Global Digital Aerospace MRO Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
1 Sep, 2021
The digital aerospace MRO market consists of sales of maintenance, repair, and operations (MRO) services and software by entities (organizations, sole traders and partnerships) that are engaged in providing digital aerospace MRO services and software suites for catering the maintenance, repairs, and operational needs. Digital Aerospace MRO refers to the use of digital technology such as the Internet of Things (IoT), blockchain, artificial intelligence (AI), robots, augmented reality/virtual reality (AR/VR), digital twins, and 3D printing to conduct MRO operations.
Global Digital Aerospace MRO Market Size And Drivers:
The global digital aerospace MRO market is expected to grow from $481.9 million in 2020 to $542.1 million in 2021 at a compound annual growth rate (CAGR) of 12.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The digital aerospace MRO market is expected to reach $1,018.1 million in 2025 at a CAGR of 17.1%. The increase in inflight passengers and the need for more aircraft with minimal downtime for maintenance is expected to propel the growth of the digital aerospace MRO market in the forecast period.
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Trends In The Global Digital Aerospace MRO Market
Technological advancement is an emerging trend gaining popularity in the digital aerospace MRO market. Artificial intelligence technology is being more widely used as the market for predictive maintenance, troubleshooting, and review of past errors grows. AI aids in optimization, upkeep, and organizing by reducing the need for routine maintenance, allowing airlines to increase their spending. For instance, in June 2021, Fingermind, a France-based software company that offers digital aerospace MRO services developed a software suite that is accessible from tablets. Its MRO suite gives fast and convenient access to all of the technical documents needed for aircraft maintenance. It doesn't need any special maintenance training and can be mounted on almost any operating system. With advanced Big Data and AI-ready features, the Fingermind MRO suite also meets the need for predictive maintenance.
Global Digital Aerospace MRO Market Segments:
The global digital aerospace MRO market is further segmented based on technology, application, end user and geography.
By Technology: Predictive Maintenance, AR Or VR, 3D Printing, Artificial Intelligence, Internet Of Things, Robotics, Others
By Application: Inspection, Performance Monitoring, Predictive Analysis, Part Replacement, Mobility And Functionality
By End User: OEMs, Airlines, MROs, Others
By Geography: The global digital aerospace MRO market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the digital aerospace MRO market in 2020.
Read More On The Report For The Global Digital Aerospace MRO Market At:https://www.thebusinessresearchcompany.com/report/digital-aerospace-mro--global-market-report
Digital Aerospace MRO Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides digital aerospace MRO market overviews, analyzes and forecasts market size and growth for the global digital aerospace MRO market, digital aerospace MRO market share, digital aerospace MRO market players, digital aerospace MRO market segments and geographies, digital aerospace MRO market’s leading competitors’ revenues, profiles and market shares. The digital aerospace MRO market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.