Categories: Aerospace & Defence

Air Transport MRO Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Air Transport MRO by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Air Transport MRO, The air transport mro market size has grown strongly in recent years. It will grow from $84.68 billion in 2023 to $89.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to economic cycles and market demand, safety and risk mitigation, outsourcing and cost management, technological innovations in mro, regulatory standards..

The air transport mro market size is expected to see strong growth in the next few years. It will grow to $114.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to supply chain resilience, global regulatory changes, sustainable mro practices, market shifts due to covid-19 impact. . Major trends in the forecast period include emphasis on sustainability, regulatory compliance, aging aircraft fleet, increased fleet size, digitalization and automation..

The increasing air travel is expected to boost the growth of the air transport MRO market going forward. Air travel refers to any movement of passengers or cargo by any conveyance that can sustain controlled flight. MRO for air transport is crucial for boosting flight readiness and extending the lifespan of an aircraft’s airframe, engines, and other parts, so increased air travel is expected to boost the air transport MRO market. For instance, in April 2022, according to the International Air Transport Association (IATA), a US-based trade association of the global airline industry, the overall demand for air travel increased by 78.7% compared to April 2021 and was somewhat higher than the 76.0% growth in March 2022. It saw a 480.0% increase in international traffic for European carriers. 233.5% more capacity was available, and the load factor increased by 33.7 percentage points to 79.4%. Therefore, increasing air travel is driving the growth of the air transport MRO market.

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The air transport mro market covered in this report is segmented –

1) By Type: Engine, Line, Airframes, Other Types

2) By Service: Heavy Maintenance Inspection, Engine Service Check, Component Maintenance, Line Maintenance, Avionic Standardization, Aircraft Conversions

3) By Aircraft Type: Narrow Body Aircraft, Wide-Body Aircraft, Regional Jet, Turbo Prop, Other Aircraft Types

4) By Application: Civil Air Transport MRO, Military Air Transport MRO

Technological advancement is the key trend gaining popularity in the air transport MRO market. Major companies operating in the air transport MRO market are focusing on developing new technologies. For instance, in May 2022, Jet Support Services, Inc. (JSSI), a US-based provider of aircraft maintenance support and financial services, launched JSSI Maintenance Software. The unique feature of JSSI Maintenance Software is its range of aircraft maintenance tracking and maintenance, repair, and overhaul (MRO) software solutions. Jet Support Services, Inc. (JSSI) is concentrating on integrating and growing these cutting-edge technologies to provide improved value to its clients.

The air transport mro market report table of contents includes: