Artificial Intelligence
Aviation Maintenance, Repair, and Overhaul (MRO) Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028)
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New York, April 19, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Aviation Maintenance, Repair, and Overhaul (MRO) Software Market – Growth, Trends, COVID-19 Impact, and Forecasts (2023 – 2028)” – https://www.reportlinker.com/p06447794/?utm_source=GNW
The aviation maintenance, repair, and overhaul (MRO) software market was valued at USD 6,811.29 million in 2022 and is anticipated to grow at a CAGR of 4.35% during the forecast period.
The COVID-19 pandemic has severely impacted the global aviation industry. Due to decreased passenger traffic and limited aircraft movements, the market for maintenance, repair, and overhaul was affected significantly in 2020. According to the IATA report 2020, global airline passenger revenues declined by USD 314 billion which showed a decline of 55% from 2019. Nevertheless, as travel restrictions decreased in 2021 and as aircraft movements gradually increased, the demand for aircraft maintenance is expected to witness growth in the coming years. This is expected to help the revival of the related aviation MRO software industry.
An increase in the deliveries of new aircraft worldwide owing to a rise in air passenger traffic has led to an increase in the maintenance, repair, and overhauling services to extend the operational life cycle of the aircraft. There are various types of aircraft MRO software available globally. Some of the software are Foreflight, TRAX Maintenance, Quantum MX, Flightdocs, Airlabs, and WinAir amongst others. Artificial intelligence and its cognitive technologies that make a sense of data can streamline and automate analytics, machinery maintenance, customer service, as well as many other internal processes and tasks. So, AI technologies are useful for various aspects of airline operation management.
The advent of Artificial Intelligence (AI) has opened paths to precision repair operations and predictive maintenance thereby further driving aircraft maintenance engineers to depend on MRO software when providing MRO services. Moreover, the growing interest in the usage of MRO software in recent times has led to various airline companies investing in advanced MRO software to carry out regular operations and this will lead to a positive outlook in the market and will lead to market growth during the forecast period.
Aviation MRO Software Market Trends
The MRO Segment Dominated the Market During the Forecast Period
The MRO segment dominated the market during the forecast period. MRO companies are the main users of MRO software compared to OEMs and airlines. MRO companies have started incorporating software-based MRO techniques for serving customers quickly and efficiently. For instance, In November 2021, MRO Holdings, a major provider of airframe maintenance in the North and Central America region, awarded multi-year software as a service (SaaS) subscription contract to EmpowerMX. Also, the introduction of newer generation aircraft has raised new challenges in terms of support services management, which has stimulated the adoption of software by the MROs to enhance the quality of their offerings to the clients.
As the global aircraft fleet is increasing due to the increase in air traffic, more new MRO facilities are being built for providing services to the expanding air fleet and thus resulting in the growth of the market. For instance, in January 2022, MHI RJ Aviation Group (MHIRJ) opened a new facility for MRO operations at Middle Georgia Regional Airport in Macon, Georgia, growing its footprint in North America. The MRO service provider has also completed Phase 1 of its expansion project at the West Virginia Service Center in October 2022. New MRO facilities construction and expansion of existing ones by the MRO providers, and expansion of their operations in new regions will result in the growth of the segment during the forecast period.
Asia Pacific is Expected to Show the Highest Growth During the Forecast Period
The Asia-Pacific region will showcase significant growth in the market during the forecast period. The presence of a large aircraft fleet is expected to drive the demand for the MRO software market in the region significantly. For instance, as of 2021, more than 7900 commercial aircraft were present in the Asia Pacific region, indicating the high potential demand for MRO software in the region.
The average aircraft fleet of the region is also higher compared to most of the global markets, and hence the demand for aircraft MRO is also higher. China and India are one of the fastest-growing markets for Aviation in the Asia-Pacific region. Growing aircraft fleet and the presence of major aircraft maintenance and repair facilities in countries like China and Singapore, which are adopting the MRO software, are the main reasons for the high growth of Aviation Maintenance, Repair, and Overhaul Software in the Asia-Pacific region.
Various maintenance activities are being done by various airlines, MROs, and OEMs, especially for aircraft in the region. In November 2022, HCLTech signed a contract with SR Technics, an MRO service provider in the civil aviation industry to digitally transform SR Technics’ operations. The HCLTech will implement a new greenfield S/4HANA environment hosted on Microsoft Azure using RISE with SAP and a cloud-based ERP platform that will allow SR Technics to transform and simplify its business operations and enables it to modernize the application stack and optimize IT operating costs. SR Technics will implement iMRO which is a smart and highly differentiated maintenance software solution. Hence, increasing aircraft deliveries, growing spending on aircraft MRO due to a large number of old aircraft, and the development of the next generation of MRO software is estimated to drive the market growth across Asia Pacific.
Aviation MRO Software Industry Overview
The market is moderately fragmented with presence of several players holding significant shares in the market. Some of the key players in the market are Rusada, Ramco Systems Ltd., IBM Corporation, HCL Technologies Ltd., and AerData B.V. Increasing spending on research and development and introduction of advanced aircraft MRO software with next-generation technologies from key players drive the market growth. MRO companies are expanding their operations in various regions, and as part of the expansion some of them are collaborating with local MRO service providers. For instance, in November 2022, Sanad Aerotech signed a Memorandum of Understanding (MoU) with Indonesia’s largest aircraft maintenance company GMF, for jointly establishing a new state-of-the-art MRO center of excellence for aircraft engines in Indonesia.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06447794/?utm_source=GNW
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