The U.S. aircraft MRO market is expected to grow from US $ 13.551 billion in 2021 to 18. US $ 29 billion in 2028; it is estimated that it will grow at a CAGR of 4.4% 2021-2028. The rise of digital technology for the MRO industry is driving market growth.
New York, August 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces Release Report “North America Aircraft MRO Market Forecast to 2028 – COVID-19 Impact and Regional Analysis by Component, Aircraft Type, and End User “- https://www.reportlinker.com/p06103246/?utm_source=GNW
Given the growing competition, the implementation of digital technologies is a necessary step towards the growth of MRO companies; this helps them create a continuous flow of data flowing through different levels of the supply chain, further streamlining communication between stakeholders and accelerating innovation in various operations. The digital transformation in the aerospace industry affects substantially all areas of the aerospace supply chain, including air traffic management, aircraft operations, and the manufacture and maintenance of aircraft and components. Data-based technologies, such as data analytics that help track aircraft MRO activities in real time, would also optimize the air travel experience of crew and passengers. In addition, other advanced technologies such as artificial intelligence and machine learning make it easier for the airline crew and management to understand the airworthiness of the aircraft. For example, in March 2020, the United States Air Force’s Air Force Education and Training Command (AETC) began developing a new training solution based on virtual and augmented reality (VR / AR) competencies for to aircraft maintenance. In addition, MRO service providers incorporate artificial intelligence technologies to augment their procedures by performing visual controls easily and effectively and understanding the degree of maintenance and repairs required on the aircraft. Therefore, the growing trend towards the inclusion of digital technologies such as artificial intelligence and machine learning is driving the US aircraft MRO market.
North American countries, especially the United States, are severely affected by the COVID-19 outbreak. In the United States, thousands of infected individuals face severe health conditions across the country.
The continued growth of infected people led the government to impose a blockade on the country’s borders during 2020. Most manufacturing plants were temporarily closed or operated with minimal staff.
In addition, the supply chain of components and parts was discontinued in 2020. Since the US has the highest density of OEMs, component manufacturers and aircraft airports, the outbreak severely affected the production and generation of ‘income.
The lower number of manufacturing staff has resulted in a smaller amount of production. On the other hand, the suspension of air travel led to the loss of airlines, which reduced the demand for services associated with airlines. This factor halted the revenue-generating flow of the aircraft MRO market in North America, which hindered the growth of the aircraft MRO market in North America.
Based on the component, the engine MRO segment led the aircraft MRO market in North America in 2020. The market is experiencing significant demand from the commercial aviation sector (including civil aviation airlines, owners of commercial jets, aircraft owner training and military forces).
As the engine is the most crucial component of an aircraft, it is imperative to ensure regular maintenance and repair activities. To reduce the number of aviation accidents due to a faulty engine, end users are currently emphasizing engine MRO.
Despite the low fuel costs in today’s aerospace industry, aircraft owners (commercial and military) continue with their existing fleet, which in turn drives demand for MRO engines. the flight hours of each aircraft also increase, causing the degradation of aircraft engines.
In other words, the higher the flight hours, the greater the need for aircraft engine maintenance and repair activities. In addition, military forces tend to maintain the engines of their aircraft regularly to preserve the mission of the aircraft fleet ready; therefore, highlight in the MRO engine is on a steady rise. All of the above factors are expected to bolster the growth of the US aircraft MRO market.
The overall size of the US aircraft MRO market has been derived using primary and secondary sources. To begin the research process, a thorough secondary research has been conducted through internal and external sources to obtain qualitative and quantitative information related to the market.
The process also aims to gain an overview and forecast of the US aircraft MRO market with respect to all segments of the region. Several keynote interviews were also conducted with industry participants and commentators to validate the data. for more analytical information on the subject.
Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, along with external consultants such as valuation experts, research analysts and key opinion leaders, specializing in the MRO market of North American aircraft. . AAR; Barnes Group Inc .; Collins Aerospace; Delta TechOps; FLTechnics, UAB .; GE Aviation; Lufthansa Technik; Rolls-Royce plc .; and Singapore Technologies Engineering Ltd are among the players operating in the market.
Read the full report: https://www.reportlinker.com/p06103246/?utm_source=GNW
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