DUBLIN--(BUSINESS WIRE)--Sep 11, 2019--

The digital MRO market is projected to grow from USD 1.0 billion in 2019 to USD 4.7 billion by 2030, at a CAGR of 14.6% from 2019 to 2030.

The increasing digitalization of MRO to increase efficiency and reduce aircraft downtime is the key factor which is expected to fuel the growth of the digital MRO market. However, limited budgets which restrain the adoption of MRO hurdle the growth of this market.

The artificial intelligence segment of the market is projected to grow at the highest CAGR from 2019 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 from 2019 to 2030

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 2019

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.

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).

Market Dynamics

Drivers

  • Increasing Demand for Predictive, Prescriptive, and Condition-Based Maintenance Through Data Shared By Connected Aircraft
  • Growing Adoption of Software-As-A-Service (SaaS)
  • Rising Need for Replacing Legacy Aviation Management Information Systems

Restraints

  • High Cost of Acquisition of Integrated MRO Software Suite
  • Lack of A Common Data Standard

Opportunities

  • Increasing Adoption of Internet of Things (IoT), Artificial Intelligence (AI), Blockchain, Augmented Reality (AR), and Big Data Analytics By MROs
  • Growing Demand for 3D-Printed Parts and Robotic Inspection

Challenges

  • Compliance With Stringent Aviation Regulations
  • Increasing Digitalization Will Require Investments in Cybersecurity

Case Studies

Wearables

  • KLM Engineering & Maintenance and Royal Netherlands Aerospace Centre (NLR) have Created A Joint Venture Called Nuveon for Developing AR/VR=Based Solutions

Robotics

  • Air New Zealand has Teamed Up With MRO Provider St Engineering for Trial Testing of Droscan, A Drone-Based Aircraft Inspection Solution

Digital Twin

  • GE Aviation is Producing A Digital Twin for Each Engine Being Manufactured

3D Printing

  • Eos has Tied Up With Etihad Airways Engineering for MRO
  • Royal Netherlands Air Force to 3D Print Tools That Fit Into the Custom-Made Parts of Aircraft

Predictive Analysis

  • Delta Ops Enters Into A Contract With Airbus for Predictive Maintenance Technology
  • Thai Airways Partnered With Airbus for Developing Robotics for Predictive MRO

Industry Trends

Technological Advancements in the Aviation Industry

  • Internet of Things (IoT)
  • Prescriptive Maintenance
  • Augmented Reality
  • Blockchain Application in MRO

Transformation of Aviation Industry Through Data Science Revolution

  • Optimization of Operations

Emerging Trends

  • Maintenance On-The-Go
  • Increased Mobility
  • 3D Printing
  • Big Data

Application Areas for New Technologies in Digital MRO Market

  • Cloud Technology
  • Advanced Analytics and Digital Transformation
  • Data Routing
  • Artificial Intelligence
  • Internet of Things

Parameters for the Selection of an MRO Software

Innovations and Patent Registrations

Companies Mentioned

  • Ansys
  • Boeing
  • Capgemini
  • General Electric (GE)
  • Hexaware
  • Honeywell
  • IFS
  • International Business Machines (IBM)
  • Lufthansa Technik
  • Ramco Systems
  • Rusada
  • SAP
  • Swiss Aviationsoftware
  • Traxxall
  • Winair

For more information about this report visit https://www.researchandmarkets.com/r/tuyeq2

Laura Wood, Senior Press Manager

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INDUSTRY KEYWORD: TECHNOLOGY AIR TRANSPORT SOFTWARE HARDWARE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 09/11/2019 06:17 AM/DISC: 09/11/2019 06:17 AM

Copyright Business Wire 2019.