The global aircraft engine MRO market size was USD 37.56 billion in 2022. The market is set to increase from USD 42.81 billion in 2023 to USD 59.01 Billion by 2030 at a CAGR of 4.69% during 2023-2030.
Aircraft engine MRO is the Maintenance, Repair, and Overhaul of the engine of an aircraft. An increase in wear and tear of the aircraft engine due to long flight hours is expected to boost market expansion in the coming years. Increasing regulations about the reduction of aerospace-related carbon footprints are contributing to market expansion.
Fortune Business Insights presents this information in their report titled "Aircraft Engine MRO Market, 2024–2030."
Browse Report:
https://www.fortunebusinessinsights.com/aircraft-engine-mro-market-108858
Major Players Profiled in the Report: Aircraft Engine MRO Market
Delta TechOps (U.S.)
AAR Corporation (U.S.)
Lufthansa Technik (Germany)
Rolls Royce plc (U.K.)
Safran Group (France)
GE Aerospace (U.S.)
MTU Aero Engines AG (Germany)
Bombardier MRO (Canada)
Aerfin Limited (U.K.)
Lockheed Martin Corporation (U.S.)
Segments: Aircraft Engine MRO Market
Presence of Prominent Aircraft MRO OEMs to Boost Commercial and Civil Aircraft Segment Growth
By platform, the market is classified into commercial and civil aircraft and military aircraft. The commercial and civil aircraft segment is expected to rise at the highest CAGR over the projected period due to the presence of prominent aircraft MRO OEMs.
Rapid Technological Innovations in Airplanes to Fuel Actuators Segment Growth
Based on component, the market is categorized into compressor, combustor, nozzle, fan blades, sensors, actuators, and others. The actuators segment held the largest aircraft engine MRO market share. Rapid technological innovations in airplanes are boosting segment growth.
Rising Initiatives for Advanced Engine Mechatronics to Augment Turbo Engine Segment Growth
In terms of engine type, the market is segregated into piston engine and turbo engine. While turbo engine is further sub-segmented into turbo shaft, turbo prop, turbo fan, and turbo jet. The turbo engine segment led the global market. An increase in aircraft deliveries and rising initiatives for advanced engine mechatronics to decrease carbon footprints are fostering segment growth.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
Drivers and Restraints: Aircraft Engine MRO Market
Rapid Integration of 3D Printing Technology in Aviation Industry to Augment Market Growth
Rapid integration of additive manufacturing or 3D printing technology in the aviation industry for the production of different parts is driving the demand for aircraft engine MRO. An aircraft is built by combining more than 5 million parts. 3D printing is an additive-manufacturing procedure where engine components, including metals, alloys and even carbon fiber are deployed to layer and form a physical object using a digital design. The increasing need to simplify parts and decrease the size of panels and seat components to expand passenger space is driving the demand for 3D printing. Moreover, specific 3D printing technologies, including SLS, DMSL/SLM, and binder jetting, are preferred for low-volume production at reasonable unit costs.
However, the high cost of aircraft engine MRO due to complications and hazardous situations in maintenance and repair is restricting market growth.
Regional Insights
Accessibility of Cheaper Skilled Labor to Fuel Market Growth in Asia Pacific
Asia Pacific was valued at USD 12.36 billion in 2022. The existence of major MROs and rapid expansion in the emergence of the aviation industry in the region are the key factors expected to boost market growth in the coming years. The accessibility of cheaper skilled labor is also driving market growth in the region.
Europe held the second-highest market share. The presence of leading companies and MRO service providers is driving market growth in the region.
Competitive Landscape: Aircraft Engine MRO Market
Lockheed Martin Corporation to Take the Lead Owing to its Global Presence
The market includes many global and regional players. Top market players are competitive to co-exist with emerging and regional service suppliers. Lufthansa Technik (Germany) and Rolls Royce plc (U.K.) are some of the major aircraft engine MRO service providers. Lockheed Martin Corporation is expected to dominate the market owing to its global presence.
Key Industry Development
June 2023: Honeywell made a partnership with Fokker Services F.V. to act as a service center and channel partner for Honeywell’s pre-cooler controller valve, a part of the engine. The collaboration was declared at the Paris Air Show 2023 to offer airline operators a choice of component repair services.