The aerospace industry is continually witnessing significant progress in the development of advanced technologies. The aircraft manufacturers, engine manufacturers, maintenance, repair, and overhaul (MRO) service providers, and various airlines are persistently seeking robust technologies to smoothen their manufacturing and maintenance operations. Digital MRO allows industry players to improve customer services by reducing maintenance time and eliminate expected delays. The digital MRO market is having considerable demand in the developed countries owing to the monetary balance, skilled workforce, and adaptation capability. Digitization of maintenance, repair and overhaul (MRO) operations will soon be a norm in civil aviation around the world.
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The drive for the digital MRO market stems from this. OEMs and MRO companies have at their disposable an array of technologies that they have been harnessing to bolster maintenance planning and execution capabilities and improve asset availability at various layers. The wide assortment of augmented reality and virtual reality technologies, additive manufacturing, big data analytics, and artificial intelligence has been added to digital MRO solutions. Varied MRO services are gathering traction in the digital MRO market to reduce the turnaround time, considerably increase overall operational efficiency in aviation. Digital MRO include medical help of MROs. It includes cloud or system-based software system want to coordinate, monitor, and improve all processes associated with craft maintenance, repair, and overhaul. Digital MRO software system includes varied functions that embrace craft handling, safety & security services, personnel management, sales, and construction operations, that area unit increased with the employment of analytics.
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The software system majorly utilizes the net of Things (IoT), computing (AI), Blockchain, and large information analytics. Most MRO datasets are extremely messy, plagued by duplicate orders due to slight variations in taxonomy or naming conventions, and resulting in the same item being purchased from multiple vendors at vastly different prices. To bring order to the chaos, advanced text analytics provide a powerful way to clean up datasets and eliminate duplicate orders. The solution essentially flags duplicate items by tokenizing the text associated with each item in the dataset, and applying an algorithm to match entries. This allows the data to be bucketed into perfect and partial text matches, which the category manager can then validate to create a new standardized taxonomy. As a result, companies can consolidate all purchases of a given item to a smaller number of preferred vendors at the lowest negotiated price. The “Global Digital Maintenance, Repair, and Overhaul (MRO) Market” is accounted for $0.86 billion in 2018 and is expected to reach $3.39 billion by 2027 growing at a CAGR of 16.5% during the forecast period.
The 3D printing technology would provide ample opportunities to the digital MRO market. The rising adoption of 3D printing technology by MRO providers is expected to drive the growth of the segment. For example, in 2018, Lufthansa Technik opened a 3D printing center in Germany to manufacture lightweight aircraft parts. The use of 3D printing results in various benefits like reduction of aircraft weight, low replacement costs, and customization. Furthermore, the high costs associated with new aircraft are expected to drive the growth of the segment. Collaborations between digital MRO providers and airlines are expected to make a positive impact on the market. For example, in July 2019, Croatia Airlines extended its maintenance contract with Lufthansa Technik.
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North America is likely to have a huge demand for digital MRO due to increasing aircraft deliveries in the region. Many large and medium MROs and airlines are present in this region. Also, the increase in the MRO services and digital transformation of MROs is expected to drive the demand for digital MRO in the region. The North America digital MRO market has flourished on the back of rapidly strengthening trend of digitization of MRO among OEMs and aviation industry. In addition, MRO companies are expanding their product portfolio, which is spurring investments by major airlines, especially in the U.S. Growing popularity of AI-powered solutions among end users has also expanded the revenue-generating potential of the region in the MRO market. The MROs in this region prefer solutions to optimize the complex repair and maintenance tasks with the help of advanced technologies such as robotics, digital twin. Developed economies with high aircraft passenger traffic are demanding technological advancements to cater to the rising fleet size.
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