NY, USA, September-04, 2019 /Aerospace ....
Digital MRO Market by Technology (Predictive Maintenance, AR/VR, 3D Printing, Blockchain, Artificial Intelligence, Robotics, Big Data Analytics, Digital Twin, IOT), End User (MROs, Airlines, OEMs), Application, Region - Global Forecast to 2030
The digital MRO market is projected to grow from USD 1.0 billion in 2019 to USD 4.7 billion by 2030, at a CAGR of 14.6% from 2019 to 2030. Some of the factors that are expected to fuel the growth of the digital MRO market include the increasing digitalization of MRO activities by commercial airlines and MROs and the rising demand for enhancing the repair and maintenance operations of existing aircraft fleet.
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The report provides an analysis of the digital MRO market from 2019 to 2030. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The digital MRO market is projected to grow from USD 1.0 billion in 2019 to USD 4.7 billion by 2030, at a CAGR of 14.6% from 2019 to 2030. The digital MRO market in the North American and Asia Pacific regions is expected to witness substantial growth during the forecast period due to the increasing demand for upgrade of the legacy management information systems (MIS) to advanced MRO solutions.
Based on technology, the artificial intelligence segment is projected to grow at the highest CAGR during the forecast period. 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.
Based on end user, the MROs segment is projected to grow at the highest CAGR from 2019 to 2030. MROs must fulfil all the regulatory requirements while reducing the timeline and cost of aircraft maintenance. This is enhancing the demand for software solutions to smoothen the operational efficacy. Large MROs are investing in new technologies such as AI, blockchain, and digital twin to reduce maintenance cost and aircraft downtime. This, in turn, is projected to drive the MROs segment in the digital MRO market.
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The North America digital MRO market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing aircraft deliveries in the region. In addition, increase in MRO services and digital transformation of MROs in the region are expected to drive the demand for digital MRO in the region. Key players such as IBM Corporation (US), IFS (Sweden), Ramco Systems (India), Rusada (Switzerland). SAP (Germany), Swiss AviationSoftware (Switzerland), Lufthansa Technik (Germany), General Electric (US), Boeing (US), and Honeywell International (US) are supplying advanced solutions for digital MRO.
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