Airframe MRO Market to 2030 | Growth, Size, Share, Trends

The airframe MRO market was valued at US$ 23,657.85 million in 2022 and is projected to reach US$ 32,896.27 million by 2030; it is expected to record a CAGR of 4.2% from 2022 to 2030.

Analyst Perspective:

The global airframe MRO market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The global air passenger traffic is rising at a constant pace, which has forced the airlines to increase their flight movements and introduce new aircraft. Airframe MRO activities are essential in maintaining component availability, consistency, and quality. Airline operators depend on MRO services to ensure the safety of the aircraft and enhance fuel efficiency. The airframe MRO market has become a viable business in the aviation industry since original equipment manufacturers (OEMs) mainly focus on the development of aircraft. In most regions, economic performance has been remarkable over the last few years, primarily due to better consumer buying power, growing equity markets, and industry consolidation. Even with Brexit and various other trade barriers, the market has remained relatively stable.

The aviation industry will continue to grow in the coming years, owing to the rise in the global middle-class population. According to the report published by IATA in December 2022, passenger traffic recovered from 41.7% of 2019 volumes in 2021 and further increased by 68.5% in 2022. International passenger traffic more than doubled, with 152.7% YoY growth in 2022. Hence, the demand for maintenance and repair services of aircraft components is expected to continue growing in the coming years. APAC is anticipated to witness growth in the market, particularly in India and China. The government of China and various organizations are focused on building new airports. For instance, the Civil Aviation Administration of China (CAAC) aims to build 216 new airports by 2035 to meet the growing demands for air travel, which will fuel the airframe MRO market growth. In the near future, Singapore, Malaysia, and other countries in the Rest of APAC are likely to be the major global airframe MRO markets.

Market Overview:

The maintenance, repair, and overhaul (MRO) of an airframe or its component can help businesses maintain their functions for the long term. As a result, aviation manufacturers majorly focus on creating appropriate business processes and infrastructure. Governments of various countries across the globe are highly engaged in investing in aviation infrastructure to deliver better MRO services. They also plan to develop the airports as MRO hubs, integrating all the capabilities, facilities, and warehouses in the facility to offer high-quality services to aircraft. Several engine development programs are being adopted, owing to the ever-increasing spending toward aircraft modernization, norms and regulations, and environmental concerns for the retirement of older fleets. Most of the engine manufacturers are robustly focusing on the development of economical and efficient engines for new aircraft fleets. The procurement of advanced aircraft parts is expected to double in the next few years, which will result in the retirement of older planes across the globe. Further, the integration of the Internet of Things (IoT), blockchain, artificial intelligence (AI), and other advanced technologies into aircraft is boosting the need for high-quality maintenance services, which is fueling the airframe MRO market.

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Airframe MRO Market: Strategic Insights

Market Size Value in	US$ 23,657.85 million in 2022
Market Size Value by	US$ 32,896.27 million by 2030
Growth rate	CAGR of 4.2% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Market Driver:

Wide Presence of MRO Service Providers in Emerging Economies is Boosting Airframe MRO Market Growth

With the rapidly growing aviation industry over the past few years, the demand for airline MRO services is also increasing. Emerging economies, especially in APAC, are highly focused on extending MRO services to commercial as well as military aircraft companies. Major airframe MRO businesses in APAC include Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO), China; MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Heavy spending on aviation infrastructure, economic growth, and increase in passenger count are the factors propelling the adoption of aircraft maintenance services. The Rest of APAC countries, which include Singapore, Malaysia, and Thailand, produce a large amount of revenue due to the presence of well-established MRO hubs. For instance, Singapore dominates the Rest of APAC in terms of MRO hubs, and major market players such as GE Aviation, Airbus, and Rolls-Royce have substantial footprints in the country. According to the Wisconsin Economic Development Corporation (WEDC), Singapore houses 120 aerospace companies, which accounts for one-quarter of the APAC airframe MRO market. Thus, the growing expansion of MRO companies in emerging economies owing to the expanding aviation industry is driving the airframe MRO market.

Segmental Analysis:

Based on aircraft type, the airframe MRO market share is bifurcated into fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft segment holds a larger share owing to rising demand for commercial aircraft for passengers traveling across the globe. In the past few years, a significant increase in air traffic has been observed in developed countries such as the US, Canada, and the UK, owing to the growing number of passengers who prefer air travel. For instance, according to the report published by the US Department of Transportation in January 2023, the number of air passengers in 2021 was 590.35 million, which increased by 55.33% to 917.02 million in 2022. Thus, the demand for aircraft is experiencing a constant rise, particularly from airlines in developing economies. The growing aircraft feet across the commercial and defense sectors require regular maintenance and repair activities, which, in turn, is expected to fuel the airframe MRO market share. Also, the fleet size of rotary-wing aircraft is increasing due to the growing applications in travel & tourism, emergency medical services, and military sectors. The increasing fleet of fixed-wing and rotary-wing aircraft across the globe drives the airframe MRO market.

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Regional Analysis:

The aerospace sector in Canada has been experiencing significant growth in recent years owing to the emergence of several component manufacturers, aircraft OEMs, airframe MRO market players, and aircraft technology developers. Bombardier, the largest Canadian aircraft manufacturer, allows MRO activities of its aircraft along with Boeing and Airbus aircraft. This factor propels the airframe MRO market share in the country. Several other independent MRO providers operate in the country, enabling Canadian aircraft operating agencies to opt for the maintenance of their respective aircraft fleets. In September 2017, Air Canada, the flagship carrier of Canada, signed a five-year maintenance contract with AAR Corp. Further, in February 2020, AAR signed a letter of intent with Air Canada regarding a 10-year, renewable agreement for airframe maintenance. Most of the MRO spending is attributed to the rising trend among the airlines to expand their business from aircraft operation to aircraft maintenance. As the airlines evaluate their expenditures associated with supply chain risk and total turnaround time, the option to outsource is not being chosen as frequently as it was a few years ago.

Key Player Analysis:

AAR, Barnes Group Inc, Collins Aerospace, Delta TechOps, FLTechnics, GE Aviation, Lufthansa Technik, Rolls-Royce plc, Singapore Technologies Engineering Ltd, and Turkish Technic Inc are among the key market players with significant market share that are profiled in this airframe MRO market study.

Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global airframe MRO market. A few recent developments by key the airframe MRO market players are listed below: