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The Aerospace industry is witnessing significant progress in the development of advanced technologies and using them while performing various maintenance activities. The aircraft, engine manufacturers, MRO service providers and airline companies are looking forward to invest in this kind of upgraded technologies to smoothen their maintenance and manufacturing operations.
Key Market Driver -
• The adoption of big data, Artificial intelligence and Robotics to increase the efficiency and decrease down time. • Increasing demand for predictive, perspective and condition based maintenance
Key Market Restraint -
• The high cost of MRO softwares. • Stringent Regulatory athourity restrictions
The market is segmented by technology, application, end-user and region.
Based upon the technology, The Global MRO industry are going through a rapid transformation as service providers are increasingly adopting digital technologies. The use of digital technologies such as Internet of things (IoT), blockchains,Artificial intelligence (AI), Robotics etc. The Global digital MRO market is expected to register significant growth during the forecast period due to rising investments in airline industries. These digital technologies are adapted because it increases the efficiency of operations and reduce turnaround time.
Based on Application the Global Digital MRO market is divided into set of maintenance activities such as inspection, performance monitoring, predictive analysis, major replacements and modifications. The growth of the segment can be calculated by increasing demand for predictive maintenance, part failure and troubleshooting.
Based on the End user the Global Digital MRO market is segregated into Airline industry, MROs, OEMs and OAMs. MROs must fulfil all Regulatory protocols and standards while reducing the time and cost of aircraft maintenance without cutting the corners. This approach will enhance the demand for software solutions to smoothen the operating efficiency.
On the basis of Regional Analysis the Global Digital MRO Market is classified into North America, Europe, Asia Pacific and others. The North America holding the largest market share and in near future companies like Microsoft, Google and IBM might play a major role in boosting the Digital MRO Market which will significantly lead for advancements in digital technologies used for Aircraft Maintenance Practices.
The key players of Digital MRO Market are: Lufthansa technik (Germany), The Boeing Company (USA), Airbus (France), IBM corporations (USA) Air France and KLM Engineering (France) ST Aerospace (Asia Pacific and Europe), SIA Engineering (Singapore), Honeywell (USA), General Electric (USA), RAMCO Systems (India), Swiss Aviation Software’s (Switzerland), Delta tech ops (USA), Turkish technik (Turkey), Hexaware Technologies (India)
The North American digital MRO market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to increasing aircraft deliveries in the region. The North America digital MRO market has flourished on the back of rapidly strengthening trend of digitization of MRO among OEMs and aviation industry. In addition, MRO companies are expanding their product portfolio, which is spurring investments by major airlines, especially in the U.S. Growing popularity of AI-powered solutions among end users has also expanded the revenue-generating potential of the region in the MRO market.
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