Report : North America 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 5.1% CAGR, North America Aircraft MRO Market is Projected to be Worth US$ 36,031.60 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the North America aircraft MRO market was valued at US$ 24,224.98 million in 2022 and is projected to reach US$ 36,031.60 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Increasing air travel and blockchain technology changing MRO landscape are among the critical factors attributed to drive the North America aircraft MRO market growth.
MRO services in the aviation industry play an irreplaceable role in assuring the durability, safety, and profitability of commercial and military airlines. To maintain their market position in the future, businesses should adopt flexibility toward adapting new and trending technologies, which would help digitalize their business processes, thereby ruling out the dependency on humans. Advanced technologies such as blockchain improve processes in MRO organizations. The technology has massive potential in MRO space. The adoption of blockchain technology has been low so far; however, soon, this technology will contribute a considerable share to the overall growth of the aircraft MRO market.
With the help of blockchain technology, companies can record the configuration details of MRO components. This also makes the documentation process across component manufacturers and MRO service providers effortless. Additionally, the deployment of this technology also enables MRO service providers to offer verifiable documentation about the parts they have installed, thereby maintaining transparency in their operations. A few instances of various aircraft MRO market players opting for blockchain technology are given below.
•In March 2021, the Government Blockchain Association and Digital Innovation Group formed a joint venture named GBA Aviation & Aerospace Working Group. This joint venture is formed to explore the use of blockchain in the aerospace and aviation sectors for MRO services, supply chains, and airports.
•In February 2020, Safran S.A., an aerospace manufacturer; SITA, a technology company; and the Sky Republic, a blockchain platform provider company, declared plans to create the MRO Blockchain Alliance.
•In October 2023, Lufthansa Industry Solutions has also announced the initiative Blockchain for increasing adoption of blockchain in the aviation industry.
Thus, aviation industry players such as aircraft manufacturers, aircraft MRO service providers, and aviation technology developers are highly emphasizing on adopting blockchain technology with the objective of tracking their MRO processes. This factor is anticipated to stimulate the aircraft MRO market growth in the coming years.
On the contrary, OEMs entering aftermarket hampers the growth of North America aircraft MRO market.
Based on components, the North America aircraft MRO market is segmented into engine MRO, avionics MRO, airframe MRO, cabin MRO, landing gear MRO, and others. The engine MRO segment held 36.8% market share in 2022, amassing US$ 8,903.65 million. It is projected to garner US$ 14,488.18 million by 2030 to register 6.3% CAGR during 2022–2030.
In terms of aircraft type, the North America aircraft MRO market is bifurcated into fixed wing aircraft and rotary wing aircraft. The fixed wing aircraft segment held 70.8% share of North America aircraft MRO market in 2022, amassing US$ 17,141.76 million. It is anticipated to garner US$ 24,868.96 million by 2030 to expand at 4.8% CAGR during 2022–2030.
By end users, the North America aircraft MRO market is divided into commercial and military. The commercial segment held 69.6% share of North America aircraft MRO market in 2022, amassing US$ 16,860.84 million. It is projected to garner US$ 24,533.38 million by 2030 to expand at 4.8% CAGR from 2022 to 2030.
Based on country, the North America aircraft MRO market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 62.8% share of North America aircraft MRO market in 2022. It was assessed at US$ 15,212.90 million in 2022 and is likely to hit US$ 23,510.62 million by 2030, registering a CAGR of 5.6% during 2022–2030.
Key players operating in the North America 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 March 2023, AAR CORP, a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has acquired Trax USA Corp., a leading independent provider of aircraft MRO and fleet management software.
- In April 2021, U.S. Air Force extends the operational service life of the B-52 Stratofortress into the 2050s, it has selected Collins Aerospace, a Raytheon Technologies (NYSE: RTX) business, to design and develop a new wheel and carbon brake for the platform, leading to fleet retrofit of 77 aircraft.
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