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Global Aircraft Refurbishing Market Growth and Future Outlook 2022
Posted On: Dec 2023
The latest updated report on "Global Aircraft Refurbishing Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast" added by DecisionDatabases.com covers an elaborate insight about the industry. Aircraft refurbishing is a vital process of cleaning, renovation, and maintenance of abandoned aircraft to maintain it in the airworthy condition for the safety of pilot and passengers. The aircraft refurbishment process involves a variety of repairs such as system repairs, engine repairs, structural repairs, component repairs and exterior & interior refurbishments. The report provides estimates in terms of revenue for the forecast period. It also includes the detailed information of the value chain, latest trends, forecasts, innovation, drivers, and restraints.
The rising air transportation activities coupled with growing preference for VIP aircraft & private jets among celebrities and businessmen are the major market drivers, which are likely to augment the growth of aircraft refurbishing market in the near future. In addition, increasing concern to maintain fuel efficiency will further aid to market growth over the coming years. Furthermore, surging preference for customization of cabins in the personal plane is another critical growth factor, which is expected to fuel market demand for aircraft refurbishment in the forthcoming years. However, rising prices of key raw materials and declining demand for used & old parts or aircraft among consumers, in order to maintain more safety are key challenges, which may restrict the market growth for aircraft refurbishing over the forecast period. Rising environmental awareness and the introduction of strong regulations are anticipated to boost market demand for using eco-friendly technologies in the aircraft industry.
Over the past few years, several known airlines such as Air France, Lufthansa, Southwest Airlines, and British Airways amongst others have adopted green designs and waste-reduction methods to reduce carbon emission and to enhance fuel efficiency. With the introduction of developing green technologies aircraft, the aircraft refurbishing market is projected to witness a double-digit growth in the study period.
The global aircraft refurbishing market has been segmented based on types into passenger to-freighter, VIP cabin refurbishing and commercial cabin refurbishing. It is further segmented based on fittings into retrofit, IFEC system, and passenger seats. On the basis of applications the market is segmented as wide body aircraft, very large aircraft, narrow body aircraft, commercial aviation aircraft windows and windshields and VIP aircraft. The narrow-body aircraft is a leading application segment and is expected to continue its dominance during the forecast period owing to the increasing passenger traffic in the aircraft, along with the rising need for extended seat capacity in the aircraft.
North America is a major market for air refurbishment and is estimated to witness a significant growth over the coming years on account of growing demand for low-cost carriers and increase in the air transportation activities in the region. Asia Pacific is a fastest growing market for aircraft refurbishing and is anticipated to grow at a substantial rate in the near future due to increasing disposable income and growing preference for air-transport in the region. Furthermore, supportive free trade governmental agreements for the voluminous trade of services and goods amongst selected nations will have a positive impact on the aircraft refurbishing market in the coming years.
The major industry players include B/E aerospace, Boeing Company – CDG, Crane Aerospace & Electronics., Diehl Aero Systems Holding GmbH, EADS Sogerma, FACC AG, Honeywell International, Jamco America, Inc., Nordam Interiors & Structures Division, Panasonic Avionics Corporation, PPG Aerospace, Recaro Aircraft Seating GmbH & Co. KG, Rockwell Collins Inc., Satcom1, Sell GmbH, STG Aerospace Ltd., Thales S.A., TIMCO Aviation Service Inc., United Technology Corporation and Zodiac Aerospace.
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