Home World Travel Global aircraft MRO industry to surpass $81.9 billion by 2024

Global aircraft MRO industry to surpass $81.9 billion by 2024

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The “Commercial Aircraft Maintenance, Repair & Overhaul (MRO) Market Report 2024-2034” forecasts global revenue for the Commercial Aircraft MRO Market to exceed US$81.9 billion by 2024. This sector is critical within the aviation industry, where safety and reliability are paramount. Routine and thorough maintenance ensures aircraft remain flight-ready, safeguarding against potential issues that could jeopardize safety.

The COVID-19 pandemic has underscored the importance of reliability, spotlighting the necessity for aircraft to remain operational despite unforeseen disruptions. As a result, preventive maintenance has become a foundational element of MRO strategies, maintaining aircraft in prime condition to address the demands of operation.

The industry currently faces a significant challenge: a shortage of skilled labor, including technicians, engineers, and mechanics. This issue represents a major hurdle in meeting the increasing demand for maintenance technicians. Addressing this gap is crucial for leveraging the industry’s full potential.

Efforts to tackle this challenge include strategies focused on recruitment, training, retention, and fair compensation for skilled workers. These professionals are essential in achieving the safety and efficiency goals of the aviation industry. Through comprehensive analysis and strategic workforce planning, the industry aims to navigate these complex challenges.

The escalating demand for air travel fuels the need for efficient MRO services, just as the ongoing risk of air accidents underscores the critical nature of these services. Advances in aircraft design and avionics further necessitate specialized MRO services. However, the shortage of skilled labor and trends towards in-house MRO services present obstacles to market growth. Conversely, the growing trend of outsourcing MRO services offers significant opportunities for specialized providers, driven by the cost-effectiveness for airlines.

The market report segments the industry by aircraft type, maintenance type, service type, and component type, providing forecasts at both global and regional levels. It outlines the prospects for growth, identifying lucrative investment opportunities. Additionally, the report covers revenue forecasts for key regions and nations, offering insights into the market’s future in areas like North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, as well as economies such as the US, Canada, Brazil, Germany, France, the UK, Italy, China, India, Japan, and Australia.

Included are profiles for leading companies in the MRO market, such as AAR Corp, Aeroman, Air France Industries KLM Engineering & Maintenance, and others, highlighting the competitive landscape and providing a comprehensive view of market dynamics, drivers, challenges, and the impact of rising MRO costs.

The post Global aircraft MRO industry to surpass $81.9 billion by 2024 appeared first on Travel And Tour World.

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