Global Digital Aerospace MRO Market Set For 14.4% Growth, Reaching $1.56 Billion By 2028

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Digital Aerospace MRO Market Size 2024 And Growth Rate: What is the Projected Value by 2024?

In recent years, the digital aerospace MRO market size has seen a rapid expansion. It is forecasted to climb from $0.79 billion in 2023 to $0.91 billion in 2024 at a compound annual growth rate CAGR of 15.0%. The historic period growth is primarily accredited to the increased air traffic, elevated travel and tourism, population growth, disposable income increase and growth of the aviation industry.

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Digital Aerospace MRO Market Growth Forecast: What is Expected Beyond 2024?

The digital aerospace MRO market is poised to voyage even more impressive development in the near future. It is projected to experience a leap to $1.56 billion in 2028 at a compound annual growth rate CAGR of 14.4%. The growth factors in this forecast period include the emerging market demands, move towards fuel-efficient airframe designs, introduction of sustainable aviation materials, entry of new players in the market, and the escalating need for commercial aircrafts.

With the growing use of data analytics and predictive maintenance tools, the development of digital twin technology, IoT integration, the utilization of blockchain technology, and 3D printing, the rise in market trends indicate an upward trajectory in the market's sophistication.

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What are the Key Growth Drivers?

A primary growth stimulator for the digital aerospace MRO market is the increase in inflight passengers and the need for more aircraft with minimal downtime for maintenance. An escalating global air traffic has amplified the need for more aircraft with minimum downtime, thereby boosting the market growth. A Maintenance, Repair, and Overhaul MRO facility is a professional establishment, workshop, or hangar that executes professional aircraft maintenance. Through effective employment of aviation ground support equipment, MRO facilities with expert technicians aid in keeping airplanes running safely and efficiently.

Key Industry Players: Who are the Major Stakeholders?

Several major companies are fueling the growth of the digital aerospace MRO market. Pioneers include International Business Machines Corporation., IFS AB, Ramco Systems Corporation, Rusada Limited, The Boeing Company, Swiss AviationSoftware AG, Lufthansa Technik AG, General Electric Company, Honeywell International Inc., HCL Technologies Limited, Oracle Corporation, Traxxall Technologies Inc., Ansys Inc., Capgemini SE, Hexaware Technologies Limited, AVBase Systems Inc., Microsoft Corporation, Airbus SE, Delta Air Lines Inc., Embraer S.A., L3Harris Technologies Inc., Raytheon Technologies Corporation, Rolls-Royce Holdings plc, Safran SA, ST Engineering Ltd., Textron Aviation Inc., United Technologies Corporation, Collins Aerospace, AAR Corp.

Emerging Trends: How is Technology Making a Difference?

Technological advancement is a remarkable emerging trend gaining popularity within the digital aerospace MRO market. For instance, artificial intelligence technology is being increasingly employed in the market for predictive maintenance, troubleshooting, and reviewing of past errors. AI augments optimization, maintenance and organization by minimizing the need for routine maintenance, allowing airlines to increase their expenditure.

The digital aerospace MRO market segmentation:

The digital aerospace MRO market is segmented as follows–

1 By Technology: Predictive Maintenance, AR Or VR, 3D Printing, Artificial Intelligence, Internet Of Things, Robotics, Others
2 By Application: Inspection, Performance Monitoring, Predictive Analysis, Part Replacement, Mobility And Functionality
3 By End User: OEMs, Airlines, MROs, Others

Regional Insights: Who is Leading the Market?

In 2023, North America was the largest region in the digital aerospace MRO market. North America is expected to remain the fastest-growing region in the future forecast period. Other regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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