The global   aircraft component MRO market   was valued at USD 18.13 billion in 2023 and is projected to grow from USD 19.20 billion in 2024 to USD 36.93 billion by 2032, registering a CAGR of 8.52% during the forecast period. North America led the market in 2023, accounting for a dominant share of 30.5%, driven by a strong presence of major MRO service providers, a large commercial aircraft fleet, and increasing investments in maintenance infrastructure.

Fortune Business Insights™   mentioned this in a report titled " Aircraft Component MRO Market Size, Share, Forecast and 2025-2032 ."

List of Key Players Present in the Report :

• Lufthansa Technik (Germany)
• AAR Corp. (U.S.)
• SIA Engineering Company (Singapore)
• ST Aerospace (Singapore)
• ST Engineering (Singapore)
• BOEING Company (U.S.)
• SR Technics (Switzerland)
• GE Aviation (U.S.)
• HAECO (Hong Kong)
• Bombardier Inc. (Canada)

Information Source:

https://www.fortunebusinessinsights.com/aircraft-component-mro-market-104871

Segmentation-

Commercial Aircraft Segment to Dominate due to Growing Demand for Aircraft Component MRO Services

By type, the market is segmented into commercial aircraft, business jets, general aviation aircraft, and helicopters. The commercial aircraft segment had the highest aircraft component MRO market share in 2022. The segment is also estimated to witness the highest growth rate due to increasing demand for aircraft component MRO services during the forecast period.

Flight Control Segment to Dominate due to Cost of the Component's MRO

By component, the market is segmented into wheel and brakes, landing gear, avionics, fuel system, hydraulic system, cockpit systems, flight control, electrical systems, thrust reversers, and others. The flight control segment will dominate the market during the forecast period due to the control’s complexity and cost associated with the component's maintenance, repair, and overhaul.

Process Ensuring Aircraft Performance to Lead to   Overhaul   Segment’s Dominance

By maintenance service, the market is segmented into inspection, overhaul, repairs, and others. The overhaul segment had the highest market share in 2022. The segment's dominance is attributed to the process ensuring the aircraft performance and tolerance set by its manufacturer.

Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Rest of the World.

Report Coverage-

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• The latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints-

Increased Air Fleet Expansion and Aircraft Deliveries to Drive Market Growth

The demand for MRO services will increase due to continuous growth in fleet sizes and aircraft deliveries worldwide. A continuous rise in air travel in developing nations, such as China and India, will increase new aircraft demand in some major countries. There are choices available between independent MROs, aircraft traffic, and components due to increased experiences by the passenger-growth trend.

The high consultancy fees charged by the OEMs have made it difficult for the MRO services providers to expand and diversify their services worldwide, affecting the market growth.

Regional Insights-

Growing Demand for Aircraft Component MRO to Drive Market in North America.

The North America market was valued at USD 5.04 billion in 2022. North America is expected to dominate due to the growing MRO services market and increasing presence of top key players during the forecast period. In February 2022, IBS Software and Lynx Air partnered to implement the iFlight digital platform to manage flight and crew operations.

Asia Pacific is expected to grow at the highest CAGR over 2023-2030 owing to increasing demand for aircraft component MRO services from the commercial airlines of Singapore.

Competitive Landscape-

Rising Focus of Key Players on Providing a Variety of Services to Aid Market Growth

The upcoming trends in the market are technologically advanced aviation MRO software systems, cloud deployment, and new enhancements. Key companies, such as Aar Corp. (U.S.) and Lufthansa Technik, adopting collaboration strategies are driving the aircraft component MRO market growth during the forecast period. The rising investment by key players in the research and development of new technologies will also boost the market during the forecast period.

Key Industry Development

September 2023   – ST Engineering announced that it had secured a multi-year contract to provide Japan Airlines with component Maintenance-By-the-Hour (MBHTM) solutions. The contract stated that ST Engineering will continue to provide Japan Airlines’ Boeing 737-800s with a full suite of component solutions, including component pooling, component modification, repair & overhaul, component predictive health monitoring, and logistics services.