Aircraft Maintenance, Repair and Overhaul (MRO) Services Market to Grasp Excellent Growth by 2029

According to the latest market research report title “Aircraft Maintenance, Repair and Overhaul (MRO) Services Market By Type of MRO (Independent MRO, Original Equipment Manufacturer [OEM] MRO, Airline/Operator MRO), By Service Type (Airframe Maintenance, Engine Overhaul, Modification, Component repair & Maintenance, Line Maintenance), By Type of Aircraft (Commercial Aviation [Narrow body Jet, Widebody Jet, Regional Jet, Cargo], General Aviation [Single-Engine Piston Aircraft, Twin-Engine Piston Aircraft, Turboprop Aircraft, Business Jets, Amphibious Aircrafts, Others], Military Aviation [Fighter Aircraft, Bomber Aircraft, Reconnaissance Aircraft, Special Mission Aircraft, Others]), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific)–Forecast to 2029″, published by MarkNtel Advisors, The Global Aircraft Maintenance, Repair and Overhaul (MRO) Services Market size in the year 2022 was around USD 78.9 billion and it is estimated to grow at a CAGR of around 7.32% during the forecast period, i.e., 2024-29.

The data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2024-29). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry & anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.

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Global Aircraft Maintenance, Repair and Overhaul (MRO) Services Market Challenge:

Increasing Material Costs & Unavailability of Skilled Labour Impedes Market Growth – MRO Service Providers essentially require a wide range of materials like metals, plastics, elastomers, etc., to support various maintenance & repair tasks of the aircraft. However, the fluctuations in the prices of these essential components are due to the geopolitical tensions between countries like Russia & Ukraine and supply chain constraints. As a result, the MRO Service providers are delaying their service, i.e., increasing turnaround & the airline operators have to wait for a prolonged period to get their aircraft back after maintenance, resulting in them incurring losses. Hence, the airline operators purposely skip the regular maintenance checks, restraining the market growth.

Moreover, MRO service providing companies require highly skilled labor to ensure that maintenance, repair, and overhaul activities are carried out correctly and following strict safety standards and regulations. However, qualified personnel have been scarce in the aviation industry due to the rapidly evolving aviation technology & modern systems. According to the Federal Aviation Administration (FAA), in 2020, the governing authority issued approximately 29% fewer new mechanic certificates, in contrast with 2019.

In addition, FEAM, an aircraft maintenance service provider in the US, stated that the company is currently 8% short of its desired staffing level. This unavailability of qualified staff elevates longer lead times for service appointments, hampering market growth.

Aircraft Maintenance, Repair and Overhaul (MRO) Services Market Segmentation
The Aircraft Maintenance, Repair and Overhaul (MRO) Services Market is highly robust and fragmented into numerous segments;

By Type of MRO

-Independent MRO- Market Size & Forecast 2019-2029F, USD Million

-Original Equipment Manufacturer (OEM) MRO- Market Size & Forecast 2019-2029F, USD Million

-Airline/Operator MRO- Market Size & Forecast 2019-2029F, USD Million

By Service Type

-Airframe Maintenance- Market Size & Forecast 2019-2029F, USD Million

-Engine Overhaul- Market Size & Forecast 2019-2029F, USD Million

-Modification- Market Size & Forecast 2019-2029F, USD Million

-Component repair & Maintenance- Market Size & Forecast 2019-2029F, USD Million

-Line Maintenance- Market Size & Forecast 2019-2029F, USD Million

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific

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Key Players Operating in the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market: –
Avia Solutions Group PLC

-Business Description

-Product Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

StandardAero

-Business Description

-Product Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Emirates Engineering

-Business Description

-Product Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Key Questions Answered:

What is the projected CAGR of the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market during the forecast period?
Which segment is expected to lead the Aircraft Maintenance, Repair and Overhaul (MRO) Services Market?
Who are the prominent players driving market growth?
Key Offerings:

Market Share, Size, and Revenue Forecast
Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
Landscape: Leading key players and other prominent participants
About MarkNtel Advisors
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

We understand the mounting & diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfilled their assessment of the current & future industry potential, identify white spaces & hotspots, & venture into new geographies or business segments in the future.

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Aircraft Maintenance, Repair and Overhaul (MRO) Services Market to Grasp Excellent Growth by 2029