Minnesota Headlines

MROs segment is anticipated to grow at highest CAGR during forecast period

 Breaking News
  • No posts were found

MROs segment is anticipated to grow at highest CAGR during forecast period

June 30
19:46 2020

The MRO industry uses aviation MRO software mainly to enhance the functional efficiency for various aviation MRO activities, such as services, maintenance, upgrade, and retrofitting of different aircraft engines, spares, components, and systems. The MROs segment is further classified based on employee size, considering which the adoption of aviation MRO software is decided. Replacement of old MRO software systems with advanced digitalized software solutions and IT infrastructure modernization programs are expected to drive the MROs segment.

 https://www.marketsandmarkets.com/Market-Reports/aviation-mro-software-market-215684414.html

[195 Pages Report] The MRO software market in aviation is estimated to be USD 6.9 billion in 2020 and is projected to reach USD 8.0 billion by 2025, at a CAGR of 2.9% from 2020 to 2025. The rise in demand for reducing the turnaround time and increase in the adoption of software-as-a-service are among the major factors that are expected to drive the market in the coming years.

Cloud segment projected to grow at a higher CAGR from 2020 to 2025

Based on deployment type, the cloud segment is anticipated to grow at a higher CAGR during the forecast period. Cloud-based systems digitally maintain records in the form of manuals, maintenance logs, flight plans, aircraft maintenance tracking reports, record books for adherence to airworthiness regulations, and service bulletins. These systems also provide fast and inexpensive management of different types of maintenance data, offer real-time access to spare parts inventories, and send alerts for maintenance tasks to MROs.

Maintenance management segment projected to grow at highest CAGR from 2020 to 2025

Based on function, the maintenance management segment is estimated to grow at the highest CAGR during the forecast period. Maintenance management software enable the monitoring of aircraft components and provide real-time data for performance monitoring. The data from airline operators help MRO facilities make arrangements for future planned maintenance, including labor management and spare parts management. MRO software systems integrate maintenance, planning, execution systems, and workforce management systems along with dashboards and reporting tools that are used at mid-level and management levels, thus helping in improving line, heavy, and engine maintenance of aircraft.

Asia Pacific MRO software market in aviation projected to grow at highest CAGR from 2020 to 2025

Based on region, the Asia Pacific region is expected to witness substantial growth during the forecast period. An increase in passenger traffic is the primary reason for the increased demand for maintenance technicians, and thereby, MRO software, especially in countries such as India, China, Japan, and Singapore. The increase in air passengers from Asia Pacific is a result of improvements in the economic status of the middle-class population and the introduction of low-cost carriers. According to Boeing Commercial Outlook 2019, there will be more than 17,390 aircraft deliveries by 2038 in Asia Pacific owing to the rise in passenger traffic. This will lead to a surge in demand for maintenance technicians in the region. According to Boeing Pilot & Technician Outlook, more than 266,000 new maintenance technicians will be required in the Asia Pacific region by 2038. With the rise in demand for maintenance technicians, there will be a rise in demand for MRO software during the forecast period to enhance maintenance operations.

 

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/aviation-mro-software-market-215684414.html