Global $4.7 Billion Digital Maintenance, Repair, and Overhaul (MRO) Market to 2030: Increasing Adoption of IoT, AI, Blockchain, AR, and Big Data Analytics

DUBLIN, Sept. 11, 2019 /PRNewswire/ — The “Digital MRO Market by Technology (Predictive Maintenance, AR/VR, 3D Printing, Blockchain, Artificial Intelligence, Robotics, Big Data Analytics, Digital Twin, IOT), End User (MROs, Airlines, OEMs), Application, Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.

Research and Markets Logo

The digital MRO market is projected to grow from USD 1.0 billion in 2019 to USD 4.7 billion by 2030, at a CAGR of 14.6% from 2019 to 2030.

The increasing digitalization of MRO to increase efficiency and reduce aircraft downtime is the key factor which is expected to fuel the growth of the digital MRO market. However, limited budgets which restrain the adoption of MRO hurdle the growth of this market.

The artificial intelligence segment of the market is projected to grow at the highest CAGR from 2019 to 2030

Based on application, the artificial intelligence segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for predictive maintenance, part failure analysis, and troubleshooting.

Based on end user, the MROs segment is projected to lead the digital MRO market from 2019 to 2030

Based on end user, the MROs segment is projected to lead during the forecast period. Due to the demand for workflow efficiency and reducing aircraft downtime, the market for MROs is expected to lead during the forecast period.

The North American region is estimated to account for the largest share of the digital MRO market in 2019

The digital MRO market in the North American region is expected to witness substantial growth during the forecast period, owing to the high adoption of digitalization by MROs across the region. The MROs in this region are opting for solutions to optimize the complex repair and maintenance tasks with the help of advanced technologies such as robotics, digital twin, etc.

Major players in the digital MRO market are IBM Corporation (US), IFS (Sweden), Ramco Systems (India), Rusada (Switzerland). SAP (Germany), Swiss AviationSoftware (Switzerland), Lufthansa Technik (Germany), General Electric (US), Boeing (US), and Honeywell International (US).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Digital MRO Market
4.2 North America Digital MRO Market, By Technology
4.3 Asia Pacific Digital MRO Market, By End User and Country
4.4 Europe Digital MRO Market, By Application
4.5 Digital MRO Market, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Predictive, Prescriptive, and Condition-Based Maintenance Through Data Shared By Connected Aircraft
5.2.1.2 Growing Adoption of Software-As-A-Service (SaaS)
5.2.1.3 Rising Need for Replacing Legacy Aviation Management Information Systems
5.2.2 Restraints
5.2.2.1 High Cost of Acquisition of Integrated MRO Software Suite
5.2.2.2 Lack of A Common Data Standard
5.2.3 Opportunities
5.2.3.1 Increasing Adoption of Internet of Things (IoT), Artificial Intelligence (AI), Blockchain, Augmented Reality (AR), and Big Data Analytics By MROs
5.2.3.2 Growing Demand for 3D-Printed Parts and Robotic Inspection
5.2.4 Challenges
5.2.4.1 Compliance With Stringent Aviation Regulations
5.2.4.2 Increasing Digitalization Will Require Investments in Cybersecurity
5.3 Case Studies
5.3.1 Wearables
5.3.1.1 KLM Engineering & Maintenance and Royal Netherlands Aerospace Centre (NLR) have Created A Joint Venture Called Nuveon for Developing AR/VR=Based Solutions
5.3.2 Robotics
5.3.2.1 Air New Zealand has Teamed Up With MRO Provider St Engineering for Trial Testing of Droscan, A Drone-Based Aircraft Inspection Solution
5.3.3 Digital Twin
5.3.3.1 GE Aviation is Producing A Digital Twin for Each Engine Being Manufactured
5.3.4 3D Printing
5.3.4.1 Eos has Tied Up With Etihad Airways Engineering for MRO
5.3.4.2 Royal Netherlands Air Force to 3D Print Tools That Fit Into the Custom-Made Parts of Aircraft
5.3.5 Predictive Analysis
5.3.5.1 Delta Ops Enters Into A Contract With Airbus for Predictive Maintenance Technology
5.3.5.2 Thai Airways Partnered With Airbus for Developing Robotics for Predictive MRO

6 Industry Trends
6.1 Introduction
6.2 Technological Advancements in the Aviation Industry
6.2.1 Internet of Things (IoT)
6.2.2 Prescriptive Maintenance
6.2.3 Augmented Reality
6.2.4 Blockchain Application in MRO
6.3 Transformation of Aviation Industry Through Data Science Revolution
6.3.1 Optimization of Operations
6.4 Emerging Trends
6.4.1 Maintenance On-The-Go
6.4.2 Increased Mobility
6.4.3 3D Printing
6.4.4 Big Data
6.5 Application Areas for New Technologies in Digital MRO Market
6.5.1 Introduction
6.5.2 Cloud Technology
6.5.3 Advanced Analytics and Digital Transformation
6.5.4 Data Routing
6.5.5 Artificial Intelligence
6.5.6 Internet of Things
6.6 Parameters for the Selection of an MRO Software
6.7 Innovations and Patent Registrations

