Aircraft Maintenance, Repair and Overhauling Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2026
The Business Research Company’s Aircraft Maintenance, Repair and Overhauling Services Global Market Report 2022 – Market Size, Trends, And Global Forecast 2026
LONDON, GREATER LONDON, UK, February 21, 2022 /EINPresswire.com/ -- Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in the defense market, thus driving the aircraft maintenance, repair and overhauling services industry growth during the forecast period.
Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs, and higher margins. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the growth of the aircraft maintenance, repair, and overhauling services market.The global aircraft maintenance, repair and overhauling services market size is expected to grow from $54.50 billion in 2021 to $59.93 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The aircraft MRO services market is expected to reach $99.98 billion in 2026 at a CAGR of 13.7%.
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Aircraft maintenance, repair and overhauling services market trends include digital thread and digital twin which are two interlinked concepts trending in the aircraft parts manufacturing, repair & maintenance market. The digital thread is a communication framework that allows connected data flow throughout the lifecycle and across functions such as design, engineering, production, and maintenance providing an integrated, authoritative, up-to-the-minute view of the asset's data that can be accessed at anytime, anywhere. Digital twin includes design specifications and engineering models describing its geometry, materials, parts, and behavior which give a digital model of a particular product which has changed the aircraft maintenance, repair and overhauling services market outlook. Both concepts analyze data captured digitally from end-to-end throughout a product's lifecycle beginning with design and extending through maintenance, repair, and overhaul to improve the performance of future programs. In aircraft maintenance complexity, this helps in maintaining digital records, minimizing downtime, and streamlining regulatory compliance.
Major players covered in the global aircraft maintenance, repair and overhauling services industry are General Electric Company, The Boeing Company, Rolls-Royce Holdings plc, Honeywell International Inc., Lufthansa Group, Safran SA, MTU Aero Engines AG, General Dynamics, BBA Aviation plc and Bombardier Inc.
TBRC’s global aircraft maintenance, repair and overhauling services market research report is segmented by type into commercial aircrafts MRO services, commercial helicopters MRO services, commercial gliders and drones MRO services, aircraft turbines MRO services, aircraft engines MRO services, rocket engines MRO services, by aircraft division into engine, cabin interior, airframe, avionics, others, by size into wide-body, narrow-body, regional, others, by service type into annual maintenance contract, individual works, others.
Aircraft Maintenance, Repair and Overhauling Services Global Market Report 2022 – By Type (Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services), By Aircraft Division (Engine, Cabin Interior, Airframe, Avionics), By Size (Wide-Body, Narrow-Body, Regional), By Service Type (Annual Maintenance Contract, Individual Works) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a aircraft maintenance, repair and overhauling services market overview, forecast aircraft maintenance, repair and overhauling services market size and growth for the whole market, aircraft maintenance, repair and overhauling services market segments, geographies, aircraft maintenance, repair and overhauling services market trends, aircraft maintenance, repair and overhauling services market drivers, restraints, leading competitors’ revenues, aircraft maintenance, repair and overhauling services market profiles, and market shares.
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