DUBLIN--(BUSINESS WIRE)--The "Military Aviation Maintenance, Repair, and Overhaul Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2030)" report has been added to ResearchAndMarkets.com's offering.
The Military Aviation Maintenance, Repair, and Overhaul Market is expected to grow from USD 37.6 billion in 2020 to USD 49.31 billion in 2030, witnessing a CAGR of 2.79% during the forecast period.
Since the demand for MRO services is a direct proponent of the sanctioned annual defense budget of the nations, COVID-19 had a moderate impact on the market in focus. The ongoing global economic slowdown is anticipated to result in a subsequent decline in defense spending on a short-term basis.
However, due to existing regulations and controls, major US-based military MRO service providers are less likely to bear the impact of the wider supply chain disruption caused by the pandemic. However, suppliers and MRO service providers located in Asia-Pacific and South America are more vulnerable to supply chain disruptions and are envisioned to face operational constraints and high financial risk exposure due to supply chain bottlenecks.
The market in focus is anticipated to be driven by a consistent increase in the global military fleet, internal and external security threats, technological innovations, aging global military fleet, joint ventures, and strategic alliances formed to address the specific requirements of the modernization initiatives undertaken by the global armed forces.
Starting with aircraft maintenance facility management and managing MRO throughout the supply chain, the use of advanced digital technologies is imperative to establish high-efficiency operations. With the advancement in AI and analytics, MRO companies are progressing from centralized maintenance diagnostic operations, through real-time condition monitoring services, to prescriptive maintenance operations.
Key Market Trends
Engine MRO segment to Dominate the Market During the Forecast Period
The engine is one of the vital components of any aircraft and is required to be maintained airworthy irrespective of the operational status of the aircraft. The increasing complexity of the engine parts and the increased number of military aircraft crashes due to engine failures have resulted in the global armed forces divesting enhanced focus on frequent engine maintenance and periodic checks. The active fleet of several countries is aging at a much faster pace than others due to extreme operating conditions that the aircraft are exposed to regularly.
The older aircraft need MRO services much frequently than their newer counterparts to prevent the systems from malfunctioning or becoming obsolete. On this note, several contracts are being awarded to avail MRO services for the active fleet. For instance, Rolls-Royce was selected by the UK Ministry of Defence (MoD) in August 2019 to provide maintenance and repair support for the EJ200 engines of Typhoon fighter aircraft fleet in service of the Royal Air Force (RAF) until 2024.
The engine support contract (EJISS) was worth USD 431.06 million, a follow-on to the ten-year Partnered Support Operational Phase arrangement. Similarly, in October 2020, Honeywell announced that it won a five-year IDIQ (Indefinite Delivery, Indefinite Quantity) contract for the repair and overhaul of its T55-GA-714A engines that operate on the US Army's CH-47 Chinook helicopters. Such developments are envisioned to foster the growth of the engine MRO segment of the market in focus during the forecast period.
North America is Expected to Maintain its Dominance in Terms of Revenue During the Forecast Period
Though Asia-Pacific is expected to be one of the fastest-growing markets during the forecast period, the market is anticipated to be dominated by North America sheerly due to its diverse and superior fleet size. Currently, North America has the second-highest military aircraft fleet in the world and the demand for MRO services is driven by the initiatives to upgrade the existing fleet with the latest technologies and systems. The majority of MRO expenditure is on the region's large fleet of multi-role aircraft, transport aircraft, and surveillance aircraft that require high maintenance for engines and airframes, along with field and component maintenance services.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Revenue - USD billion)
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- The Boeing Company
- BAE Systems PLC
- Elbit Systems Ltd
- Saab AB
- Lockheed Martin Corporation
- General Atomics
- Northrop Grumman Corporation
- Amentum Services Inc.
- Raytheon Technologies Corporation
- Rolls-Royce Holding PLC
- Safran SA
- MTU Aero Engines
For more information about this report visit https://www.researchandmarkets.com/r/xvkljp
