Increased expenditures in aviation MRO software are also expected to create new chances for growth of narrowbody aircraft MRO market. Maintenance tracking, maintenance scheduling, logbook tracking, budget forecasting, manuals, flying time monitoring, electronic task card management, service bulletin management, and work order management are all included in aircraft MRO software. It also has capabilities that help with compliance with regulatory agencies like the FAA and ICAO. Its primary application is to streamline maintenance processes and reduce downtime. It has been dramatically altered as a result of the changes related with big data and analytics in the aviation industry. This industry creates a massive quantity of data, which will help MRO companies improve their operational efficiency and provide customized solutions that meet the needs of airlines.

Region Analysis:

The Asia-Pacific commercial aviation industry is predicted to grow quickly over the next decade, owing to increasing demand for new narrow-body aircraft, which will increase the demand for MRO operations. The Asia-Pacific area presently operates one-third of the world's commercial aircraft fleet, and the region's fleet is predicted to exceed 13,000 aircraft by 2031, with China's airline fleet accounting for more than 45 percent of the total. According to industry experts, with the extension of airline leasing contracts, the average age of the Asia-Pacific region's aircraft fleet has climbed to 18 to 24 years. Previously, prior to COVID-19, the average age of the fleet was 6 to 12 years.

Key Highlights:

• Frontier Airlines chose Lufthansa Technik in December 2021 to repair and overhaul 21 CFM56-5B engines as well as provide Mobile Engine Services. Over the next five years, Lufthansa Technik will execute overhauls and surgical repairs on engines used by Frontier's fleet of 112 Airbus A320 family planes. The engines will be overhauled in Hamburg, Germany, while surgical repairs will be performed locally at Lufthansa Technik's Tulsa, Oklahoma site.
• Korean Air will showcase aircraft inspection technologies using drone swarms in December 2021. Using four drones, the business developed technology for aeroplane fuselage inspection. The company also created an operations programme that will instruct the four drones to photograph pre-planned regions.

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Key Market Insights from the report:

Global Narrowbody Aircraft MRO Market accounted for US$ 23.88 billion in 2020 and is estimated to be US$ 37.22 billion by 2030 and is anticipated to register a CAGR of 4.50%.  The global narrowbody aircraft MRO market report segments the market on the basis of MRO type, platform, and region.

• Based on MRO Type, Global Narrowbody Aircraft MRO Market is segmented into Components, Airframes & Modification, Engines, and Line Maintenance.
• Based on Platform, Global Narrowbody Aircraft MRO Market is segmented into Military and Commercial. 
• By Region, the Global Narrowbody Aircraft MRO Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Narrowbody Aircraft MRO Market:

The key players operating in the Global Narrowbody Aircraft MRO Market includes GE Aviation Systems Group Ltd., Pratt & Whitney Services Inc., GMF AeroAsia, Rolls Royce Holdings, Honeywell Aerospace, Lufthansa Technik, HAECO ITM Ltd., ST Aerospace, FL Technics Jet JSC and Air Works LLC