Looking for information on the aircraft refurbishing market? Our content covers drivers, restraints, growth factors and statistics from government organizations to give you a comprehensive overview of this market.
—
The global aircraft refurbishing market size reached USD 4.55 Billion in 2020 and is expected to register a revenue CAGR of 5.6%, during the forecast period, according to latest analysis by Emergen Research.
The desire for modernising and updating current aeroplanes to match rising standards of comfort, safety, and technology is fueling the rapid growth of the aircraft refurbishing market. The complex process of refurbishing an aircraft include the replacement, upkeep, and improvement of numerous components, including avionics, cabin furnishings, engines, and other systems. With more and more older aircraft entering service and a demand for more efficient, environmentally friendly aircraft, the market for aeroplane refurbishing services is anticipated to expand in the upcoming years.
The growing need for passenger comfort and safety is one of the main factors driving the aeroplane refurbishing market. The need for plusher and more comfortable aircraft cabins is growing along with the popularity of low-cost airlines. As opposed to purchasing new aircraft, refurbishing ageing aircraft to meet these criteria is a more affordable option. Additionally, in recent years, safety requirements and regulations have been tightened, and repairing existing aircraft is a means to meet these demands.
The growing desire for more efficient aeroplanes is another factor driving the market for repairing aircraft. Refurbishing planes to improve their fuel efficiency is a technique to lower operating expenses and adhere to environmental regulations. Additionally, when more electric and hybrid aircraft become available, there will likely be a greater need for aeroplane refurbishing services as outdated aircraft are upgraded.
However, there are a number of barriers in the market for aeroplane restoration. The high expense of repairing an aeroplane is one of the main obstacles. An aircraft’s refurbishment can cost several million dollars, with the price varying according to the project’s complexity. Smaller airlines and operators may not have the resources to rebuild their fleets, which can be a significant hurdle.
The shortage of competent labour is another issue facing the industry for repairing aircraft. An aircraft’s refurbishment is a highly specialised operation that needs qualified mechanics, engineers, and technicians. Finding suitable experts for renovation projects might be challenging due to the aviation sector’s shortage of skilled labour.
The market for aircraft restoration is anticipated to expand over the next few years, despite these obstacles. The rising demand for air travel, particularly in emerging nations, is one of the major growth reasons. The need for newer, more effective, and safer aeroplanes will keep rising as more people choose to travel by air.
To learn about additional key drivers, trends, and challenges – Read our Sample Report right now! @ https://www.emergenresearch.com/request-sample/828
Aircraft Refurbishing Market Segmentation:
The global aircraft refurbishing market has been segmented by Emergen Research based on various factors. The first segmentation is based on the type of aircraft, which includes Narrow Body Aircraft, Wide Body Aircraft, and Large Body Aircraft. The market for refurbishing services for these types of aircraft is expected to grow in the coming years, driven by the increasing demand for modernizing and upgrading older aircraft.
Another segmentation is based on the type of refurbishing, which includes Interior Refurbishing and Exterior Refurbishing. Interior refurbishing includes the replacement and upgrade of cabin interiors, avionics, and other systems, while exterior refurbishing includes repainting, maintenance, and repair of the aircraft’s outer shell. The demand for both interior and exterior refurbishing services is expected to grow, driven by the need for passenger comfort, safety, and environmental regulations.
The market has also been segmented based on applications, which include Passenger to Freighter, Commercial Cabin, and VIP Cabin. Refurbishing of aircraft for passenger to freighter applications is expected to grow, as the demand for cargo transportation continues to increase. Additionally, refurbishing aircraft for commercial and VIP cabins is on the rise, driven by the demand for more luxurious and comfortable interiors.
the market has been segmented based on fitting type, which includes Passenger Seat, LED Lighting, and Retrofit. The demand for passenger seats is expected to grow, as airlines seek to provide more comfortable and ergonomic seating for passengers. The demand for LED lighting is also expected to grow, as it is more energy-efficient and cost-effective than traditional lighting. Retrofitting older aircraft with new technology is also on the rise, as airlines seek to improve their operational efficiency and meet environmental standards.
Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends: https://www.emergenresearch.com/industry-report/aircraft-refurbishing-market
If you’re looking for the most significant insights from the report, these are the ones to focus on.
Wide-body aircraft segment revenue is expected to expand at a significantly rapid CAGR during the forecast period due to several factors. Wide-body aircraft are typically used for long-haul flights and have a larger seating capacity than narrow-body aircraft. As air travel continues to grow, the demand for wide-body aircraft is expected to increase, which will in turn drive the demand for refurbishing services for these aircraft.
VIP cabin segment is expected to register a significantly robust revenue growth rate over the forecast period due to the increasing demand for luxury travel experiences. VIP cabins are typically found in private jets and are designed to provide the ultimate in comfort, style, and luxury. As the global economy continues to grow, the number of high-net-worth individuals (HNWIs) is also expected to increase, which will drive the demand for private jets and VIP cabin refurbishing services.
North America is expected to account for a larger revenue share than other regional markets over the forecast period due to several factors. North America is home to some of the world’s largest and most established airlines, which have a significant presence in the global aircraft refurbishing market. These airlines have extensive fleets of aircraft that require regular maintenance and refurbishing services, which is expected to drive the demand for aircraft refurbishing services in the region.
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.
In September 2021, SR Technics Switzerland AG signed a chemical consignment agreement by its affiliate in Malta due to the increasing demand for aircraft refurbishing services in the region. The chemical consignment agreement allows SR Technics to stock and distribute aviation chemicals in Malta, which is a strategic location for the company due to its proximity to several major airports in Europe, Africa, and the Middle East.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Info:
Name: Eric Lee
Email: Send Email
Organization: Emergen Research
Address: 14671 110 Avenue, Surrey, British Columbia, V3R2A9
Phone: 604757975
Website: https://www.emergenresearch.com/
Release ID: 89095815
