Aircraft maintenance, repair and overhaul or MRO is a service that deals with rectifying issues related to various parts, navigational devices and engine components that make up an aircraft. The services provided comprise visual inspection, fixing, alteration or modification as well as supply of accessories, spare parts, coatings, sealants and other consumables.Aircraft maintenance, repair and overhaul is a critical service adopted by various airline carriers to keep their fleet young, improve lifespan and fuel efficiency and take the air worthiness of the fleet to a higher level.
The aircraft maintenance, repair and overhaul market is a highly organized market in which players are regulated by various international and local governing bodies. These bodies ensure that highest quality of MRO service is being provided to airline carriers. The global standards for the market are set by the International Civil Aviation Organization (ICAO).The aircraft maintenance, repair and overhaul market is being primarily driven by the growth of the commercial aircraft fleet. At present, about 20,000 aircrafts make up the global operational fleet and aircraft retirements have decreased steadily due to the increasing age of aircrafts, which has reached beyond 20 years.
This is due to the fact that the current aircrafts are being continuously upgraded to incorporate latest technologies and innovations through such MRO services before being retired for scrap or being converted to freighters.This factor is biding well for the growth of the market. Though, the number of backlogs to aircraft deliveries or sales has increased over the years, it does not affect the progress of the market as the market is not directly dependant on it. The airline industry is a very competitive industry wherein airline carriers go to great lengths to generate greater number of customers by continuously modifying the cabin interior of their aircraft fleet to please passengers and convert them into repeat passengers.
With government bodies and environmental watchers continuously formulating stricter rules and regulations pertaining to emissions from aircraft, a major number of airline carriers periodically service their aircraft fleet to maintain its emission levels well below the set standard, which, in turn, also helps in adding value to the aircraft maintenance, repair and overhaul market.Time constraints, high maintenance cost, lack of players, limited number of servicing stations and skilled expertise are some of the restraints that can affect the growth of the aircraft maintenance, repair and overhaul market while challenges for the market revolve around the complexities involved in updating an old aircraft to latest specifications.
In terms of regional outlook, the market is expected to flourish in the North American region owing to the presence of both commercial aircrafts and airline carriers. The same also holds true for the Asia Pacific market as a large number of narrow body aircrafts are being operated by the region’s airline carriers and also due to the presence of many MRO service providers.
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The Middle East & Africa region, especially the GCC countries, is anticipated to witness above average growth due to the growing airline industry in the region and the airline carriers’ penchant for continuous aircraft renovation to keep their fleet well maintained.