Global Digital MRO Market Research Report—Forecast till 2027
According to the Market Research Future (MRFR) analysis, the Global Digital MRO Market is expected to record a 12.04% CAGR during the review period. MRO stands for Maintenance, Repair, and Overhaul are operations going through the fastest revolution in service providers. The Digital MRO uses many latest techniques of the Internet of Things (IoT), blockchain, artificial intelligence (AI), robotics, AR/VR, digital twins, and 3D printing to perform the intended operation.
The global digital MRO market is anticipated to witness significant market growth during the forecast period owing to rising investments in connected aircraft and the increasing adoption of advanced technologies, like big data, AI, IoT, and blockchain, by MRO providers. Moreover, the increased costs associated with the procurement of new aircraft are encouraging airlines to invest in digital MRO. However, the lack of common data standards and increased costs of MRO software suites may restrain the global Digital MRO market growth during the review period.
Global Digital MRO Market has been classified based on Technology, Application, End-User, and Region.
Based on Technology Type, the global digital MRO market has been segmented into predictive maintenance, AR/VR, 3D printing, blockchain, Internet of Things, artificial intelligence, big data analytics, robotics, and digital twin.
In terms of application type, the global digital MRO market has been divided into predictive analysis, inspection, performance monitoring, part replacement, and mobility & functionality.
By the End-User segment, the global digital MRO market has been categorized into airlines, MRO providers, and OEMs.
Rising industry initiatives to bring blockchain technology into MRO from the manufacturing sector to the logistics sector are expected to expand the growth of this segment.
The Region-specific analysis of the global Digital MRO Market has been studied across North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
North America is expected to lead the global accounted for the largest market share during the review period owing to the largest market share of 34.32% in 2019. The regional market growth is attributed to the high demand for services from the leading players based in the US and Canada. Approximately 10,000 aircraft would be operational in the region by the end of 2035, to create profitable opportunities for major market players operating to provide digital MROs in North America. The digital MRO market in North America is expected to register a 12.93% CAGR during the forecast period. Additionally, the increasing revenues of airlines headquartered in the region are anticipated to propel the growth of the regional market during the review period.
Europe is expected to register the second largest market followed by Asia-Pacific. Asia- Pacific valued for the third-largest share in 2019 the region is expected to be the rapid-growing market for digital MRO during the forecast period.
The Companies Covered Profiled in the report on the Global Digital MRO Market are Boeing (US), IBM Corporation (US), HCL Technologies Limited (India), SAP SE (Germany), Ramco Systems Limited (India), Oracle Corporation (US), IFS AB (Sweden), TRAXXALL TECHNOLOGIES (Canada), Honeywell International Inc. (US), and General Electric (US).
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