Newark, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.51 billion in 2020 global aircraft refurbishing market will reach USD 7.89 billion in 2030. The procedure needed to ensure an aircraft is safe and sound is known as aircraft refurbishing. It comprises modifying an aircraft whole or in part. Modification, refit, inspection, overhaul, and defect rectification are just a few of the refurbishing techniques used on aircraft. The procedure gives the aeroplane a fresh appearance. Updating the systems and enhancing connectivity are also part of the aeroplane refurbishment. The inside and exterior of an aircraft, such as an aeroplane, helicopter, etc., are modified, updated, and repaired throughout the aircraft refurbishing process. The primary goal of aircraft refurbishing is to give the aircraft a brand-new appearance. Enhancing the appearance overall, adding luxury, adding more seats, and improving the current aircraft's design and performance are all advantages of aircraft restoration.
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Key Insight of the Global Aircraft Refurbishing Market
North America will dominate the market during the forecast period.
The market there is expanding quickly because there are so many aeroplane refurbishing facilities in North America. Further boosting the growth of the aeroplane refurbishing market in North America is the significant investment in aircraft made by several governments, including the U.S. and Canada.
In 2020, the narrow-body aircraft segment dominated the market with the largest share of 65.25% and market revenue of 2.94 billion.
The aircraft type segment is divided into wide-body aircraft and narrow-body aircraft. In 2020, the narrow-body aircraft segment dominated the market with the largest share of 65.25% and market revenue of 2.94 billion.
The passenger-to-freighter segment is projected to grow at the highest CAGR of 8.5% over the forecast period.
The refurbishing type segment includes VIP cabin refurbishing fixed-wing aircraft, commercial aircraft cabin refurbishing, and passenger-to-freighter. The passenger-to-freighter segment is projected to grow at the highest CAGR of 8.5% over the forecast period.
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.
Advancement in market
At a cost of more than $400 million, Air India revealed plans to restore the interiors of every wide-body aircraft in its fleet. On its 27 Boeing 787-8 and 13 Boeing 777 aircraft, the revamping project will provide the newest generation seats and best-in-class inflight entertainment to all cabin classes. In a significant turn of events, Air India recently announced adding a Premium Economy cabin to Boeing 787 and 777 aircraft. Air India hired JPA Design and Trendworks, two London-based product design firms that have created designs for well-known brands, including Taj Hotels, The Orient Express, and Herman Miller International. The airline anticipated the first updated aircraft to enter service in the middle of 2024.
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Market Dynamics
Driver: increasing demand for narrow-body aircraft upgrades.
Worldwide demand for upgrading narrow-body aircraft has increased during the past few years. The primary reason why aeroplane manufacturers invest in narrow-body aircraft is to increase the seats they can carry. Rising passenger traffic will eventually result from the increased seating capacity. Additionally, over the forecast period, the need for aircraft refurbishing will be fueled by the growing demand for narrow-body aircraft.
Restraints: High initial investment is a constraint.
One of the major factors limiting the market's growth throughout the forecast period is the high initial expenditure needed for aeroplane refurbishing. In addition to this, ongoing expenditure is necessary to sustain aircraft upgrading. The restoration of the aircraft involves extensive testing. The fundamental components must be inspected to ensure that they meet the safety and quality requirements, adding to the expense of certification and testing. Therefore, the hefty initial investment may limit the market's expansion during the anticipated period.
Opportunities: increasing aircraft modernization.
The rising demand for innovative aircraft interiors and equipment, such as in-flight entertainment, connectivity, and LED lighting, fuels the desire to modernise aeroplanes. The industry is also expanding due to the growing demand for pleasant padding added to the outdated seating. These days, aeroplane travellers anticipate opulent amenities like bedrooms and dining rooms. As a result, there has been a rise in the need for aircraft modernization in recent years, fueling the expansion of aircraft refurbishing.
Challenges: Regulations from the government that are too strict.
Any aeroplane that needs to be renovated must follow rules, specifications, and processes. After restructuring, an aircraft must be kept in airworthy (safe) condition, according to the legislation. Safety is the main focus of these rules from the government. Therefore, the market's expansion during the projection period may be hampered by strict government restrictions for aeroplane refurbishing.
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Some of the major players operating in the global aircraft refurbishing market are:
• Air France Industries KLM E&M
• BE Aerospace
• Sabreliner Corporation
• TIMCO Aviation Services
• SIA Engineering Company
• Ascent Aviation Services
• AAR
• Zodiac Aerospace
• Lufthansa Technik
• Gulfstream Aerospace Corporation
• GKN
Key Segments covered in the market:
By Aircraft Type
• Wide-Body Aircraft
• Narrow-Body Aircraft
By Refurbishing Type
• Passenger-To-Freighter
• Commercial Aircraft Cabin Refurbishing
• VIP Cabin Refurbishing Fixed-wing Aircraft
By Fitting Type
• Retrofit
• IFEC and Lighting
• Passenger Seats
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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