Hong Kong, Sept. 12 -- Leading aviation data and advisory company, IBA, has revised downward its forecast of US$90 billion for the global MRO industry in 2020 by more than 50%. IBA president, Phil Seymour, said last month the MRO industry needs to take a more creative approach to maintenance solutions.
"That includes OEMs (Original Equipment Manufacturers) and regulators devising safe and flexible ways to prevent aircraft having to undergo such extensive and expensive checks, so savings can be made when cash preservation is vital, but be implemented without compromising safety," IBA said.
"We expect the market to rebound by the start of 2022, but we also expect high levels of redundancies - from 35% to 70% - in the interim, so a flexible ...