India's aviation sector is experiencing unprecedented growth, positioning the country as a potential global hub for Maintenance, Repair, and Overhaul (MRO) services. Currently, approximately 90% of India's MRO requirements are met through imports, indicating a significant opportunity for domestic expansion.
The Indian MRO industry is projected to grow from $1.7 billion in 2021 to $4.0 billion by 2031, at a compound annual growth rate (CAGR) of 8.9%, outpacing the global average of 5.6%.
This growth is driven by an expanding fleet size, rising consumer demand, favourable policy interventions, and labor advantages.
Recognising this potential, major industry players are making strategic investments. Adani Defence & Aerospace, for instance, has acquired a majority stake in Air Works, India's largest private-sector MRO company.
This acquisition enhances Adani's capabilities in the defence MRO sector, solidifying its position in India's airborne defence ecosystem.
Government initiatives have further bolstered the sector. The reduction of the Goods and Services Tax (GST) on domestic MRO services from 18% to 5% and the implementation of a uniform 5% tax on all imports of aircraft components and engine parts have created a more conducive environment for MRO operations.
Tack Innovations stands ready to support manufacturers and service providers in this evolving landscape. With AS9120B certification, Tack Innovations ensures adherence to stringent quality management standards specific to the aerospace sector. This certification underscores our commitment to quality assurance, supply chain integrity, regulatory compliance, operational efficiency, and customer confidence.
By partnering with Tack Innovations, manufacturers can leverage our expertise to navigate the complexities of the MRO industry, ensuring that they remain competitive and compliant with international standards. Our comprehensive solutions are designed to meet the unique needs of the aerospace sector, providing end-to-end support from consultancy to on-field application and maintenance.
In conclusion, India's MRO industry is on a trajectory of significant growth, fueled by strategic investments, government reforms, and an expanding aviation market. Manufacturers and service providers have a unique opportunity to capitalize on this growth by aligning with industry leaders like Tack Innovations, who are equipped to provide the necessary support and expertise to thrive in this dynamic environment.
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