Southeast Asia Aircraft MRO Market Overview
The Southeast Asia aircraft MRO market is valued at USD 4.2 billion in 2020 and is expected to reach a value of USD 6.5 billion by 2026 while registering a CAGR of 8.98% during the forecast period. The strategic position of the Southeast Asia region and the strong local supply chain has contributed to its position as a preferred location for many maintenances, repair, and overhaul (MRO) companies. Technological advancement in additive manufacturing, predictive maintenance, aircraft health monitoring systems, composite repair capabilities, artificial intelligence (AI), and big data will play a major role in the coming years, as most of the MRO players in the Southeast Asia region will opt to streamline their operations through automation to generate higher revenue during the latter half of the forecast period.
Geographical Overview
Singapore accounted for a major market share in 2020
Singapore is leading the aircraft MRO market in Southeast Asia. The aviation sector is the major contributor to the development of the Singaporean economy. Singapore caters to about 1/4 of Asia’s maintenance, repair, and overhaul (MRO) requirements and 1/10 of the global MRO output, and it possesses comprehensive nose-to-tail MRO capabilities. Singapore’s home-grown aviation companies, ST Aerospace, and SIA Engineering are among the top MRO companies in the world, both in terms of revenues and capabilities. In February 2021, the government of Singapore announced a defense budget of about USD 11.56 billion for the year 2021, which is a 12.7% increase over the 2020 defense budget.
Key Highlights of the Market
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List of Key Players in the Southeast Asia Aircraft MRO Market
Mordor Intelligence has segmented the Southeast Asia aircraft MRO market on the basis of Application and Country:
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