Market Size of Aircraft Engine MRO Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 40.15 Billion |
| Market Size (2029) | USD 54.68 Billion |
| CAGR (2024 - 2029) | 6.37 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aircraft Engine MRO Market Analysis
The Aircraft Engine MRO Market size is estimated at USD 40.15 billion in 2024, and is expected to reach USD 54.68 billion by 2029, growing at a CAGR of 6.37% during the forecast period (2024-2029).
The impact of the COVID-19 pandemic on the aircraft engine MRO market has been significant. As a result of a large number of stored aircraft and lower utilization, the aircraft engine MRO demand significantly dropped in 2020. However, in 2021, aviation began to witness a gradual recovery, leading to increased passenger traffic and aircraft movements. This has led to an increase in demand for aircraft maintenance, repair, and overhaul activities.
The rapid fleet expansion plans of the airlines and military forces are anticipated to boost further the aircraft engine MRO market growth during the forecast period.
The aging military aircraft fleet in some countries may generate significant demand, as some have plans to extend the service life of these aging aircraft due to a lack of defense funding.
The introduction of newer generation engines in new aircraft is anticipated to increase the aircraft engine further MRO demand. The new engines will have more expensive material requirements than the older aircraft.
The introduction of advanced technologies that will digitize and automate maintenance activities to increase overall maintenance process efficiency, reduce the overall turnaround time, and improve safety by the engine MRO players is anticipated to boost the market's growth in the coming years.
