Advancements in defense spending drive growth in aircraft maintenance, repair, and overhauling services market.

From GlobeNewswire: 2024-04-04 11:30:00

The aircraft maintenance, repair, and overhauling services market is growing at a CAGR of 7.7%, set to reach $84.98 billion in 2024, driven by increased investments in defense and military sectors. The market is projected to hit $109.24 billion by 2028 with a CAGR of 6.5%. Learn more about this market at the provided link.

Defense and military sector investments are rising globally, reaching $235.4 billion in the EU in 2021. Such spending fuels demand for MRO services, especially for military aircraft requiring specialized maintenance. This trend contributes to the growth of the aircraft maintenance, repair, and overhauling services market.

Innovation is at the forefront of major players in the aircraft maintenance market, with platforms like IBS Software’s iFlight providing solutions for operations, crew, and hub management. These advancements drive operational efficiency and scalability for airlines, exemplified by LATAM Airlines Group’s adoption of the iFlight platform.

The global aircraft maintenance, repair, and overhauling services market is segmented by type, aircraft division, size, and service type. The market is characterized by fragmentation, with the top ten competitors holding a 20.3% market share in 2022. Key players include Delta Air Lines, Raytheon Technologies, and Air France KLM.

With increased defense spending globally, the aircraft maintenance, repair, and overhauling services market is poised for significant growth and innovation. Continued research and collaboration across the industry are crucial for further advancements in meeting the evolving needs of the aerospace sector. Visit the link for more insights on this market.



Read more at GlobeNewswire: Advancements In Defense Spending Propel Growth Of Aircraft