The global Aviation MRO Software Market is valued at USD 6.2 Billion in 2021 and is projected to reach a value of USD 8.1 Billion by 2028 at a CAGR of 4.60% over the forecast period.
The COVID-19 outbreak severely disrupted the entire aviation sector. In 2020, the MRO market was severely impacted by the decline in passenger traffic and the subsequent reduction in aircraft movements. But when limits on air travel lifted in 2021 and air traffic progressively rose, demand for airplane maintenance is forecasted to rise in the next years. The aviation maintenance, repair, and overhaul (MRO) software market benefit from this.
The aviation sector is rapidly adopting MRO software due to the ever-changing nature of technological advancements. Because of the shutdown and lockdown of the aviation industry due to the pandemic, new developments in this area have been accelerated. Additionally, due to economic limitations, significant aircraft users have opted to purchase or lease old aircraft. As a result, there was a greater need for airplane refurbishments, which generally opened up excellent prospects for MRO applications.
The stakeholders’ reliance on the MRO software has been bolstered by the fact that the development of artificial intelligence (AI) has paved the way for precise repair operations and predictive maintenance. Major airlines and MRO companies are investing in cutting-edge MRO software to facilitate daily operations, motivated by a deep interest in the industry and obvious benefits.
According to Vantage Market Research, some drivers expected to drive market expansion during the projected period are the expanding need for airplanes based on prescriptive and predictive analysis and the increasing popularity of software as a service. The “Global Aviation MRO Software Market” research is an all-encompassing market analysis. The research thoroughly examines the market’s most important subsegments, trends, drivers, restraints, competitive landscape, and other variables.
The Expansion Of The Aviation Industry Is Expected To Drive Demand For High-Tech Maintenance, Repair, And Overhaul (MRO)
Due to increasing demand, airlines worldwide are working to increase the average size of their aircraft fleets. The increasing number of aircraft fleets is a key factor that will drive market expansion in the following decade. Demand for air travel and an expanding aircraft fleet should contribute to MRO industries’ sustained growth over the next decade. International Air Transport Association (IATA) forecasts USD 118 billion in industry growth between 2020 and 2027. As a result, the MRO software industry is forecast to expand at a rate similar to the overall sector.
About 20 percent of an airline’s operating expense goes toward aviation MRO software. If the current trend of increasing passenger numbers continues, we may see the industry expand, with most of the increase in maintenance costs concentrated in the engines. When splitting out the costs of operating a business, the maintenance of the airframe, the components, and the lines could account for a sizable portion. Air operators can now pick from various original equipment manufacturers (OEMs), independent maintenance, repair, and overhaul facilities (MROs), and component suppliers because of the increased focus on aircraft maintenance.
Aircraft operators increasingly turn to aviation MRO software to facilitate paperless operations, shorten TATs for maintenance tasks, and implement predictive maintenance strategies.
Market expansion will be fueled by an uptick in maintenance, repair, and overhaul (MRO) spending due to a growing aircraft fleet.
Major aircraft producers like Airbus and Boeing Company are working on building next-generation aircraft with improved fuel efficiency, fewer emissions, and lower operating costs. Increasing flight hours for planes directly result from the rising demand for air travel. Longer flights shorten the useful lives of several aircraft parts, including the engine, landing gear, brakes, wheels, and others. As a result, airlines and operators place a premium on preventative maintenance, frequent servicing, and up-to-date information on the condition of their aircraft. Market expansion during the forecast period is anticipated to be driven by rising demand for aviation MRO software to improve operational efficiency through the collection of data generated by aircraft.
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