Report : Europe Aircraft MRO Market Forecast to 2030 - Regional Analysis - by Components (Engine MRO, Avionics MRO, Airframe MRO, Cabin MRO, Landing Gear MRO, and Others), Aircraft Type (Fixed Wing Aircraft and Rotary Wing Aircraft), and End Users (Commercial and Military)
At 4.0% CAGR, Europe Aircraft MRO Market is Projected to be worth US$ 29,753.43 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Europe aircraft MRO market was valued at US$ 21,686.23 million in 2022 and is projected to reach US$ 29,753.43 million by 2030, registering a CAGR of 4.0% from 2022 to 2030. Increasing air travel and retrofitting of older aircraft fleet are among the critical factors attributed to drive the Europe aircraft MRO market growth.
Retrofitting, which refers to the installation or addition of newer technologies on older aircraft fleets, helps increase passenger comfort and safety and facilitates the airlines in maintaining their older fleets. Continuous advancements in aircraft technologies are resulting in the upgrade of MRO capabilities. MRO service providers are constantly seeking upgrades and procurement of newer technologies in order to service the newer aircraft as well as retrofit the upgraded technologies on the older aircraft fleets. In the current scenario, global commercial airlines are holding on to their older aircraft fleet owing to the drop in fuel prices. This factor is compelling the airlines to opt for MRO activities frequently, which is facilitating the MRO service providers to offer the airlines to retrofit the aircraft fleet with newer technologies. The retrofitting trend is soaring among the MRO service providers. Thus, the integration of advanced and modern technologies into older aircraft fleets is expected to change the aircraft MRO market landscape as well as the face of the aviation industry.
There is a rise in demand for real-time data analytics, especially in technologically advanced potential regions such as Europe, where the adoption of the above-mentioned technology is maturing at an exponential rate.
On the contrary, OEMs entering aftermarket hampers the growth of Europe aircraft MRO market.
Based on components, the Europe aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment held 38.6% market share in 2022, amassing US$ 8,375.47 million. It is projected to garner US$ 12,454.91 million by 2030 to register 5.1% CAGR during 2022–2030.
In terms of aircraft type, the Europe aircraft MRO market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held 65.6% share of Europe aircraft MRO market in 2022, amassing US$ 14,229.76 million. It is anticipated to garner US$ 19,532.38 million by 2030 to expand at 4.0% CAGR during 2022–2030.
By end users, the Europe aircraft MRO market is divided into commercial and military. The commercial segment held 70.0% share of Europe aircraft MRO market in 2022, amassing US$ 15,182.19 million. It is projected to garner US$ 20,815.11 million by 2030 to expand at 4.0% CAGR from 2022 to 2030.
Based on country, the Europe aircraft MRO market is categorized into France, Germany, Italy, Russia, the UK, and the Rest of Europe. Our regional analysis states that Germany captured 28.0% share of Europe aircraft MRO market in 2022. It was assessed at US$ 6,078.78 million in 2022 and is likely to hit US$ 7,652.58 million by 2030, registering a CAGR of 2.9% during 2022–2030.
Key players operating in the Europe aircraft MRO market are AAR CORP; Barnes Group Inc; Collins Aerospace; Delta TechOps; FLTechnics, UAB; GE Aviation; Lufthansa Technik; Rolls-Royce plc; Singapore Technologies Engineering Ltd; and Turkish Technic Inc, among others.
- In August 2023, Barnes Group Inc announced that it has completed the acquisition of MB Aerospace, a leading provider of precision aero-engine component manufacturing and repair services serving major aerospace and defense engine OEMs, Tier 1 suppliers, and MRO providers.
- In June 2023, TUSAS Engine Industries Inc. (TEI) and GE Aerospace reached an agreement extending TEI’s license to conduct F110 Depot Level Maintenance services for several countries which operate F-16 & F-15 fighter aircraft. The collaboration will further strengthen ties between TEI and its long-term partner GE Aerospace in military engine services.
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