Digital MRO Market is predicted to grow at approximately 12.04% CAGR by 2027
Market Overview
Global Digital MRO
Market is expected to reach USD 1,698.23 Million by 2027, growing with a CAGR
of 12.04% during the forecast period. In its report, Market Research Future
(MRFR) offers an in-depth look into the market during the review period.
Global Digital MRO
Market is growing rapidly due to rising investments in connected aircraft and
the adoption of advanced technologies by MRO providers. Additionally, growth in
outsourcing of MRO services is also expected to drive the growth of the global
market.
Regional Analysis
Global Digital
MRO Market has been studied in five key regions—North America, Europe,
Asia-Pacific, the Middle East & Africa, and Latin America.
North America is
expected to lead the market, with a valuation of USD 277.07 million in 2019.
The regional market value is projected to reach USD 621.04 million by 2027 at
12.93% CAGR during the forecast period. The US and Canada are the key
country-level markets in North America. The regional market growth is primarily
driven by the high demand for services from the market players based in the US
and Canada. It is expected that approximately 10,000 aircraft would be in
service in the region by 2035, which is likely to create additional
opportunities for the players operating in the digital MRO market in North
America.
Europe is expected to
be the second-largest market with an estimated value of USD 203.65 million in
2019 and a projected value of USD 398.06 million by 2027, registering an 11.01%
CAGR during the forecast period. The European digital MRO market includes the
UK, Germany, France, Italy, and the rest of Europe. The presence of prominent
MRO companies such as Air France Industries KLM Engineering & Maintenance,
Lufthansa Technik, MTU Aero Engines AG, Rolls-Royce PLC, and Safran are driving
market growth in the region. Moreover, due to the increasing number of
aircraft, there will likely be an increased requirement for digital MRO systems
and solutions in the region.
Asia-Pacific accounted
for the third-largest market share in 2019. The region is expected to be the
fastest-growing market for digital MRO during the review period. The
Asia-Pacific digital MRO market covers China, Japan, India, Australia, and the
rest of Asia-Pacific. The region is gaining prominence in the global aviation
industry and is projected to become the world’s leading market for air travel.
Additionally, according to Airbus SAS, by 2035, it is expected that more than
16,000 aircraft would be delivered in Asia-Pacific, which is expected to drive
the growth of the regional market. The regional digital MRO market is expected
to reach USD 464.30 million by 2027.
The digital MRO market
in the Middle East & Africa is expected to reach a valuation of USD 126.18
million by 2027. The regional market growth is significantly driven by the
presence of major countries, such as the UAE, Saudi Arabia, and Israel. The
region has witnessed notable economic growth in the past few years. One of the
major factors driving the economy in the region is increased air travel. The
demand for digital MROs is expected to increase due to the rapid increase in
the number of aircraft in the region.
The digital MRO market
in Latin America is expected to reach a valuation of USD 88.65 million
by 2027. The regional market growth is significantly driven by the presence of
major countries, such as Brazil, Mexico, and Argentina. The demand for digital
MRO is expected to increase due to the rapid increase in the number of low-cost
airlines in the region.
Access Report Details
@ https://www.marketresearchfuture.com/reports/digital-mro-market-8603
Segmental Analysis
Extensive research has
been conducted on the Global Digital MRO Market, which has been segmented by
Technology, Application, and End User.
Based on technology,
the global digital MRO market has been segmented into predictive maintenance,
AR/VR, 3D printing, blockchain, Internet of Things, artificial intelligence,
big data analytics, robotics, and digital twin. The predictive maintenance
segment is expected to dominate the market, registering an estimated USD 210.70
million valuations in 2019. The segment is also expected to register the
highest CAGR of 11.36% during the forecast period.
By application, the
global digital MRO market has been classified into the predictive analysis,
inspection, performance monitoring, part replacement, mobility &
functionality. The mobility & functionality segment is expected to exhibit
the highest CAGR of 14.97% during the forecast period.
Based on end user, the
global digital MRO market has been bifurcated into airlines, MRO providers, and
OEMs. The airline segment is expected to hold the largest market share and was
valued at USD 355.68 Million in 2019.
Competitive Analysis
The Prominent Players
profiled in the Global Digital MRO Market are Boeing (US), IBM Corporation
(US), HCL Technologies Limited (India), SAP SE (Germany), Ramco Systems Limited
(India), Oracle Corporation (US), IFS AB (Sweden), TRAXXALL TECHNOLOGIES (Canada),
Honeywell International Inc. (US), and General Electric. (US).
Mergers, acquisitions,
and collaborations are a few of the key growth strategies adopted by these
companies to compete in the global market.
Key Industry Developments
- In September 2019, Boeing announced agreements with leading
Asia-Pacific airlines to support customers in the region. Its digital and
supply chain solutions help enhance airline crew situational awareness and
provide cost savings across fleet-wide operations.
- In January 2018, HCL Technologies announced that it signed
a global reseller agreement with NYSE-listed software giant SAP SE. As per
the agreement, SAP SE will resell the HCL maintenance, repair, and
overhaul (MRO) solution under the brand name—SAP Enterprise Asset
Management.
Request a Sample Report @ https://www.marketresearchfuture.com/sample_request/8603
NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
Comments
Post a Comment