The global aerospace & defense maintenance, repair & overhaul market size is anticipated to reach USD 161.60 billion until 2025. It is anticipated to register growth with 5.4% CAGR during the forecasted period, 2019 to 2025. This growth can be associated with increasing air traffic along with need for regular maintenance of aircrafts.
The Narrow body aircraft dominated global market on account of surging usage of these aircraft owing to their features like low-operational costs and higher fuel efficiency. The segment of wide body aircraft is anticipated to show moderate growth from 2019 to 2025 due to more average life as compared to other types.
The commercial aviation segment held largest share across the aerospace & defense MRO market and is expected to witness 5.8% CAGR in the upcoming years on account of the rising number of airline fleets to accommodate surging cargo and passenger traffic. On the other hand, rising military spending for the purchase of advanced aircraft is also gaining traction thereby driving the demand for MRO services for aircraft.
North America held largest share across the global market in 2018 due toan increase in military spending coupled with surging passenger traffic. Asia Pacific is anticipated to witness highest CAGR of 8.8% from 2019 to 2025 owing to the shifting trend of MRO activities from Europe and North America on account of low labor costs.
The market for aerospace & defense MRO includes key players such as GE Aviation, Boeing Company, Honeywell Aerospace, Bombardier Inc., and Airbus SAS. They are implementing several marketing strategies like mergers and acquisitions to gain competitive advantage and widen their global reach.
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Further key findings from the report suggest:
• The Narrow Body Aircraft segment is anticipated to register revenue of USD 86.50 Billion by 2025.
• The commercial aviation end use segment held the largest share across the global market and is expected to witness 5.8% CAGR from 2019 to 2025.
• Asia Pacific is expected to witness highest CAGR of 8.8% from 2019 to 2025across the global aerospace and defense MRO market.
• The key players in this market are GE Aviation, Boeing Company, Honeywell Aerospace, Bombardier Inc., and Airbus SAS.
Million Insights has segmented the global aerospace & defense MRO market on the basis of product, application, end use, and region:
Aerospace and Defense MRO Product Outlook (Revenue, USD Million, 2014 - 2025)
Aerospace and Defense MRO Application Outlook (Revenue, USD Million, 2014 - 2025)
• Narrow Body Aircraft
• Wide Body Aircraft
• Regional Aircraft
Aerospace and Defense MRO End Use Outlook (Revenue, USD Million, 2014 - 2025)
• Commercial Aviation
• Business & General Aviation
• Military Aviation
Aerospace and Defense MRO Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia