Aircraft Component MRO Market Outlook to 2024 by Aircraft Type, Component, Application and Region

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Dublin, April 17, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global aircraft component MRO market was worth US$ 16.2 Billion in 2018. The market is further expected to reach a value of US$ 18.6 Billion by 2024, at a projected CAGR of 2.3% during 2019-2024.Over the past few years, airline operators and OEMs have been using radio-frequency identification (RFID) in the commercial aerospace component MRO market to enhance the cost-effectiveness of the services provided by them. However, airline companies are now outsourcing these activities to third-party organizations for contract organizations.As aircraft component MRO accounts for a significant portion of airline expenses, this trend has created numerous growth opportunities in the market. In addition to this, improving economic conditions in regions like the Middle East, Asia and Africa has led to the demand for low-cost air travel services.Apart from this, the introduction of innovative software technologies has helped OEMs in fulfilling the airworthiness standards of EASA and FAA. Such software programs offer features like labor-hour tracking, maintenance scheduling, and service bulletins for airline operators and service providers.

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Related Topics: Commercial Aerospace, Aircraft, Aircraft Parts

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Globe Newswire: 11:03 GMT Wednesday 17th April 2019

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