Major companies in the aircraft maintenance, repair and overhauling services market include Honeywell Aerospace; AAR Corporation; Air France Industries KLM Engineering & Maintenance; Airbus SAS and The Boeing Company.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Maintenance, Repair and Overhauling Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018880/?utm_source=GNW
The global aircraft maintenance, repair and overhauling services market is expected to grow from $63.19 billion in 2020 to $68.06 billion in 2021 at a compound annual growth rate (CAGR) of 7.7%. The growth 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 market is expected to reach $87.6 billion in 2025 at a CAGR of 7%.
The aircraft maintenance, repair and overhauling services market consists of sales of aircraft maintenance, repair and overhauling (MRO) services and related goods by entities (organizations, sole traders or partnerships) that maintain, repair and overhaul commercial aircraft including helicopters, gliders, drones, aircraft turbines, aircraft engines and rocket engines. The market numbers in this report include sales of spare parts to end consumers by aircraft MRO providers that are used during the aircraft MRO activities. The aircraft maintenance, repair and overhauling services market is segmented into commercial aircrafts MRO services; commercial helicopters MRO services; commercial gliders and drones MRO services; aircraft turbines MRO services; aircraft engines MRO services and rocket engines MRO services.
Asia Pacific was the largest region in the global aircraft maintenance, repair and overhauling services market, accounting for 38% of the market in 2020. North America was the second largest region accounting for 23% of the global aircraft maintenance, repair and overhauling services market. Africa was the smallest region in the global aircraft maintenance, repair and overhauling services market.
Digital thread and digital twin are two interlinked concepts trending in the aircraft parts manufacturing, repair & maintenance market. 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. 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.
Rising cyber-attacks on the confidential data transferred through sensitive paths in the value chain of the aerospace industry are expected to be a restraint on the aircraft maintenance, repair and overhauling services market in the forecast period. Companies involved in the value chain of aircraft maintenance, repair and overhauling services exchange a lot of confidential data on specifications, technology and performance of equipment or services to enhance collaborations on design, development and support. The data exchanged within the supply chain can be stolen and used by unethical competitors to copy products and reduce market prices of the products. To eliminate the threat, companies in the aerospace industry invest in next generation cyber security solutions to protect their data from advanced cyber-attacks. For example, leading players such as Lockheed Martin are investing in developing cyber security solutions with offensive and defensive capabilities. Cyber-attacks by governments of enemy countries or competitors are expected to hinder the growth of the aircraft maintenance, repair and overhauling services market
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is expected to drive innovation in defense market, thus driving the market 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.
Read the full report: https://www.reportlinker.com/p06018880/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001