Aircraft MRO Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 77.82 Billion |
| Market Size (2029) | USD 98.76 Billion |
| CAGR (2024 - 2029) | 4.88 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aircraft MRO Market Analysis
The Commercial Aircraft Maintenance, Repair, And Overhaul Market size is estimated at USD 77.82 billion in 2024, and is expected to reach USD 98.76 billion by 2029, growing at a CAGR of 4.88% during the forecast period (2024-2029).
Airlines are inclined toward maintaining the optimum health of their fleet and procuring new aircraft only as a last resort, owing to the high investment required for it. Furthermore, several government initiatives were formulated to encourage airports to support MRO as a strategic activity. The governments are now undertaking various holistic approaches to ensure adequate space is allocated at different airports within the country for MRO, which may enhance commercial aircraft MRO activities during the forecast period.
However, the advent of predictive maintenance flooded the MRO industry with a flurry of technological and manpower-related problems. As the concept of predictive maintenance powered by innovative technologies, such as digital twins, is still in its infancy, rapid improvements and growth are visualized quickly. This implies that not all firms have the required infrastructure to harness the true potential of machine learning and other advanced emerging concepts. This also indicates the limited reach of the concept, as a few MRO organizations are keen on investing in capital to develop these skills among their personnel.
However, the domain is not well-represented in industry-focused education and training curricula. Moreover, there is limited cooperation between MROs and OEMs about the repair standards for new equipment and components, making the MRO process highly complex and demanding. Such disruptive threats may endanger the growth of the market in focus during the forecast period.
Aircraft MRO Market Trends
The Engine MRO Segment is Likely to Dominate the Market During the Forecast Period
Engine MRO includes field maintenance and depot maintenance checks. Depot-level maintenance entails material maintenance, major repair, overhaul, or complete rebuilding of engines, parts, end items, assemblies, and subassemblies. It also includes part manufacturing, technical assistance, and testing. Field-level maintenance comprises shop-type work and on-equipment maintenance activities at levels other than depot maintenance. Intermediate or shop-type work includes limited repair of commodity-oriented assemblies and end-items, job shop, bay, and production line operations as per requirement, software maintenance, and repair of subassemblies, such as fabrication or the manufacturing of repair parts, assemblies, and components.
OEMs control approximately half of the market in the engine maintenance sector, with the other half roughly split between independent and airline overhaul shops. Airlines frequently outsource engine maintenance for new powerplant generations and use complete MRO-support programs. For instance, in February 2024, the Lion Group of Indonesia extended its engine maintenance, repair, and overhaul (MRO) agreement with ST Engineering for an additional five years. This contract pertains explicitly to the CFM56-7B engines utilized by the airline group's fleet of Boeing B737NG-family aircraft, which are in service with Lion Air, Batik Air, Batik Air Malaysia, and Thai Lion Air. Such developments are anticipated to drive the engine MRO segment of the market during the forecast period.
Asia-Pacific is Expected to Witness the Highest Growth During the Forecast Period
The commercial aviation industry in Asia-Pacific is expected to witness rapid growth over the next decade due to the strong demand for new narrow-body aircraft, which will enhance the need for MRO operations. The Asia-Pacific region operates one-third of the global commercial aircraft fleet, and the fleet in the area is expected to reach over 13,000 aircraft by 2031, with China's airline fleet accounting for over 45% of the region's total. According to industry experts, with the extension of airline lease contracts, the average age of the aircraft fleet in the Asia-Pacific region increased to 18 to 24 years.
With a large fleet and growing potential for the aviation industry in the region, many major MRO players are rapidly enhancing their presence in the market. Such developments are expected to drive the region's growth in focus.
Owing to this, large international engine manufacturers have expressed interest in investing in the Indian markets for strategic, market, and geographic positioning advantages. For instance, in July 2022, Safran, a prominent French aircraft engine manufacturer, announced that it would invest up to USD 200 million to set up its biggest MRO facility in Hyderabad, India. The facility will be capable of handling up to 300 engine shop visits annually, primarily catering to the CFM56, Leap 1A, and Leap 1B engines that dominate the Indian market. This large facility is also expected to be used as an MRO facility for Safran鈥檚 Asian engine customers.
Aircraft MRO Industry Overview
The market for commercial aircraft MRO is highly fragmented, with many players with different MRO capabilities offering services both globally and regionally. GE Aviation (General Electric Company), AAR CORP, Safran SA, RTX Corporation, and Lufthansa Technik AG are prominent commercial aircraft MRO market players.
Currently, the positive market outlook of the MRO market has led to new players entering the market and existing players expanding their presence in new geographical locations. SIA Engineering Company Limited established a new Engine Services Division (ESD) to develop and provide engine services like engine maintenance, parts repair, on-wing services, storage and preservation, material management, and engine testing. The new business unit is expected to complement SIAEC's network of engine joint ventures in Singapore.
The companies invest in artificial intelligence, robotics, drones, big data, and blockchain technologies to support maintenance, repair, and overhaul activities. With the advent of new-generation aircraft, the TBO (time between overhauls) of aircraft is increasing, which may challenge the existence of smaller players in the coming years. However, the revenue generated from regular aircraft maintenance and repair will continue to grow with the growing fleet.
