Dallas, March 10, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global aircraft refurbishing market is expected to grow from USD 4.51 billion in 2020 to USD 7.89 billion by 2030, at a CAGR of 7.49% during the forecast period 2021-2030.
The demand for aircraft refurbishing has been raised tremendously in recent years. This is mainly due to the rising need to fulfill the customers' expectations in terms of comfort, luxurious interior, connectivity, and overall experience of the passengers. In addition to this, the leading aircraft manufacturing companies are highly investing in aircraft refurbishing for the up gradation and expansion of the existing aircraft.
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Some of the benefits of aircraft refurbishing are the modernization of the aircraft, comfortable rides, customization, and luxurious space. In addition to this, the aircraft refurbishing adds value to the aircraft. Furthermore, aircraft refurbishing enables to reduce carbon emission and increase fuel efficiency. Moreover, the use of lightweight materials such as foam, plastics, textiles, etc., helps reduce the aircraft's overall weight.
The aircraft refurbishing market is experiencing high growth, owing to rising demand for the refurbishing of narrow-body aircraft across the globe. In addition to this, rising investment in the modernization of the aircraft is further propelling the market's growth. However, the high cost of investment and stringent government regulations are some of the primary factors that may hinder the market's growth over the forecast period. Besides, technological advancement in aircraft refurbishing is anticipated to offer future growth opportunities over the forecast period.
Some of the key players featured in the global aircraft refurbishing market are Air France Industries KLM E&M, BE Aerospace, Ascent Aviation Services, Sabreliner Corporation, TIMCO Aviation Services, SIA Engineering Company, AAR, Zodiac Aerospace, Lufthansa Technik, Gulfstream , and GKN among others. The key players of the global aircraft refurbishing market are majorly focusing on the adoption of various strategies such as product innovations, mergers & acquisitions, geographical expansion, widening the product portfolio, and forming a strong distribution network to gain a significant market share in the industry.
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• In October 2021, Lufthansa Technik announced that it has renewed the substantial base maintenance contract with EasyJet Switzerland SA, a Swiss low-cost airline, for more than 140 aircraft. The contract was previously signed in the year 2016.
• In October 2021, Air France Industries KLM E&M and Triumph Group announced that they formed the joint venture under the name xCelle Americas. This joint venture will perform the repair and maintenance services for “new gen” nacelles on Airbus A320neo, Boeing 737MAX, Airbus A350, and Boeing 787 aircraft for operators in South America and North America.
• In September 2021, a joint venture of GKN and SASMOS HET Technologies Limited, Fokker Elmo SASMOS Interconnection Systems Limited (FE-SIL), announced that it has won the contract to manufacture electrical interconnection system for the Boeing-Saab T-7A trainer aircraft from the Saab.
The narrow-body aircraft segment accounted for the major market share and valued at USD 2.94 billion in the year 2020
The aircraft type segment is divided into wide-body aircraft and narrow-body aircraft. The narrow-body aircraft segment accounted for the major market share and was valued at USD 2.94 billion in the year 2020. The growth is mainly due to the increasing demand for narrow body aircraft across the globe for domestic transport. In addition, the major aircraft companies are highly investing in narrow body aircraft refurbishing for the expansion of the seating capacity.
The passenger-to-freighter segment held the largest market share of 40.58% in the year 2020
The refurbishing type segment includes VIP cabin refurbishing fixed-wing aircraft, commercial aircraft cabin refurbishing, and passenger-to-freighter. The passenger-to-freighter segment held the largest market share of 40.58% in the year 2020. The cargo shipping companies are increasingly focusing on the conversion of passenger aircraft to freighter aircraft, as these aircraft are cost-effective than freighter aircraft. In addition to this, the conversion of the passenger aircraft to freighter aircraft helps extend the aircraft's life.
The retrofit segment is anticipated to grow at the highest CAGR of 9.07% over the forecast period
The fitting type segment is divided into retrofit, IFEC and lighting, and passenger seats. The retrofit segment is anticipated to grow at the highest CAGR of 9.07% over the forecast period. The aircraft retrofit includes restructuring and modifying the design of construction of the new components of the aircraft. The rising trend of retrofitting of aircraft is boosting the growth of the market.
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Regional Segment Analysis of the Aircraft Refurbishing Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region dominated the global aircraft refurbishing market with the major market share and valued at USD 1.87 billion in the year 2020. Several major players in the aircraft refurbishing market have facilities in the countries such as U.S. and Canada. In addition to this, the presence of the largest aircraft manufacturers such as Boeing and Bombardier Inc. further drives the need for aircraft refurbishing in the North America region. Furthermore, early technological adoption, highly developed infrastructure, and high spending in the aviation sector are some of the key factors boosting the market’s growth. Apart from this, the Asia Pacific region is expected to grow at the highest CAGR of 9.4% over the forecast period. Increasing focus on aircraft refurbishing in the countries such as India and China is fuelling the aircraft refurbishing market growth in the Asia Pacific region.
About the report:
The global aircraft refurbishing market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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About The Brainy Insights:
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