The digital MRO market is projected to grow from USD 606 million in 2020 to USD 1,809 million by 2030, at a CAGR of 11.6% from 2020 to 2030. Some of the factors that are expected to fuel the growth of the digital MRO market include the increasing digitalization of MRO activities by commercial airlines and MROs and the rising demand for enhancing the repair and maintenance operations of existing aircraft fleet. To know about the assumptions considered for the study, Request for Free Sample Report COVID-19 Impact on the Global Digital MRO Market The digital MRO market includes major players such as Boeing (US), General Electric (US), Lufthansa Technik (Germany), SAP (Germany), and IBM (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect digital MRO services by 30–40% globally in 2020. The rapid spread of COVID-19 in Europe, the US & Asia Pacific has led to a significant drop in demand for digital MRO globally, with a corresponding reduction in revenues for various digital MRO service providers across all markets owing to late delivery, manufacturing shutdown, and limited availability of equipment. As per industry experts, the global digital MRO demand is anticipated to recover by 2023 fully. Digital MRO Market Dynamics Driver: Increasing demand for predictive, prescriptive, and condition-based maintenance through data shared by connected aircraft Airlines prefer using MRO services to increase the serviceable life of aircraft rather than investing in new aircraft. Earlier, MRO activities for aircraft were performed by airlines, which increased their operational cost and reduced overall efficiency. Software data analytics used in MRO software help airlines carry out operations in an efficient manner by reducing the turnaround time (TAT) of aircraft maintenance. This enables airlines to reduce maintenance costs and focus on fleet operations. Data analysis software is essential for MRO operators, as it enables them to maintain optimal inventory levels and order frequency. It also helps MRO operators manage their staffing requirements by gaining access to information regarding the number of aircraft arriving for servicing, thereby tackling issues regarding overstaffing and staff scarcity. Connected aircraft are enabled with data connectivity provided by satellite communication and are expected to help in increasing the operational efficiency and enabling faster aircraft maintenance and repairs. They are connected to ground stations, where they share data regarding the health of aircraft system components and engines, as well as the real-time condition of the aircraft to different entities in the aviation ecosystem, such as airlines, OEMs, and MRO service providers. This data can be used for predictive maintenance scheduling. Prescriptive maintenance helps MRO service providers determine real-time conditions, evaluate information regarding a system before failure occurs, and analyze data related to MRO activities that need to be undertaken. MRO service providers use condition-based analysis to monitor the health of the aircraft and analyze data based on historical maintenance records. Full Report @ https://www.marketsandmarkets.com/Market-Reports/digital-mro-market-165029525.html
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