Aircraft Refurbishing Market Size 2021 -2028 Industry Share, Global Opportunities, Emerging Trends, Regional Overview, Growth Strategies, Leading Players
According to the most recent analysis by Emergen Research, the global market for aircraft refurbishing had a value of USD 4.55 billion in 2020 and is projected to grow at a rate of 5.6% during the forecast period. The development of in-flight entertainment systems and the steady rise in demand for appealing interior designs are two major factors influencing the market’s revenue growth.
Outsourcing of aircraft-related maintenance and refurbishing work has increased as a result of rising aircraft maintenance costs. The increased inclination of aircraft manufacturing and operating companies located in industrialized countries to outsource refurbishing work has fueled the industry’s demand in recent years.
In contrast to aircraft maintenance, aircraft refurbishing takes care of avionics assembly as well as enhancing the aircraft’s aesthetics. The International Civil Aviation Organization’s recommendations specify that an exhaustive inspection of the aircraft assembly must be performed before every flight and that it should undergo an exhaustive safety standard inspection once a month. The global civil aviation sector has seen an increase in demand for aeroplane refurbishing because to the ongoing requirement for interior and exterior repair work and the desire to cover that work with a visually calming artwork.
Key stakeholders also have the chance to create, produce, and install specialized in-flight entertainment systems while keeping up with new technical advancements because these technologies are quickly becoming outdated. For market players, this feature is anticipated to soon lead to advantageous commercial prospects. With the aid of renovation, aircraft cabins have advanced greatly throughout the years in terms of features, functions, and applications. The increasing emphasis on providing passengers with extra value, features, services, ambiance, and comfort is predicted to drive market growth. Other factors driving this trend include brand endorsement and cabin branding.
Some Key Highlights from the Report
Since many airlines have decreased excess passenger space to increase their overall income and profit margins throughout the years, wide-body aircraft sector revenue is anticipated to grow at a considerably rapid CAGR during the projection period.
Over the forecast period, the VIP cabin sector is anticipated to experience very strong revenue growth. The upgrading of VIP aeroplanes is becoming increasingly common as high-end passengers demand more opulent travel experiences. In addition to novel interiors and offers, branding, ultra-high tech lighting, and other things are taking place through refurbishment as cabins are used more and more as a significant location and component of the aircraft.
Due to government initiatives and investments that promote the expansion of the aerospace industry in the region’s nations, North America is anticipated to account for a greater revenue share than other regional markets over the course of the forecast period.
Some major companies in the market report include Hong Kong Aircraft Engineering Company Limited, Singapore Technologies Engineering Aerospace, Lufthansa Technik AG, AAR Corporation, Rolls Royce Holdings PLC, SIA Engineering Company Limited, Delta TechOps, SR Technics Switzerland AG, Turkish Technic, and MRO Holdings, Inc.
Emergen Research has segmented the global aircraft refurbishing on the basis of aircraft type, refurbishing type, applications, fitting type, and region:
Aircraft Type Outlook (Revenue, USD Billion; 2018–2028)
- Narrow Body Aircraft
- Wide Body Aircraft
- Large Body Aircraft
Refurbishing Type Outlook (Revenue, USD Billion; 2018–2028)
- Interior Refurbishing
- Exterior Refurbishing
Applications Outlook (Revenue, USD Billion; 2018–2028)
- Passenger To Freighter
- Commercial Cabin
- VIP Cabin
Fitting Type Outlook (Revenue, USD Billion; 2018–2028)
- Passenger Seat
- LED Lighting
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/aircraft-refurbishing-market
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