Aerospace & Defense Maintenance, Repair, & Overhaul Market To Reflect Tremendous Growth Potential With A CAGR Of 5.4% By 2025: Grand View Research Inc.

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According to a recent report published by Grand View Research Inc., the presence of prominent industry competitors and the growing air traffic is driving the aerospace & defense maintenance, repair, & overhaul market expansion.

The global aerospace & defense maintenance, repair, & overhaul market size is expected to reach USD 161.60 billion by 2025, registering a CAGR of 5.4%, as per a new report by Grand View Research, Inc. Expanding aircraft fleet, along with rising number of fleet replacement age is set to propel the growth.

Intensified demand for air travel, on account of rising disposable income of the masses of the emerging economies is likely to have a positive impact on the overall market growth.  Burgeoning adoption of modern aircraft by various government agencies to enhance their defense capabilities is projected to propel the aerospace and defense Maintenance, Repair, and Overhaul (MRO). market growth. Moreover, aircrafts with a longer in-service period is expected to benefit the market progression.

Despite a large number of growth opportunities, the new market entrants are likely to experience operational hurdles due to lack of infrastructure, supportive regulatory norms, and geopolitical restrictions. Furthermore, the presence of established players, has made the market largely consolidated and the industry giants have a strong foothold in the global market space.

Aerospace & defense maintenance, repair, & overhaul market Highlights 

The aerospace & defense maintenance, repair, & overhaul market has witnessed a checkered growing amid the ongoing COVID-19 outbreak. The pandemic created an unprecedented uncertainty due to the screeching halt in supply chain and product demand within the automotive sector

Line maintenance will emerge as the fastest-growing product segment during the forecast period, registering a CAGR of 6.3%. this is ascribed to the aircraft’s mandatory periodic line maintenance and the expanding number of passenger & freight traffic

Narrow-body aircraft exhibited a revenue share of 53% in 2018, on account of ongoing upgradation of turboprops and jets with more economical single-aisle aircraft

Military MRO is set to gain enormous traction during the analysis timeline due to increasing funding initiatives by private corporations and heavy investment by the regional governments

The aerospace and defense MRO market has observed prominent integration by the OEMs to ramp up the manufacturing capabilities. Therefore, the market players are striving to focus on generating additional value by implementing improved business models that span across the product life cycle

Asia Pacific market is anticipated to surpass the North America market by 2025 due to significant boom in annual passenger traffic, surplus investments by India and China, and rising disposable income of the emerging economies

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Aerospace & defense maintenance, repair, & overhaul market Segmentation

Grand View Research has segmented the global aerospace and defense MRO market on the basis of product, application, end use, and region:

Aerospace and Defense MRO Product Outlook (Revenue, USD Million, 2014 – 2025)

Engine

Airframe

Line

Component

Aerospace and Defense MRO Application Outlook (Revenue, USD Million, 2014 – 2025)

Narrow Body Aircraft

Wide Body Aircraft

Regional Aircraft

Others

Aerospace and Defense MRO End Use Outlook (Revenue, USD Million, 2014 – 2025)

Commercial Aviation

Business & General Aviation

Military Aviation

Others

Aerospace and Defense MRO Regional Outlook (Revenue, USD Million, 2014 – 2025)

North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Italy

Spain

Asia Pacific

China

India

Japan

Australia

Indonesia

Malaysia

Singapore

Central & South America

Brazil

Argentina

Middle East & Africa

UAE

Saudi Arabia

Africa

Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/6846/ibb

Browse Related Report @

U.S. Aerospace Components MRO Market – https://www.grandviewresearch.com/industry-analysis/us-aerospace-components-mro-market

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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Source: Aerospace & Defense Maintenance, Repair, & Overhaul Market To Reflect Tremendous Growth Potential With A CAGR Of 5.4% By 2025: Grand View Research Inc.