While aircraft are highly advanced systems, they are still prone to eventual failure if parts are not regularly serviced and replaced. Keeping a full inventory of extra components can make MRO services quick, but maintaining such an inventory can be very costly and time consuming. This is due to the fact that aircraft parts are very expensive, often warranting quick turn-around times for the sake of inventory costs and regulation. Currently, a number of trends are developing for inventory management such as automation, software solutions, and radio frequency identification.
Over the years many new parts of the world have been able to obtain means of aircraft travel creating the need for MRO services. With all new required services, they are the many airlines have been able to capitalize on the idea. From previously only manufacturing parts OEMs have begun to venture off into the MRO industry to gain a new source of profit. Sources say that with the rise continuing to occur the market is expected to be worth over 95 Billion US by the year 2023. In the year 2013 it was recorded that the OEMs gained 50 % of their revenue from only manufacturing while the other half came from MRO services.
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