Civil Aircraft MRO Market is Forecasted to Reach US$ 124.4 Billion in 2034, Says Stratview Research

The global civil aircraft MRO market is projected to witness a growth rate of 1.8% annually from 2024 to 2034, with an anticipated size of US$ 124.4 billion by 2034, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global civil aircraft MRO market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights

Segment Insights on the Civil Aircraft MRO Market:

The report dives deep into the segmentation of the Civil Aircraft MRO market based on critical parameters:

Based on MRO Type - The expansion of commercial and private aircraft fleets globally increases the need for continuous Line MRO and Engine MRO services, thus consistently driving demand for maintenance and repair solutions. With aircraft operating for long durations, components undergo frequent wear and tear. This necessitates regular checks and replacements, creating continuous growth opportunities in Line and Engine MRO services. Stringent international aviation safety and environmental regulations require airlines to maintain their fleets in optimal condition, increasing demand for compliant Line MRO and Engine MRO services to meet industry standards.

Increased complexity in engine technology and aviation systems further enhances the demand for MRO. Since new technologies are being introduced, it is imperative to have special Engine MRO services to guarantee performance and safety. Safran forecasts 2,000 LEAP engine deliveries in 2026, with further increases to come. The LEAP engine is growing twice as fast as the CFM 56 engine. With the ramp-up in production of the LEAP engine, the fleet size and shop visits are expected to grow immensely. As the fleet ages, the CFM 56 engine increases, the number of shop visits performed for the CFM 56 engine is expected to grow significantly.

Based on the OEM Type - Growth in long-haul travel brings an increase in the number of wide-body aircraft, and increasing MRO specialization is then needed to improve and maintain it. Airline fleet development through large, particularly wide-body aircraft, is growing. These MRO requirements are focused on a higher, and hence more complicated, number of planes. The wide-body aircraft are relatively more significant and have complex systems, so the maintenance requirement is advanced and specialized. Also, they fly for a long time, and that creates enormous opportunities for growth in MRO services. As the older wide-body aircraft are being upgraded to the latest safety and efficiency standards, there is a rise in MRO services on system modernization and repairs.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

North America is home to one of the largest fleets of commercial aircraft, which creates a constant demand for MRO services to ensure fleet readiness and safety. The growing number of air passengers and flights in North America fuels the need for ongoing maintenance and repairs, offering significant growth opportunities for MRO service providers. The civil aircraft MRO market in North America is further fuelled by technological advancements in the aviation industry that necessitate more specialized maintenance, upgrades, and repairs. North America is known for strict regulations regarding safety standards and environmental aspects of aviation. These regulations necessitate periodic and stringent maintenance, thus requiring MRO services to be adhered to and ensuring safe operational standards.

Civil Aircraft MRO Market Drivers:

Some of the key drivers listed in the report are given below.

• The rising global air traffic directly increases the demand for maintenance services. Aging aircraft fleets require more frequent repairs and component replacements, while advancements in aircraft technology necessitate specialized maintenance.
• Escalating fuel prices and the need for operational efficiency compel airlines to optimize their fleets, further driving MRO demand. Regulatory requirements for safety and sustainability also contribute to the market's growth.
• According to Boeing's Commercial Aircraft Market Outlook, an average of 2,200 commercial aircraft are expected to be delivered annually over the next two decades, highlighting a promising future for the MRO industry. Boeing and Airbus forecast that the commercial and regional aircraft fleet will expand between 42,000 and 50,000 units by 2043, underscoring a positive market outlook for aftermarket services.

Top Companies in the Civil Aircraft MRO Market:

The global market for Civil Aircraft MRO is highly concentrated, with the top four companies capturing a lion’s share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:

-          GE Aerospace

-          Raytheon Technologies Corporation (RTX)

-          Honeywell Aerospace

-          Rolls-Royce PLC

-          Lufthansa Technik AG

-          Safran S.A.

-          KLM- Air France Group

-          Standard Aero

-          Leonardo S.p.A

-          Hong Kong Aircraft Engineering Company Limited (HAECO)

Note: The above list does not necessarily include all the top players in the market.

What Deliverables Will You Get in this Report?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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