Northbrook, IL -- (SBWIRE) -- 09/10/2019 -- The digital MRO market is projected to grow from USD 1.0 billion in 2019 to USD 4.7 billion by 2030, at a CAGR of 14.6% from 2019 to 2030.
Some of the factors that are expected to fuel the growth of the digital MRO market include the increasing digitalization of MRO activities by commercial airlines and MROs and the rising demand for enhancing the repair and maintenance operations of existing aircraft fleet.
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Based on end user, the MROs segment of the market is projected to grow at the highest CAGR from 2019 to 2030
Based on end user, the MROs segment is projected to grow at the highest CAGR from 2019 to 2030. MROs must fulfil all the regulatory requirements while reducing the timeline and cost of aircraft maintenance. This is enhancing the demand for software solutions to smoothen the operational efficacy. Large MROs are investing in new technologies such as AI, blockchain, and digital twin to reduce maintenance cost and aircraft downtime. This, in turn, is projected to drive the MROs segment in the digital MRO market.
Based on technology, the artificial intelligence segment is projected to grow at the highest CAGR from 2019 to 2030
Based on technology, the artificial intelligence segment of the market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for predictive maintenance, part failure analysis, and troubleshooting. IBM has been developing AI-based software for increasing agility in the workflow.
The digital MRO market in North America is projected to grow at the highest CAGR from 2019 to 2030.
The North America digital MRO market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing aircraft deliveries in the region. Many large and medium MROs and airlines are present in this region. Also, increase in the MRO services and digital transformation of MROs is expected to drive the demand for digital MRO in the region.
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Key Market Players
The major players in the digital MRO market are IBM Corporation (US), IFS (Sweden), Ramco Systems (India), Rusada (Switzerland). SAP (Germany), Swiss AviationSoftware (Switzerland), Lufthansa Technik (Germany), General Electric (US), Boeing (US), and Honeywell International (US). These companies are supplying advanced digital MRO solutions. These players have adopted various growth strategies as contracts, acquisitions, expansions, new product launches, and partnerships & agreements to further expand their presence in the digital MRO market.
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