Digital MRO Market Expected to Reach $2.0 Billion by 2030 at a CAGR of 13.0%
(I-BusinessNews.Com, May 12, 2023 ) The report provides an analysis of the Digital MRO Market from 2023 to 2030. It discusses various industry and technology trends currently prevailing in the digital MRO market along with the factors that drive, restrain, and challenge the market growth globally. The digital MRO market is projected to grow from USD 0.9 billion in 2023 to USD 2.0 billion by 2030, at a CAGR of 13.0% from 2023 to 2030. Factors such as rising need for replacing legacy aviation management information systems and growing demand for 3D-printed parts and robotic inspection are driving the market growth.
Based on technology, the artificial intelligence and big data analytics segment is estimated to lead the market in 2023. The growth of this segment can be attributed to the growing need of predictive maintenance to turn an unscheduled maintenance into a scheduled maintenance by predicting failures. The need to expedite the maintenance operations by analyzing vast volumes of data to find trends and anticipate the problem before they arise is driving the artificial intelligence and big data analytics segment.
Based on end-user, the MROs segment is projected to lead the Digital MRO Industry in 2023. The growth of this segment is attributed to the increasing demand for software solutions to improve operational efficiency. The increased investments in blockchain, Artificial Intelligence and big data analytics and digital twin and simulation to reduce aircraft downtime and cost.
Based on region, the North America region is estimated to lead the market in 2023. This region includes US and Canada. This growth can be attributed to the increasing procurement and upgradtion of existing aircraft to modernize the aircraft fleet. Major aircraft manufacturers and MRO providers in this region are increasingy adopting digital solutions such as internet of things (IoT) and big data analytics to improve maintenance processes and reduce downtime is driving the demand for digital MRO in this region.
Majo players operating in the digital MRO market include IFS (Sweden), SAP (Germany), Rusada (Switzerland), Lufthansa Technik (Germany), Honeywell International Inc.(US), The Boeing Company (US), and General Electric (US). These Digital MRO Companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America and Europe. These companies have products with wider applications, a larger product footprint, significant market share and broader geographical use cases. They have established a strong market presence, reputable products with a strong business strategies.
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