Digital MRO Market by Technology (Predictive Maintenance, AR/VR, 3D Printing, Blockchain, Artificial Intelligence, Robotics, Big Data Analytics, Digital Twin, IOT), End-User (MROs, Airlines, OEMs), Application, Region - Global Forecast to 2030
The digital MRO market is projected to grow from USD 606 million in 2020 to USD 1,809 million by 2030, at a CAGR of 11.6% from 2020 to 2030. The increasing digitalization of MRO to increase efficiency and reduce aircraft downtime is the key factor that is expected to fuel the growth of the digital MRO market. However, limited budgets that restrain the adoption of MRO hurdle the growth of this market.
The digital MRO market includes major players Boeing (US), General Electric (US), Lufthansa Technik (Germany), SAP (Germany), and IBM (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, and the Rest of the World. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect digital MRO services by 30–40% globally in 2020.
“The artificial intelligence segment of the market is projected to grow at the highest CAGR from 2020 to 2030.”
Based on application, the artificial intelligence segment 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.
“Based on end user, the MROs segment is projected to lead the digital MRO market across the forecast period”
Based on end user, the MROs segment is projected to lead during the forecast period. Due to the demand for workflow efficiency and reducing aircraft downtime, the market for MROs is expected to lead during the forecast period.
“The North American region is estimated to account for the largest share of the digital MRO market in 2020”
The digital MRO market in the North American region is expected to witness substantial growth during the forecast period, owing to the high adoption of digitalization by MROs across the region. The MROs in this region are opting for solutions to optimize the complex repair and maintenance tasks with the help of advanced technologies such as robotics, digital twin, etc.
The break-up of the profiles of primary participants in the digital MRO market is as follows:
By Company Type: Tier 1 - 30%; Tier 2 - 40%; and Tier 3 - 30%
By Designation: C Level Executives - 40%; Directors - 32%; and Others - 28%
By Region: North America - 40%; Europe - 15%; Asia Pacific - 40%; and Rest of the World - 5%
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).
This market study covers the digital MRO market across various segments and subsegments. It aims at estimating the size and growth potential of this market across different segments based on end user, application, technology, and region. This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to Buy this Report
This report is expected to help market leaders/new entrants by providing them the closest approximations of the revenue numbers for the overall digital MRO market and its segments. This study is also expected to provide region-wise information about the applications wherein digital MRO solutions are used. It also aims at helping the stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. This report is also expected to help them understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities influencing the growth of the digital MRO market.
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