- India to be the third largest aviation market globally by 2024 - IATA
- Growth in aviation to be more concentrated in Asia, particularly in China & India
- South Asia to be the new global MRO hub by end of the decade
- India will need 42,700 plus new aircraft over the next 20 years - Boeing
- Line Maintenance market to surpass 30 billion-pound mark and achieve a total sales figure of USD 31.17 billion by 2019.
The Maintenance, Repair and Overhaul (MRO) market is forecasted to reach a whooping figure of USD 82.4 billion by 2024 as per the global market research figures. With the global market set to achieve these figures on one hand, the South Asian Market is the largest and fastest growing Aerospace MRO Market with a CAGR of 6.9%.
The above figure gives a clear picture of the escalating growth in South Asian market in near future with India leading the way. Factors like growing urbane population with a willingness to spend for air-travel, rapidly growing tourism industry, rise of LCC’s, expansion of aircraft fleet and air routes, airline companies adopting smart practices like predictive maintenance and smart management is pushing India to be the aerospace MRO hub in the coming decade.
The Indian MRO market is like a gold mine, with the government willing to open up to granting tax benefits and the easing of security protocols. The government is weighing the merits of exemptions such as customs duty, zero-rate service tax, and easy access for foreign pilots and technicians to help the MRO sector grow. The systems and processes are more flexible than earlier.
There is 100% FDI in MRO sector which has thrown the doors wide open to foreign companies to explore the Indian market. Visas are especially given to foreign MRO specialists in case of AOG situations. Foreign pilots operating an aircraft to and from India for the purpose of servicing at an Indian MRO facility are issued temporary landing permits.
The Make-in-India initiative which kick started in 2014 has created a welcoming and symbiotic environment for the MRO market to flourish.
With the advancement of technology, the government is keen to develop India as an MRO hub in Asia.
So, come, witness, discuss, debate, and be a part of this huge undercurrent that MRO sector in South Asia is currently witnessing. See it all, here at MRO South Asia Summit.