Global Aircraft Engine MRO market set to reach USD 35.6 billion by 2033 with CAGR of 3.52%.

From GlobeNewswire: 2024-08-13 14:00:00

The Global Aircraft Engine MRO Market is projected to grow from USD 25.2 billion in 2023 to USD 35.6 billion by 2033, with a CAGR of 3.52%. The market ensures the safety and efficiency of flight operations, driven by ageing aircraft fleet, technological advancements, and increased air travel demand. Turbine engines dominate the market due to their efficiency and power production.

The fixed-wing aircraft segment holds the largest market share in the forecast period, driven by the growth of commercial and low-cost carriers. Advances in aviation technology, such as more efficient engines, contribute to the demand for maintenance services. The ageing fleet of fixed-wing aircraft requires frequent MRO activities for safety and performance.

The civil aviation segment dominates the market, fueled by increasing passenger traffic and the adoption of fuel-efficient aircraft by airlines. The growth in low-cost carriers and the emphasis on sustainability drive demand for efficient MRO solutions. Asia Pacific is witnessing the fastest market growth, with investments in MRO infrastructure and strategic alliances between airlines and MRO providers.

North America leads the Aircraft Engine MRO market due to a developed aviation industry and a significant fleet of commercial and military aircraft. The region’s advanced technological infrastructure supports innovative MRO solutions like predictive maintenance. Asia Pacific is experiencing rapid growth, driven by expanding airline fleets in emerging economies like China and India. Strategic alliances and investments in MRO infrastructure enhance service capabilities in the region. Major players in the market include GE Aviation, Pratt & Whitney, and Safran Aircraft Engines.

In December 2021, Korean Air showcased technological advancements by using drone swarms for full-body aircraft inspections. The study forecasts revenue at global, regional, and country levels from 2023 to 2033, with detailed segmentation based on engine type, aircraft type, and application. Key regions include North America, Europe, Asia Pacific, South America, and the Middle East & Africa.



Read more at GlobeNewswire: Global Aircraft Engine MRO Market Size To Worth USD 35.6