Major players in the digital aerospace MRO market are IBM Corporation, IFS AB, Ramco Systems, Rusada, Boeing, Swiss Aviation Software AG, Lufthansa Technik, General Electric, Honeywell International, HCL Technologies Limited, Oracle Corporation, Traxxall Technologies, Ansys, Capgemini, Hexaware Technologies, Winair, and Microsoft Corporation.
The global digital aerospace MRO market is expected to grow from $481.9 million in 2020 to $542.1 million in 2021 at a compound annual growth rate (CAGR) of 12.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1,018.1 million in 2025 at a CAGR of 17.1%.
The digital aerospace MRO market consists of sales of MRO services and software by entities (organizations, sole traders and partnerships) that are engaged in providing digital aerospace MRO services and software suites for catering the maintenance, repairs, and operational needs. Digital Aerospace MRO refers to the use of digital technology such as the Internet of Things (IoT), blockchain, artificial intelligence (AI), robots, augmented reality/virtual reality (AR/VR), digital twins, and 3D printing to conduct MRO operations.
The main technologies involved in digital aerospace MRO are predictive maintenance, AR or VR, 3D printing, artificial intelligence, internet of things, robotics, and others.Predictive maintenance (PdM) is preventative maintenance that tracks the performance and state of equipment when it is in use to reduce the risk of failure.
It is used in inspection, performance monitoring, predictive analysis, part replacement, mobility and functionality and is employed in various sectors such as OEMs, airlines, MROs and others.
North America was the largest region in the digital aerospace MRO market in 2020.Europe was the second-largest market in the digital aerospace MRO market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Technological advancement is an emerging trend gaining popularity in the digital aerospace MRO market.Artificial intelligence technology is being more widely used as the market for predictive maintenance, troubleshooting, and review of past errors grows.
AI aids in optimization, upkeep, and organizing by reducing the need for routine maintenance, allowing airlines to increase their spending.For instance, in June 2021, Fingermind, a France-based software company that offers digital aerospace MRO services developed a software suite that is accessible from tablets.
Its MRO suite gives fast and convenient access to all of the technical documents needed for aircraft maintenance.It doesn’t need any special maintenance training and can be mounted on almost any operating system.
With advanced Big Data and AI-ready features, the Fingermind MRO suite also meets the need for predictive maintenance.
In December 2020, FL Technics, a Lithuania-based provider of aircraft servicing, repair, and overhaul (MRO) facilities, acquired Wright International for an undisclosed amount.The acquisition of Wright International grants FL Technics a foothold in the strategically important North American market and allows it to serve its airline clients across an even wider network of international locations.
Wright International is a Canada-based provider of aircraft maintenance, repair, and overhaul services (MRO).
The increase in inflight passengers and the need for more aircraft with minimal downtime for maintenance is expected to propel the growth of the digital aerospace MRO market in the forecast period.Over the years there has been an increase in the global air traffic, which in turn increased the need for more aircraft with minimum downtime.
Any establishment, workshop, or hangar that engages in and executes professional aircraft maintenance is referred to as an MRO facility.Through the employment of aviation ground support equipment, MRO facilities and experts assist in keeping airplanes running safely and reliably.
For instance, according to a report published by the international civil aviation organization (ICAO) in 2019, the cumulative number of passengers traveling on scheduled services increased by 3.6% over the previous year, to 4.5 billion, while the number of departures increased by 1.7% to 38.3 million and passenger traffic (total scheduled revenue passenger-kilometers executed (RPKs)) grew by 4.9% in 2019, totaling 8686 billion RPKs.
The countries covered in the digital aerospace MRO market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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