Maintenance, repair and overhaul is a complex process in the aeronautical industry that possesses strict & precise requirements defined by air authorities to ensure passenger and aircrew safety. Airline owners are found spending billions of dollars to comply with such standards and is a relevant portion of their total operational costs. On the basis of manufacturer, the global defense military aircrafts maintenance, repair and overhaul market is segmented into military aircraft, engine manufacturer, aircrafts manufacturer, component manufacturer, specialty MRO companies and airlines.
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In case of military/defense aircrafts MRO market reflects robust & resilient market dynamics ranging from military aircraft fleet size, structure and flight hours. With the due course of time, the older planes and their components need to be replaced with the new ones and replaced with newer ones which ultimately impact the MRO spending. Also, political decisions influence the deployment of defense aircrafts which directly impacts the MRO industry. For instance, alone in the US, the global economic crisis hit the MRO industry resulting out of financial constraints borne by leading defense spenders.
Commercially, the defense military aircrafts maintenance, repair and overhaul market is directly proportional to political influence and funding. Any of these factors vary, the MRO industry is affected accordingly. Therefore, the current scenario in the MRO market being positive, the market is set to witness a higher CAGR for the forecast period.
The key driving factors attributing to the growth of defense military aircrafts maintenance, repair and overhaul market include growth in military activities conducted by developed and developing nations. Additionally, growth in air surveys to determine the territories and the need to understand the location precisely is contributing to the market growth. Moreover, growth in commercialization of aircraft maintenance business is growing at a rapid pace resulting in growth of local players is contributing to the market growth. However, significant costs and shortage of skilled personnel for maintenance and overhaul is likely to impede the market growth slightly during the forecast period.
On the basis of type, the global defense military aircrafts maintenance, repair and overhaul market is segmented into combat, trainer, transport, unmanned aircraft, special mission aircraft, attack helicopters and utility helicopters. On the basis of component, the global defense military aircrafts maintenance, repair and overhaul market is segmented into airframe, line, engine, component maintenance and modifications.
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