Airline companies outsource aircraft maintenance activities due to the relaxation of foreign direct investments.
FREMONT, CA: Depending on aircraft utilization, global fleet size, traffic volumes, cargo, and passengers, the maintenance, repair, and overhaul (MRO) market is dominated by external factors. Increasing air travel will require more aircraft production, supporting the MRO industry. As more passengers choose air travel, the demand for MRO facilities is expected to grow. Flight frequencies, affordable tickets, and route availability will contribute to a high growth rate in the aircraft market. It is anticipated that these factors will drive the demand for MRO services and further fuel the industry's growth.
Investments in aircraft MRO software are also expected to offer growth opportunities. An MRO software package includes components to track maintenance, schedule maintenance, track logbooks, forecast budgets, manage flights, track flight time, manage electronic task cards, track service bulletins, and manage work orders. Maintenance processes are streamlined, and downtime is reduced. The aviation industry has significantly modified it due to big data and analytics. Data generated by this industry will help MRO companies improve their operational efficiency and cater to airline needs with customized solutions.
Engine MRO services are on the rise
Field maintenance and depot maintenance are included in engine MRO. Maintenance at the depot level includes major repairs, material maintenance, full or partial engine rebuilds, and parts assembly. The work performed by shops provides software maintenance, subassemblies, manufacturing repair components, and repairing commodity assemblies. Engines will dominate the business in the forecast period. Moreover, the market is becoming increasingly competitive and dynamic.
Fast turnaround for independent service providers
MRO companies must deliver aircraft, engines, or other complex components with competitive turnaround times and high-quality service. Engine maintenance, airframe maintenance, and line maintenance are being outsourced. The outsourced MRO spending of airlines will grow significantly over the forecast period.
Passenger growth for narrowbody aircraft
Short-haul cross-border and domestic flights are operated by narrowbody aircraft or single-aisle aircraft. As a result of its small size, narrowbody aircraft can accommodate 295 passengers. Private and commercial narrowbody aircraft dominate the market. Construction industry usage of such aircraft will further increase revenue generation.