Budapest-based AerinX and VD Gulf launch partnership to implement innovative aircraft maintenance technology
AerinX in cooperation with VD Gulf as a leading independent MRO company in the Middle East region will apply mixed reality-based system following a successful pilot
The total size of the market of high-tech digital MRO solutions is projected to grow from USD 606 million in 2020 to USD 1,809 million by 2030 meaning an average annual growth rate of 11% according to experts. AerinX is aiming to be a major player in this fast-developing segment. As an important milestone, the innovative company has agreed on a partnership to implement its mixed reality-based aircraft maintenance solution with Sharjah-based VD Gulf, with the base maintenance facility at Sharjah International Airport.
The economic difficulties experienced by the aviation sector induced by COVID-19 urge MRO companies to introduce digital solutions which enhance efficiency and productivity. For companies that can provide their partners with more efficient and more state-of-the-art services, can achieve considerable competitive advantage after the large-scale global relaunch of passenger air traffic.
The first product of AerinX is a mixed reality (MR) based software which makes external surface inspections on aircraft faster, simpler, more precise, and better-documented. The ground-breaking technology helps maintenance engineers identify damages precisely and accurately and reduces maintenance downtime and costs for the customer. The high-tech system project frames, stringers, and previous damages on the aircraft with advanced computer vision. Moreover, it automatically registers newly discovered damages and determines their exact location. The AerinX software also facilitates damage assessment with a preloaded manufacturer SRM database.
A significant milestone of the international market launch of the high-tech product was the successful pilot project conducted in Dubai, within the frameworks of which VD Gulf tested the AerinX system under real-life industry circumstances. Both parties were satisfied with the Early Adopter Programme, and as a result they decided to continue their partnership with a new agreement to implement the innovative solution at the Sharjah-based MRO fully.
Not even COVID-19 could crush the wave of digitalization
The economic crisis caused by COVID-19 has accelerated digitalization in several sectors, including the aircraft maintenance industry. Players in the segment have invested in information technology development projects and sought efficiency-enhancing technology solutions for years, even preceding the outbreak of the pandemics. The virus situation accelerated digitalization. According to experts, the MRO software market in aviation is estimated to be USD 6.9 billion in 2020 and is projected to reach USD 8.0 billion by 2025. The key market players in the MRO software market in aviation are such giants as IBM, SAP, or GE Aviation. Besides them, an increasing number of smaller, agile, innovative companies are entering the market with their developments, mainly in the field of IoT, AI, Big Data, blockchain or mixed/augmented or virtual reality.
“Based on our calculations, the use of our software can save 400 days of hangar capacity, 9500 engineering hours, and gain 4 million USD extra profit on average for a company with 10 narrow-body hangar bays capacity. We are delighted to be able to test our technology at two major regional players since we conducted successful pilot projects at VD Gulf and at our strategic partner in Hungary. As a result, we continue our partnership with both companies” – highlighted Bence Kiss, Co-founder, and CEO of AerinX.
AerinX conducts advanced negotiations with other international companies, due to which their high-tech solution is expected to be implemented at major market players in the European Union, Hong Kong, and the United States.
“Our objective is to have our system implemented at about half a dozen international partners by the end of this year” – added Bence Kiss.
AerinX also prepares for a funding round within the coming months involving an international strategic investor to accelerate its global market penetration.