AAIS & Embassy of Ireland: MRO Market Briefing & Networking

As a prelude to MRO Asia-Pacific and in close partnership with Enterprise Ireland, AAIS was proud to organise a Market Highlight Briefing and Networking session on 23rd September 2024. Hosted at the new Ireland House (Embassy of Ireland in Singapore), the event brought together key players from the Irish and Singaporean aviation and aerospace sectors for an insightful exchange of market trends and opportunities.

The event began with a warm welcome from Mr Kevin Ryan, Enterprise Ireland’s Director – ASEAN, who touched on exciting activities and opportunities in the Irish aviation industries. Mr Graham Hartnett, Deputy Head of Mission and AAIS Chief Executive Mr Sia Kheng Yok followed with brief remarks. 

A highlight of the session was an engaging market briefing by Mr Richard Brown, Managing Director of Naveo Consultancy, providing valuable insights into current market trends. Note-worthy points include:

  • Fleet Status: As of September 2024, approximately 81% of the global air transport fleet (35,746 aircraft) is in active service. The Asia Pacific region, incl. China and India, continues to drive strong demand for new aircraft, accounting for nearly 37% of the global order book of ~20,540 aircraft.
  • Promising Recovery: The sector is well on track to full recovery, with global air transport flying hours from January-August 2024 at 10% higher compared to the same period in 2023.
  • MRO Market: The global MRO market is expected to reach US$105 billion in 2024, with the Asia Pacific region, incl. China, contributing to 34% of the global market. Engine maintenance remains the primary driver of MRO spending, followed by component and line maintenance.
  • Projections: The global MRO market is forecasted to grow at 3% CAGR from 2024 to 2033, and the market in APAC incl. China and India is expected to reach US$47B by 2033.
  • Supply chain challenges and technical durability issues remain a concern, with MRO facilities facing bottlenecks, in-service issues, and extended repair lead times.

Following the briefing, participants engaged in lively discussions and networking, exchanging ideas and building valuable connections. The event was a resounding success, providing attendees with insights and fostering close ties between the Irish and Singapore aviation and aerospace communities. We thank the Embassy of Ireland and our member Enterprise Ireland for the fruitful partnership.