, thousands of infected individuals are facing severe health conditions across the country.
The continuous growth of infected individuals led the government to impose lockdown across the nation’s borders during 2020.Most of the manufacturing plants were either temporarily shut or operating with minimum staff.
Also, the supply chain of components and parts was disrupted in 2020.Since the US has the largest density of aircraft OEMs, component manufacturers, and airports, the outbreak severely affected their production and revenue generation.
The lower number of manufacturing staff has resulted in lesser production quantity. On the other hand, the suspension of air travel resulted in loss for the airlines, which reduced the demand for airline associated services. This factor stalled the revenue generation stream of the aircraft MRO market in North America, which hindered the growth of the North America aircraft MRO market.
Based on component, the engine MRO segment led the North America aircraft MRO market in 2020.The market is experiencing significant demand from the commercial aviation sector (including civil aviation airlines, business jet owners, training aircraft owners, and military forces).
As engine is the most crucial component of an aircraft, it is imperative to ensure regular maintenance and repair activities.To lower the number of aviation accidents due to faulty engine, end users are currently emphasizing significantly on engine MRO.
Despite low fuel costs in the current aviation industry, aircraft owners (commercial and military) are continuing with their existing fleet, which, in turn, propelling the demand for engine MRO.As the aviation sector continues to witness an exponential rise in passenger count, the flying hours of each aircraft also increase, leading to the degradation of aircraft engines.
In other words, higher the flying hours, greater is the need for maintenance and repair activities of aircraft engines. Additionally, military forces tend to maintain their aircraft engines regularly to preserve the aircraft fleet mission ready; therefore, emphasize on engine MRO is at a constant rise. All the aforementioned factors are anticipated to bolster the growth of the North America aircraft MRO market.
The overall North America aircraft MRO market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America aircraft MRO market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America aircraft MRO market. AAR; Barnes Group Inc.; Collins Aerospace; Delta TechOps; FLTechnics, UAB.; GE Aviation; Lufthansa Technik; Rolls-Royce plc.; and Singapore Technologies Engineering Ltd are among the players operating in the market.
Read the full report: https://www.reportlinker.com/p06103246/?utm_source=GNW
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