Press Release

Fatpos Global

Global Digital MRO Market Size & Share to Show Highest Growth During Forecast Period 2020-2030

April 8th, 2021 8:04 AM

Digital MRO Market to surpass USD 1,820 billion by 2030 from USD 586 million in 2018 at a CAGR of 11.2% throughout the forecast period, i.e., 2019-30. The growing digitalization activities among MROs, increasing Software-as-a-Services (SaaS) penetration across the aviation industry, and the increasing need to enhance the maintenance, repair & overhaul of existing aircraft are the key drivers contributing to the growth of the Global Digital MRO market. In order to improve their predictive maintenance and supply chain capabilities, the aviation industry is exploiting the potential of advanced technologies like big data analytics and AI and this will dramatically fuel the growth of the market. To reduce their annual operating costs, to introduce innovation in their supply chain, to improve their aftermarket support, and to provide enhanced customer experience, airline operators are embracing digital MRO.

Maintenance, repair, and operations (MRO) refer to a mechanism that in a working state preserves, repairs, and retains components. There are three types of MRO maintenance: preventive maintenance, predictive maintenance, and corrective maintenance. There are various kinds of innovations integrated into the MRO with the advent of digitalization, such as 3D printing, artificial intelligence, big data analytics, and other advanced technologies. Digital MRO software provides many features, including security and safety services, handling of aircraft, management of staff, among others.

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  • Market size & share analysis
  • Top market players with sales, revenue, and business strategies analysis
  • Market growth drivers and restraints
  • Market opportunities & challenges
  • Research methodology

Digital MRO Market: Key Players

  • Ansys
  • Boeing
  •  Capgemini
  •  General Electric
  •  Hexaware Technologies
  •  Honeywell International Inc.
  •  IFS
  •  Lufthansa Technik
  •  Ramco System
  •  SAP SE

Digital MRO Market: Segments

Artificial Intelligence segment to grow with the highest CAGR during 2019-30

Digital MRO Market is segmented by technology as Predictive Maintenance, AR/VR, 3D Printing, Blockchain, Artificial Intelligence, Robotics, Big Data Analytics, Digital Twin, and IoT. The greater market share in 2018 was accounted for by the predictive maintenance segment of the Digital MRO market owing to the easy adoption of predictive maintenance tools into various indigenous and non-indigenous operating systems. Various industry participants and IT industries are integrating predictive maintenance tools with their overall software suite/offering, positively catering to the segment. Moreover, the artificial intelligence segment is expected to grow at a higher CAGR during the forecast period owing to the growing adoption of artificial intelligence due to the increase in demand for predictive maintenance, troubleshooting, and analysis of the previous failures. AI helps in optimization, maintenance, and planning by minimizing the requirement for routine maintenance, thereby increasing the investment by numerous airlines. AI can facilitate the maintenance process by using data shared and predict potential errors.

Parts replacement Segment to grow with the highest CAGR during 2019-30

Digital MRO Market is segmented by Application into Inspection, Performance Monitoring, Predictive Analysis, Part Replacement, Mobility & Functionality. The growth of this segment can be attributed to the increasing demand for predictive maintenance, part failure analysis, and troubleshooting. IBM has been developing AI-based software for increasing agility in the workflow. Moreover, the growth of the parts replacement segment can be attributed to the adoption of 3D printing technology as it helps reduce aircraft weight, lower replacement costs, and offers customization. Furthermore, the high costs associated with new aircraft are expected to drive the growth of the segment.

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Digital MRO Market: Market Dynamics

Drivers

Increasing digitalization activities among MROs

The convergence of artificial intelligence and technological developments and the Internet of Things with current operations speeds up processes and dramatically decreases the time and costs of operations. The need of the hour in the aviation industry is more production within a short timeframe. In order to build & incorporate digital MRO, major industry players operating in the MRO market are initiating joint ventures and partnerships with several universities and research organizations.

Increasing collaborations between the various industry players

The demand for continuous aircraft inspection and regular in-line maintenance has been induced by strict government regulations on airworthiness during operations. Several solutions for continuous aircraft maintenance are being offered by industry players, with a positive effect on the digital MRO market. The increasing demand for new aircraft, led by the rise in passenger air traffic, has contributed significantly to the expansion of the MRO digital industry. Due to the involvement of many players, high market competition is pushing service providers to concentrate on providing enhanced and personalized services. In addition, rising partnerships between the various players in the industry are expected to drive the growth of the market.

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Restrain

High cost of MRO software suites

Airlines and MROs are focused on growth investments in the procurement of MRO software for advanced aviation. Before making procurement decisions, however, a proper understanding of core MRO functionalities is needed. Feasibility analysis, which takes several months, is required to introduce aviation MRO software. Many tiers 2 and tier 3 MROs have small implementation technology budgets that serve as a barrier to the adoption of MRO aviation applications. The MRO industry is capital-intensive, with much of the funds allocated for essential infrastructure repair, organizational maintenance, and professional human resources recruitment. Furthermore, failure of software due to negligence may cause huge losses for MROs.

Digital MRO Market: Regions

Digital MRO Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Digital MRO Market in North America held the largest market share in the year 2018 and will continue its lead through the forecast period due to the presence of large and medium-sized MROs as well as airlines in this area is attributed to the rising number of deliveries of aircraft. Moreover, the growing digital transformation of MRO and MRO services and the introduction of various revolutionary technologies such as AI, IoT, 3D printing, and digital twins to manage and optimize challenging maintenance and repair tasks continue to drive market growth. By integrating technical advances into the product portfolio, the presence of major players such as Microsoft and Google would fuel the growth of the industry. Increased R&D company disbursements will increase market growth across the region.

Digital MRO Market report also contains analysis on:

Digital MRO Market Segments:

  • By Technology:
    • Predictive Maintenance
    • AR/VR
    • 3D Printing
    • Blockchain
    • Artificial Intelligence
    • Robotics
    • Big Data Analytics
    • Digital Twin
    • Internet of Things (IoT)
  • By Application:
    • Inspection
    • Performance Monitoring
    • Predictive Analysis
    • Part Replacement
    • Mobility & Functionality
  • By End User:
    • OEMs
    • Airlines
    • MROs
  • Digital MRO Market Dynamics
  • Digital MRO Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

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About us

Fatpos Global stands for “Failures Are The Pillar of Success”. We are a rapidly-growing global management consulting, advisory, and market research services provider that aims to aid businesses with bold decisions that help them embrace change for their sustainable growth. With the help of our experts and industry veterans and their years of expertise across different industry verticals, we aid businesses with solutions that help in their efficient decision making and Developing executable strategies. With a vibrant ecosystem of robust digital innovation and a vision for the delivery of management consulting, advisory, and market research services and solutions in better, faster, and transformational growth strategies, we thrive to enable our extraordinary thought leadership processes into our services with the equitable analytical tools and experiences that help us make our clients achieve their goals turn into a reality

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