Aircraft MRO Market Leaders
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Safran SA
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Lufthansa Technik AG
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RTX Corporation
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GE Aviation (General Electric Company)
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AAR CORP.
*Disclaimer: Major Players sorted in no particular order
Aircraft MRO Market News
- November 2023: MTU Maintenance entered into a five-year agreement with Sri Lankan Airlines to maintain, repair, and overhaul (MRO) LEAP-1A engines. Sri Lanka's flag carrier presently utilizes 22 Airbus A330s and A320/A321 aircraft.
- October 2023: Safran and Turkish Technic agreed to provide maintenance services for APU generators, engine harnesses, and ventilation systems equipment. The scope of this contract includes over 500 aircraft from the Airbus A320 and A330 series.
Aerospace MRO Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 MRO Type
5.1.1 Airframe
5.1.2 Engine
5.1.3 Component
5.1.4 Line
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 France
5.2.2.3 Germany
5.2.2.4 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Latin America
5.2.4.1 Brazil
5.2.4.2 Rest of Latin America
5.2.5 Middle East and Africa
5.2.5.1 Saudi Arabia
5.2.5.2 United Arab Emirates
5.2.5.3 Qatar
5.2.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 AAR CORP.
6.2.2 Delta TechOps (Delta Air Lines Inc.)
6.2.3 GE Aviation (General Electric Company)
6.2.4 Hong Kong Aircraft Engineering Co. Ltd
6.2.5 Lufthansa Technik AG
6.2.6 RTX Corporation
6.2.7 SIA Engineering Company Ltd
6.2.8 TAP Maintenance & Engineering
6.2.9 Singapore Technologies Engineering Ltd
6.2.10 MTU Aero Engines AG
6.2.11 Rolls-Royce plc
6.2.12 Safran SA
6.2.13 Air India Engineering Services Ltd
6.2.14 Emirates Engineering
6.2.15 StandardAero
6.2.16 AFI KLM E&M
6.2.17 Avia Solutions Group PLC
6.2.18 Garuda Indonesia (GMF AeroAsia)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Aircraft MRO Industry Segmentation
Aircraft MRO refers to overhaul, inspection, repair, or modification of an aircraft or its components.
The aircraft maintenance, repair, and overhaul (MRO) market is segmented by MRO type and geography. The market is segmented by MRO type into airframe, engine, component, and line maintenance. The cabin interior modifications and repairs have been considered with the component segment. The scope of the study is limited to MRO services in commercial aircraft, and it does not encompass military and general aviation aircraft. The report also covers the market sizes and forecasts for the aircraft MRO market in major countries across different regions. The market size is provided for each segment in terms of value (USD).
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| Engine | |
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Aerospace MRO Market Research FAQs
How big is the Commercial Aircraft Maintenance, Repair, And Overhaul Market?
The Commercial Aircraft Maintenance, Repair, And Overhaul Market size is expected to reach USD 77.82 billion in 2024 and grow at a CAGR of 4.88% to reach USD 98.76 billion by 2029.
What is the current Commercial Aircraft Maintenance, Repair, And Overhaul Market size?
In 2024, the Commercial Aircraft Maintenance, Repair, And Overhaul Market size is expected to reach USD 77.82 billion.
Who are the key players in Commercial Aircraft Maintenance, Repair, And Overhaul Market?
Safran SA, Lufthansa Technik AG, RTX Corporation, GE Aviation (General Electric Company) and AAR CORP. are the major companies operating in the Commercial Aircraft Maintenance, Repair, And Overhaul Market.
Which is the fastest growing region in Commercial Aircraft Maintenance, Repair, And Overhaul Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Aircraft Maintenance, Repair, And Overhaul Market?
In 2024, the North America accounts for the largest market share in Commercial Aircraft Maintenance, Repair, And Overhaul Market.
What years does this Commercial Aircraft Maintenance, Repair, And Overhaul Market cover, and what was the market size in 2023?
In 2023, the Commercial Aircraft Maintenance, Repair, And Overhaul Market size was estimated at USD 74.02 billion. The report covers the Commercial Aircraft Maintenance, Repair, And Overhaul Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Aircraft Maintenance, Repair, And Overhaul Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aviation MRO Industry Report
The Aircraft Maintenance Repair and Overhaul (MRO) Market Report provides a comprehensive market overview and industry analysis. It is segmented by MRO type, including airframe, engine, component, and line, and by geography, covering North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The report offers valuable industry information, including market size, industry size, market value, and industry statistics, and provides a detailed market forecast and growth forecast.
The research includes an in-depth industry outlook and market outlook, highlighting industry trends and market trends. The report also identifies market leaders and the largest companies in the sector, providing key insights into market segmentation and market data. The analysis covers market share and market growth, offering a clear picture of the industry's growth rate and market predictions.
Additionally, the report includes a historical overview and a market forecast outlook, providing a thorough market review and industry research. It also offers a sample of the industry analysis as a free report PDF download, serving as a report example for research companies. The study is designed to help stakeholders understand the market dynamics and make informed decisions based on the comprehensive industry reports and market analysis provided.
