Aircraft Refurbishment Market Mainly Driven by Need for Installation of Advanced Components for Better Operational Efficiency: Fact.MR
Published : 22 Oct 2021 Industry: Automotive
The global aircraft refurbishing market is valued at US$ 4.2 Mn in 2021, with stable long-term projections, according to latest insights by Fact.MR, a market research and competitive intelligence provider. The report estimates the market to expand at around 5.8% CAGR from 2021 to 2031.
The market is driven by increase in use of latest technologies such as IFES (in- flight entertainment systems), customized passenger seats, and aesthetic aircraft interiors, due to increase in air passenger traffic, especially across North America and Europe as well as emerging regions such as Asia Pacific and the Middle East.
The global aviation industry had to suffer huge losses during the COVID-19 pandemic, mainly due to restrictions on air travel around the world. Closure of airports for domestic as well as international travel impacted the aviation industry negatively during lockdowns. As a result, many maintenance and repair service providers suffered losses.
However, the situation is improving as the months go by. Aircraft repair & maintenance services have a huge impact on weight, balance, flight characteristics, and many other features of the aircraft, which is accelerating the market for MRO service providers. Increase in aircraft interior refurbishing by leading commercial airlines due to rise in air passenger traffic is one of the crucial factors driving aircraft refurbishing market growth.
Key Takeaways from Market Study
- Rising demand for luxury and safety during air travel is accelerating demand for aircraft refurbishing.
- Increase in aircraft interior refurbishing for first class cabins is a crucial factor accelerating market growth.
- Increase in air passenger traffic from emerging regions such as Asia Pacific and the Middle East is making airlines opt for aircraft refurbishing services.
- MRO service providers are focusing on providing unique refurbished interior designs for cabin interiors, passenger seats, and other amenities for aircraft interiors that are aesthetic in appearance to ensure the comfort of passengers.
- Major providers of aircraft refurbishing are investing in new technologies for unique modified designs of interiors that give an aesthetic look to interior cabins as well as increase passenger comfort during air travel.
- Retrofit constitutes the highest market share, and is set to expand at a CAGR of 5.7% through 2031.
- Narrow body aircraft hold a prominent market share, and the segment is slated to expand at a CAGR of 5.7% over the decade.
- The aircraft refurbishing market witnessed a plunge in 2020 due to the COVID-19 pandemic, with a recorded growth of -9.7%.
- The refurbishing market in France is projected to expand at a CAGR of around 4.9%, while that in the U.S. at close to 5.5%, through 2031.
- The market in ASEAN and China is set to surge at CAGRs of around 7.5% and 7.1%, respectively, over the next ten years.
“Advancements of aircraft interiors to increase aircraft efficiency and reduction of manufacturing waste has created significant growth potential for aircraft refurbishing providers,” says a Fact.MR analyst.
The market is moderately consolidated with key players accounting for more than half market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Diehl Shiftung & Co. KG, Gulfstream Aerospace Ltd., Jamco America Inc., Jet Aviation AG, and Lufthansa Technik AG.
Find More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global aircraft refurbishing market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of fitting type (retrofit, IFES & lighting, and passenger seats), aircraft type (large body aircraft, wide narrow aircraft, and narrow body aircraft), and refurbishing type (VIP cabins and commercial cabins), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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Consultant – Automotive