North America Aircraft Maintenance Repair Overhaul (MRO) Market is Growing Due to Addition of New Aircrafts in Existent Fleet
Rapid technological development and increasing new aircraft
deliveries due to large number of passengers is expected to drive the growth of
North America Aircraft MRO Market during the forecast period, 2023-2030.
According
to TechSci Research report, “North America Aircraft
Maintenance Repair Overhaul (MRO) Market, By Country, Competition, Forecast and
Opportunities, 2018-2030 ,” in the aviation industry, MRO stands for maintenance, repair, and overhaul. Aircraft MRO service includes
a variety of solutions and techniques, including overhaul, remote visual
inspection (RVI), non-destructive techniques (NDT), replacement, and fault
rectification, to maintain or restore a product to working condition. A
well-maintained aircraft or
one of its components can help a company's operations avoid major risks. As a
result, a lot of firms in the aviation industry focus primarily on creating
effective business processes and infrastructure. The rising demand for air
travel in North America is pushing manufacturing businesses to increase
production levels and offer maintenance services for their aircraft.
One of the largest MRO markets in the world is in the United States, which can
be attributed to the presence of numerous top companies in the country. The
whole market highlights methods to strengthen a corporation in terms of
production quantities and meet the essential demand, such as mergers,
acquisitions, joint ventures, and partnerships. Air travel in North America is
anticipated to increase in the upcoming years. Additionally, external factors
including fleet size, aircraft utilization, and air traffic volumes will have a
substantial impact on the industry. The development of the aviation MRO sector
is also impacted by significant investments in original equipment manufacturer
services.
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The COVID-19 epidemic has caused a slowdown in
economic growth in every region. The economic crisis also impacted the aviation
industry. The COVID-19 pandemic severely restricted economic activity and the
movement of people and commodities among North American nations and across the
globe, which has hindered the growth of the region's aircraft MRO industry.
Additionally, it is expected that air travel to be increase in coming
years, increasing demand for aircraft MRO services in North America.
To maintain the latest generation of aircraft, MRO
service companies are expanding their capabilities. A number of MROs have
started continuous improvement processes to improve effectiveness with the goal
of increasing their individual annual revenues. Commercial and military
aviation players can use services provided by MRO and aircraft component
manufacturers. Due to their established MRO hubs. North American nations
such Canada and the US generate a sizable amount of revenue from the aviation
MRO business. MRO has become a lucrative area of the aviation industry as
original equipment manufacturers (OEMs) also engages in the development of
the aircraft and MRO. Furthermore, the demand for aircraft maintenance services
is driven by the development of aviation infrastructure, economic growth, and
an increase in passenger volume.
The market is segmented based on aircraft type, component, end user,
country, and competitive landscape. On the basis of aircraft type, the market
is segmented into fixed wing aircraft and rotary wing aircraft. Based on
component, the market is divided into engine MRO, avionics MRO, airframe MRO,
cabin MRO, landing gear MRO, and others. Based on end user, the market is
divided into Commercial, Military, and General Aviation. On the
basis of country, the market is divided into United States, Mexico, Canada.
Some of the major companies operating in the North America Aircraft
Maintenance Repair Overhaul (MRO) Market include:
- Safran SA
- Lockheed Martin Corporation
- GE Aviation
- Delta TechOps
- Rolls-Royce plc.
- Collins Aerospace
- Bombardier Inc
- Lufthansa Technik
- AAR Corp.
- Collins Aerospace
These are the key players
developing advanced technologies and launching new products to stay competitive
in the market. Other competitive strategies include mergers with tech firms,
new product developments, and marketing activities to increase customer outreach.
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“The increasing
number of aircrafts sales and aging previous generation of aircraft fleets
increases maintenance and repair activity for continuous connectivity in the North
American region, and this is expected to drive the market in this region during
the forecast period. Furthermore, rising air traffic majorly in the United
states and Canada is likely to boost the North America Aircraft Maintenance
Repair Overhaul (MRO) Market in the forecast years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
“North America Aircraft Maintenance
Repair Overhaul (MRO) Market By Aircraft Type (Fixed
Wing Aircraft, Rotary Wing Aircraft), By Component (Engine MRO, Avionics MRO, Airframe
MRO, Cabin MRO, Landing Gear MRO, Others), By End User (Commercial, Military,
General Aviation), By Country, Competition Forecast & Opportunities,
2018-2030” has
evaluated the future growth potential of North America Aircraft Maintenance
Repair Overhaul (MRO) Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the North
America Aircraft Maintenance Repair Overhaul (MRO) market.
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