Projected global aircraft engine MRO market size 2034

In 2024, the global engine MRO market size was around 49.8 billion U.S. dollars. The market was forecast to grow further and reach 62.6 billion U.S. dollars.

Aircraft MRO market and performance

To ensure constant availability and accuracy, systems need to receive corrective and preventive maintenance. The importance of achieving almost absolute security for aircraft operation is, because of the intricate and exclusive complexity of an aircraft, immensely high. MRO services are designed to fulfill the market needs of the aviation industry for an aircraft or helicopter. For the total aircraft fleet of an airline, MRO activities make up roughly ten percent of total operating costs. Therefore, the MRO market growth is closely abounded with the aviation industry globally. The MRO market worldwide is forecasted to increase continuously until 2027, reaching roughly 120 billion U.S. dollars in 2027. From 2017 to 2026, most of MRO services demand was estimated to be for engine maintenance and components of an aircraft in North America. Since the aviation market is growing globally at an exponential rate, so follows the MRO market. Compared to other countries or regions, India’s MRO market is expected to grow the largest between 2019 and 2028, roughly by 9.5 percent annually.

Aircraft MRO firms

As the global aircraft fleet is expanding and the demand for air transportations increases exponentially, the need for MRO operations grows as well. For instance, the financial performance of MRO services of Lufthansa Technik rebounded significantly after the first year of global outbreak and reached 6.5 billion euros in 2023. Similar to many other leading airlines, Air-France-KLM also provides maintenance services. MRO services of Air-France-KLM generated approximately 1.7 billion euros in the fiscal year 2023.

Globally, the multitude of companies performs either full MRO activity for an entire aircraft or parts of the MRO process, such as aircraft engine MRO services. In aircraft engine MRO services, General Electric Aviation, CFM International and Rolls-Royce are forecasted to remain the market leaders between 2020 and 2029. During the given period, General Electric Aviation is expected to account for over 30 percent of the global aircraft engine maintenance, repair and overhaul market.