7 Digital MRO Market, By Technology
7.1 Introduction
7.2 Predictive Maintenance
7.2.1 Predictive Analysis Reduces Downtime and Increases Operational Efficiency for Airlines
7.3 AR/VR
7.3.1 MROs are Exploring the AR/VR Technology for Maintenance and Repair, the Demand for AR/VR is Expected to Increase in Future
7.4 3D Printing
7.4.1 3D Printing in MRO is Expected to Help Reduce the Time Required to Source Parts During Maintenance
7.5 Blockchain
7.5.1 Blockchain is Useful in the Complex Supply Chain of MROs, Wherein Failure, the Risk of Cyberattacks, and High Cost are Involved
7.6 Artificial Intelligence
7.6.1 Artificial Intelligence is Helpful in Predictive Maintenance and Turning an Unscheduled Maintenance Into A Scheduled Maintenance By Predicting Failures
7.7 Robotics
7.7.1 Robots are Being Used By Airlines and MROs Who are Adopting Various Robotic Technologies to Inspect Aircraft
7.7.2 Drones
7.7.3 Robots
7.8 Big Data Analytics
7.8.1 MROs have Not Taken Advantage of Big Data for Maintenance Management to Help Reap Benefits, Such as Faster Turnaround Times, Increased Aircraft Availability, Cost Savings, and Fewer Maintenance Delays
7.9 Digital Twin
7.9.1 GE Utilizes Its Digital Twin Technology for Continuously Monitoring Aircraft Engines Produced Till Date for Performance Monitoring Using Its IoT Sensors
7.1 Internet of Things
7.10.1 Internet of Things is Expected to Help Reduce Unscheduled Maintenance, as All Connected Devices Continuously Feed Data Into A Centralized System

8 Digital MRO Market, By Application
8.1 Introduction
8.2 Inspection
8.2.1 Advancements in the Robotics Technology are Expected to Lead to an Increase in the Demand for Robot-Based Inspection
8.3 Performance Monitoring
8.3.1 IoT Sensors Provide Real-Time Information About Aircraft Engine Components, Which Helps in the Improvement of Engines, and Predictive Analysis
8.4 Predictive Analysis
8.4.1 Increasing Next-Generation Aircraft Fleet is Expected to Drive the Demand for Predictive Analytics
8.5 Part Replacement
8.5.1 Increasing Demand for 3D Printed Parts is Expected to Drive the Demand for Part Replacement
8.6 Mobility & Functionality
8.6.1 Mobility & Functionality Includes Advanced Software Which is Used to Integrate Data and Connect With Other Parties

9 Digital MRO Market, By End User
9.1 Introduction
9.2 Airlines
9.2.1 Small Airlines
9.2.1.1 Small Airlines Outsource Most of Their Aircraft MRO Operations to Save Costs on Capital Investment and Human Resources
9.2.2 Medium Airlines
9.2.2.1 Medium Airlines have Dedicated MRO Hangars and Use Sophisticated Software to Undertake Core Operations
9.2.3 Large Airlines
9.2.3.1 Most Large Airlines Completely Digitalize Activities By Sharing Real-Time Data With OEMs and Third-Party MROs
9.3 MROs
9.3.1 Small MROs
9.3.1.1 Limited Budgets have Restrained the Adoption of Digital MRO By Small MRO Service Providers, as Most of Their Capital Investment is Required for Other Core Functions
9.3.2 Medium MROs
9.3.2.1 Most Medium MRO Service Providers are in A Transitory Stage; They are Focused on Enhancing Their IT Capabilities By Shifting From the Erp Module to the Digitalization of the Entire Ecosystem
9.3.3 Large MROs
9.3.3.1 Large MRO Service Providers are Focused on the Acquisition of Health Monitoring Software, Asset Management Software, and Resource Planning Software to Enhance Operational Efficiency
9.4 OEMs
9.4.1 Aircraft OEMs
9.4.1.1 Aircraft Manufacturers Use Advanced Software Suites to Facilitate Real-Time Data Sharing With Airlines and MROs
9.4.2 Engine OEMs
9.4.2.1 Engine Manufacturers and System Manufacturers Share Data Generated From Sensors Installed on Different Systems in Aircraft

Company Profiles

  • Ansys
  • Boeing
  • Capgemini
  • General Electric (GE)
  • Hexaware
  • Honeywell
  • IFS
  • International Business Machines (IBM)
  • Lufthansa Technik
  • Ramco Systems
  • Rusada
  • SAP
  • Swiss Aviationsoftware
  • Traxxall
  • Winair

For more information about this report visit https://www.researchandmarkets.com/r/vgasm9

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Cision View original content:http://www.prnewswire.com/news-releases/global-4-7-billion-digital-maintenance-repair-and-overhaul-mro-market-to-2030-increasing-adoption-of-iot-ai-blockchain-ar-and-big-data-analytics-300916209.html

SOURCE Research and Markets

Artificial Intelligence News

  • Adobe Expands Integrations With AI-Drive Account Profiling, LinkedIn Synching

    Adobe has launched new capabilities within the Marketo Engage ABM Essentials offering, part of the Adobe Marketing Cloud, including new AI-powered models in its Account Profiling tool and an expanded LinkedIn partnership. The two updates aim to help accelerate the execution of ABM strategies for sales and marketing teams, as well…(read more...)

  • NLG in the newsroom: fast, consistent, and hyperlocal

    NLG in the newsroom: fast, consistent, and hyperlocal We’ve written about how Natural Language Generation can eliminate the bottleneck of manual, one-at-a-time analysis within business environments, producing data-driven insights that otherwise would remain fossilized in spreadsheets on the network drive. It is also worth noting that the same principles apply…(read more...)

  • Twilio: Harnessing The Power Of AI (Artificial Intelligence)

    Twilio, a provider of voice, video and messaging services, reported its second quarter results and they were certainly standout. Revenues spiked by 86% to $275 million and there was a profit of 2 cents a share. On the earnings call, CEO Jeff Lawson noted: “We have the opportunity to change…(read more...)

MORE STORIES