Aircraft Refurbishing Market Size, Share, Growth, and Industry Analysis, By Type (Passenger to Freighter Refurbishing, VIP Cabin Refurbishing and Commercial Cabin Refurbishing), By Application (Wide Body Aircraft, Narrow Body Aircraft and Large Body Aircraft), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Aircraft Refurbishing Market REPORT OVERVIEW

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The global aircraft refurbishing market size was in USD 4227.4 million 2021 and market is projected to touch USD 7574 million by 2031, at a CAGR of 5.7% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Aircraft refurbishing is the process of restoring or improving an aircraft's interior and/or exterior to improve its aesthetics, functionality, and performance. It entails a variety of changes and upgrades that can vary depending on the individual needs and aims of the aircraft owner or operator. This includes things like replacing or reupholstering seats, upgrading in-flight entertainment systems, improving lighting and acoustics, installing new galley equipment, and upgrading bathrooms. The exterior of the aero plane can be stripped and repainted to give it a new and updated appearance. Typically, this process includes removing the old paint, checking and correcting any structural flaws, and then adding new paint and livery. The avionics systems of the aircraft, including navigation, communication, and cockpit displays, can be customized.

Refurbishment may include structural changes or fixes to solve structural deterioration, increase strength, or improve aerodynamics. Installing winglets, reinforcing components, or changing the aircraft's construction to accommodate additional features or equipment are all examples of this. Upgrades to other systems, such as the electrical, hydraulic, or fuel systems, may also be included in aircraft refurbishment to improve dependability, performance, and fuel efficiency. Refurbishment projects frequently include ensuring that the aircraft satisfies the most recent regulatory requirements and safety standards, such as avionics updates for navigation and communication systems required by aviation authorities.

COVID-19 Impact: Deferred or Canceled Projects to Hinder Market Growth

During the epidemic, the aviation industry saw a significant drop in air travel demand due to travel restrictions, lockdowns, and decreased passenger confidence. As a result, airlines and aircraft operators had financial difficulties, which resulted in lower budgets for aircraft repair projects. The market slowed due to lower demand for refurbishing services. As a cost-cutting tactic, many airlines and aircraft operators postponed or cancelled planned repair projects. With lower income and financial uncertainties, they prioritized necessary expenses while deferring non-essential initiatives such as aircraft restoration. Because of the pandemic, global supply chains were interrupted, causing delays in the delivery of aircraft interior components, materials, and equipment required for refurbishing projects. Lockdowns, border restrictions, and restricted manufacturing capacity all had an impact on the timely availability of these commodities.

LATEST TRENDS

"Focus on Passenger Experience to Enhance Market Growth"

The passenger experience has been a growing priority in aircraft restoration. To satisfy customers' expectations for comfort and convenience, airlines and aircraft operators are investing in modernising cabin interiors, improving seating comfort, introducing innovative in-flight entertainment systems, and updating connectivity choices. The aviation sector has been emphasising sustainability and environmental friendliness. This trend has spread to aeroplane renovation, with a focus on environmentally friendly materials, energy-efficient systems, and reducing total weight to increase fuel efficiency and cut carbon emissions. As passenger connectivity becomes more vital, aeroplane refurbishing has witnessed a trend towards adding modern networking solutions. This includes providing Wi-Fi connectivity, streaming alternatives for in-flight entertainment, and improved communication systems to guarantee customers can stay connected during their travels.

Aircraft Refurbishing Market SEGMENTATION

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• By Type

Based on type market is classified as passenger to freighter refurbishing, VIP cabin refurbishing and commercial cabin refurbishing.

• By Application

Based on application market is classified as wide body aircraft, narrow body aircraft and large body aircraft.

DRIVING FACTORS

"Passenger Expectations to Augment Market Growth"

Many aeroplanes in service today have reached or exceeded their original service life. As aircraft age, refurbishment is required to maintain continuing airworthiness, compliance with safety rules, and performance enhancement. Refurbishment services are in high demand since they are a more cost-effective option to purchasing new aeroplanes. Passengers are wanting more comfortable and pleasurable travel experiences. Airlines and aircraft operators understand how important it is to match these expectations in order to attract and maintain consumers. Aircraft renovation allows airlines to improve cabin furnishings, increase seating comfort, improve entertainment systems, and provide premium services that suit to passenger tastes.

"Environmental Considerations to Propel Market Growth"

Technological advancements, notably in avionics, communications, and interior systems, are boosting the demand for aeroplane refurbishment. Airlines and operators are eager to use the latest innovations in order to improve operational efficiency, improve customer experience, and maintain market competitiveness. They can integrate innovative technologies into existing aeroplanes by refurbishing them. In the aviation business, environmental sustainability has become a significant priority. Refurbishment allows airlines to adopt environmentally friendly practises by combining lightweight materials, energy-efficient systems, and enhanced aerodynamics, resulting in lower fuel consumption and carbon emissions. It is consistent with their commitment to environmental stewardship and promotes their long-term aims. Refurbishing an aeroplane is frequently less expensive than purchasing a new one.

RESTRAINING FACTORS

"Uncertain Market Outlook to Impede Market Expansion"

Aircraft rehabilitation projects necessitate large investments, particularly for extensive interior renovations and modern technology integration. Financial constraints, such as limited budgets, reduced profit margins, or volatile market conditions, might limit airlines' and operators' ability to execute refurbishment projects, resulting in efforts that are delayed or cancelled. The aviation industry is vulnerable to economic volatility, geopolitical crises, and regulatory changes. Uncertainty in the market forecast, such as unpredictable passenger demand, volatile fuel prices, or changes in industry laws, might cause airlines and operators to delay or scale back refurbishment plans.

Aircraft Refurbishing Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Strong Aviation Industry"

The aircraft refurbishing market share is dominated by North America, primarily the United States. Numerous major airlines, aircraft operators, and refurbishment service providers are based in the region. The presence of big fleets, a strong aviation industry, and a focus on passenger comfort and experience all contribute to the expansion of this region's refurbishing market. Market participants frequently invest in cabin upgrades, technology advancements, and environmental measures, resulting in increased demand for aircraft refurbishing services. The emergence of low-cost carriers, the expansion of the region's middle-class population, and increased air travel all contribute to the region's demand for aircraft refurbishing.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• B/E Aerospace (U.S.)
• United Technology Corporation (U.S.)
• Zodiac Aerospace (France)
• SIA Engineering (Singapore)
• JAMCO America (Mexico)
• Hong Kong Aircraft Engineering (Hong Kong)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.