DUBLIN, July 13, 2023 /PRNewswire/ — The “Global Digital MRO Market by Technology (AR/VR, Cloud Computing, 3D Printing, Robotics, AI and Big Data Analytics, Digital Twin and Simulation, Blockchain, IoT), End User (MROs, Airlines, OEMs), Application, Region – Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global digital MRO market is poised for significant growth, projected to reach USD 2.0 billion by 2030, with a CAGR of 13.0% from 2023 to 2030.
The market’s expansion is driven by the rising demand for predictive, prescriptive, and condition-based maintenance, as well as the growing adoption of advanced technologies such as augmented reality/virtual reality (AR/VR), big data analytics, and artificial intelligence (AI) in the aviation industry.
Inventory management emerges as a key application segment in the digital MRO market, projected to grow at the second-highest compound annual growth rate (CAGR) during the forecast period. With a focus on lowering inventory expenses and enhancing purchasing decisions, the demand for real-time inventory level monitoring, parts tracking, and predictive maintenance planning is driving the growth of the inventory management segment.
Among the end-user segments, airlines are expected to hold the second-largest market share in 2023. The increasing use of sophisticated software for core operations and the adoption of digitalization practices, including real-time data sharing with original equipment manufacturers (OEMs) and third-party MROs, drive the market. Airlines are leveraging digital MRO solutions to improve operational effectiveness by employing modern analytics and machine learning algorithms for equipment breakdown predictions and maintenance planning.
The European region is projected to exhibit the second-highest CAGR in the digital MRO market during the forecast period. This growth is attributed to the region’s focus on driving the digital MRO market and the presence of major OEMs such as Airbus. European countries including France, UK, Germany, Russia, Sweden, Spain, Netherlands, and others are expected to contribute to the market expansion in the region.
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) models in the aviation industry
- Rising need for replacing legacy aviation management information systems
Restraints:
- High acquisition cost of integrated MRO software suite
- Lack of common data standards
Opportunities:
- Increasing adoption of IoT, AI, blockchain, AR, and big data analytics in MRO operations
- Growing demand for 3D-printed parts and robotic inspection in aviation maintenance
Challenges:
- Compliance with stringent aviation regulations
- Increasing concerns over cybersecurity in digital MRO operations
Case Study Analysis
Aircraft manufacturer ATR recently adopted digital MRO solutions to enhance their maintenance operations. The implementation of digital twin technology has allowed ATR to optimize maintenance processes, improve asset management, and enhance overall operational efficiency.
GE Aviation, a prominent player in the digital MRO market, has procured digital twin technology for maintenance purposes. The digital twin enables real-time monitoring and simulation of aircraft components, enabling predictive maintenance and minimizing downtime.
Key Companies Mentioned
Several key players operate in the digital MRO market, including Aerostrat, AIIR Innovations, Airbus, Ansys Inc., Capgemini, EmpowerMX, EON Reality, Fountx, Future Visual, General Electric (GE), Hexaware Technologies Limited, Honeywell International Inc., IBM, IFS, Jasoren, Jet Support Services Inc. (JSSI), Lufthansa Technik, Magic Leap, Ramco Systems, Rusada, SAP, SITA, Swiss Aviationsoftware Ltd., The Boeing Company, and WinAir.
The digital MRO market is highly competitive, and these companies are actively engaged in strategic collaborations, partnerships, and technology advancements to strengthen their market presence and gain a competitive edge.
For more information about this report visit https://www.researchandmarkets.com/r/ohqxi5
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