Digital MRO Market

Digital MRO Market Size, Trends, and Forecast 2026:

Digital MRO Market is predicted to increase from $ 606 million in 2021 to arrive at $ 1,209 million by 2026, recording a CAGR of 11.6% over the projection period from 2022 - 2027.

The aerospace industry is continually experiencing significant progress in the development of advanced technologies. Aircraft manufacturers, engine manufacturers, MRO service providers, and various airlines are constantly on the lookout for robust technologies to streamline their manufacturing and maintenance operations. The digital MRO market is finding increased call in various developed nations because of the financial balance, talented resources, and adaptability. A similar trend is expected to be seen among end-users in developing countries which is expected to drive the growth rate of the digital MRO market.

The digitization of maintenance, repair, and overhaul (MRO) operations will soon become the norm in civil aviation around the world. The momentum of the digital MRO market stems from this. OEMs and MROs have a variety of technologies that they have leveraged to enhance maintenance planning and execution capabilities and improve asset availability at multiple levels. A wide variety of technologies for augmented and virtual reality, additive manufacturing, big data analytics, and artificial intelligence have been added to digital solutions from MRO. Various MRO services are gaining ground in the global digital MRO market to reduce response time and dramatically increase overall aviation operational efficiency.

Impact of COVID-19 on Digital MRO Market:

The digital MRO market includes major players like Boeing (United States), General Electric (United States), Lufthansa Technik (Germany), SAP (Germany), and IBM (United States), which have extended their reach to several countries in the regions of North America, Europe, Asia-Pacific, Middle East, Africa, and South America. Coronavirus had an impact on their businesses, and it is estimated that the pandemic could affect digital MRO services by 30-40% globally in 2020.

The rapid spread of COVID-19 in Europe, the United States, and Asia-Pacific have led to a significant drop in demand for digital MRO globally, with a corresponding reduction in revenues for various digital MRO service providers in every country markets due to delays in delivery and shutdown of production and the limited availability of equipment. According to industry experts, global digital MRO demand is supposed to fully recover by 2023.

Recent Developments:

• In July 2020, GE Digital presented the latest updates to its industry-leading digital plant software portfolio: Proficy Plant Applications, Proficy Operations Hub, Proficy Historian, and Proficy CSense. The updated version of GE Digital's factory operating software enables continuous improvement and optimization for the aviation industry.

• In June 2019, Capgemini and Airbus signed an agreement to develop and offer the data services of the Skywise platform to airlines.

• In November 2018, Honeywell International shook hands with Hainan Airlines for the connected maintenance services of its GoDirect.

• In June 2019, IFS procured a deal from Revima to support the latter’s international expansion and offer its assistance in its dense maintenance operations.

• In April 2019, JetBlue Airways came to an agreement with Lufthansa Technik for its Maintwise, a newly developed engineering consultancy service of the company.

Digital MRO Market Growth and Trends:

MROs must meet all regulatory requirements while reducing the schedule and cost of aircraft maintenance. This reinforces the demand for software solutions to improve operational efficiency. Large MROs are investing in new technologies like AI, blockchain, and the digital twin to reduce maintenance costs and aircraft downtime.

The growth in artificial intelligence in the digital MRO market can be attributed to the growing demand for predictive maintenance, part failure analysis, and troubleshooting. IBM has developed artificial intelligence-based software to increase workflow agility.

Digital MRO Market Drivers and Limitations:

The global digital MRO market is catalyzed by the growing demand for technologically advanced solutions to perform aircraft maintenance, repair, and overhaul activities. Taking into account, factors such as the continued evolution of robust aerospace technologies, the adoption of robotics in the aerospace industry, and the implementation of AR / VR in the aerospace industry, the digital MRO market is expected to proliferate robustly throughout the following years. Also, the demand to replace traditional mechanisms with modern technologies for MRO aircraft is driving the growth of the worldwide digital MRO market. The rising trend of adoption of the Internet of Things, Big Data, and Artificial Intelligence among airlines and MRO service providers in financially emerging countries is foreseen to drive the digital MRO business in the future.

The surge in the digitization of MROs to offer improved efficiency and decrease downtime of aircraft is acting as a pivotal element that is estimated to promote the expansion of the global digital MRO market. However, limited budgets restricting MRO adoption are holding back the developments in this market to some extent.

REPORT COVERAGE:

Digital MRO Market segmentation:

The global digital MRO market is segmented based on technology, application, and end-user.

Based on technology, the digital MRO market is separated as Predictive Maintenance, AR/VR, 3D Printing, Artificial Intelligence, Internet of Things, Robotics, and others. Of these, the artificial intelligence segment of the market is expected to grow at the highest CAGR during the forecast period.

By application, the digital MRO market is segregated as inspection, monitoring, and parts replacement.

Depending on the end-user, the worldwide digital MRO business is divided mainly into Aircraft OEM, Engine OEM, MRO Service Provider, and Airlines. Among these, the MRO service provider segment is expected to grow at the highest CAGR from 2021 to 2030.

Regional Analysis:

Based on the region, the global digital MRO market is separated into the regions of North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. Among these, the North American market accounts for a significant portion of the worldwide market due to the presence of leading market players and increasing investments in the research and development of novel technologies. Europe and the Asia Pacific also recorded a notable share in this industry, which is foreseen to expand steadily in the coming days.

Key market players:

Some of the main players in the global digital MRO market are IBM Corporation (USA), IFS (Sweden), Ramco Systems (India), Rusada (Switzerland) SAP (Germany), Swiss Aviation Software (Switzerland), Lufthansa Technik (Germany), General Electric (United States), Boeing (United States) and Honeywell International (United States).