World News: 14:32 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
The global commercial aircraft MRO market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global commercial aircraft MRO market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the commercial aircraft MRO market is the adoption of predictive maintenance tools. Since the advent of commercial aviation, airlines have been focused on deploying operational aircraft with increased fuel efficiency and lower overall operational costs. With the present generation of engines being digitally controlled, power output is monitored at different levels of flight using sensors. Since digital data can be successfully integrated with technical tools, modern MRO operators are focused on effectively implementing their capabilities for planning and forecasting airframe and engine maintenance work. Therefore, the increasing adoption of predictive maintenance tools will trigger the growth of the market.
This market research report on the global commercial aircraft MRO market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the advent of IoT-enabled jet engines as one of the key emerging trends in the global commercial aircraft MRO market:
Global commercial aircraft MRO market: Advent of IoT-enabled jet engines
The aircraft industry has devised an extensive usage of IoT and integrated it into several operational aspects. For instance, Boeing has integrated IoT-driven blockchain activities in its production cycle. It has divided its operations into four key phases and has assigned steps, which involve the tracking of thousands of individual parts. IoT helps address the complexities that arise in the manufacturing, operation, maintenance, and eventual disposal of each aircraft. It also helps manufacturers gain a deep understanding of the complete details of machines. This development is expected to have a significant effect on the global commercial aircraft MRO market during the forecast period.
“AI is being extensively used by aircraft manufacturers, airline operators, and MROs to enhance the effectiveness of their business processes and reduce associated costs and resources for achieving the desired operational efficiency. Thus, the penetration of AI is likely to have a significant impact on the growth of the global commercial aircraft MRO market,” says a senior analyst at Technavio for research on maintenance repair and overhaul (MRO).
Global commercial aircraft MRO market: Segmentation analysis
This market research report segments the commercial aircraft MRO market by type (engine, airframe, component, and line) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2018 with a market share of about 40%, followed by the Americas and APAC respectively. Although APAC region accounted for the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period owing to strong demand for new narrow-body aircraft, which will enhance the need for MRO operations.
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Five Forces Analysis
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Business Wire: 14:32 GMT Thursday 6th December 2018
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