"The global market for maintenance, repair, and overhaul for aerospace and defense represents one of world's largest markets in terms of size, scope and revenue, with overall revenues of around $50bn for the commercial aviation sector," according to Dick Slansky, the principal author of ARC's Maintenance, Repair, and Overhaul for Aerospace & Defense Industry Global Market Research Study. "MRO for global military fixed wing and rotary wing fleets is even larger in terms of revenue expenditures at around $60bn for all regions."

The emergence of strong economies in the BRIC countries, along with the rapidly growing demand for air transport in these regions, will drive a regional jet market for the next two decades, according to ARC.

Slansky noted that, today, most MRO providers are focused on ways to reduce aircraft, engine and component turnaround times: "This effort across the industry is imperative as operators/carriers attempt to eke out better fleet asset utilization. Next to fuel, the largest operating cost to the carriers is maintaining their fleets."

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