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Aircraft Refurbishing Market is Set to Attain US$ 8.21 Billion with CAGR of 5.8% by 2033: Fact.MR Analysis
The United States Aircraft Refurbishing Market is forecasted to fare at a CAGR of 6% and reach a valuation of US$ 1.99 billion by 2033. The adoption of advanced technology for aircraft repair and the presence of the largest aircraft fleet are booting requirements for aircraft refurbishment.
/EIN News/ — Rockville, July 03, 2023 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the Aircraft Refurbishing Market experienced a CAGR of 6.1% from 2018 to 2022. In 2023, the market for renovating aircraft was valued at US$4.67 billion. The market is anticipated to grow at a CAGR of 5.8% and reach US$ 8.21 billion by the end of 2033.
Over the next several years, increasing operations in the commercial aviation sector around the world are anticipated to drive the market for aircraft refurbishing. aeroplane refurbishing businesses stand to benefit financially from increasing air traffic, air travel activity, and demand for premium aeroplane cabins.
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Key Driving Forces Accelerating the Market Growth
- Refurbishing an aircraft is generally more cost-effective than purchasing a new one. By refurbishing an existing aircraft, airlines can extend their operational life, enhance performance, and meet regulatory requirements at a lower cost. This cost-saving potential drives the growth of the aircraft refurbishing market
- Rising operations in the global commercial aviation industry are projected to drive the market for aircraft refurbishing over the coming years.
- North America has a significant number of aging aircraft in operation. As these aircraft reach the end of their lifecycle or require upgrades, refurbishing becomes a cost-effective option compared to purchasing new aircraft. This drives the demand for aircraft refurbishment services.
- The United States market is expected to witness a CAGR of 6% and reach a valuation of US $1.99 Bn by 2023 due to the high adoption of advanced technology for aircraft repair.
- Aviation safety regulations are continuously evolving, and aircraft refurbishment plays a crucial role in ensuring compliance. Upgrading avionics, cabin interiors, and other systems to meet regulatory standards is a driving force for aircraft refurbishing services.
- Airlines strive to provide an enhanced passenger experience to maintain customer satisfaction and loyalty. Refurbishing aircraft interiors with modern amenities, comfortable seating, improved in-flight entertainment, and connectivity options help airlines meet the expectations of passengers, driving the demand for refurbishment services.
Vital indicators shaping the future of the industry
- The growth and modernization plan of airlines in North America play a crucial role in shaping the aircraft refurbishing market. As airlines expand their fleets or replace older aircraft with newer models, the demand for refurbishment services is likely to increase.
- Changes in aviation regulations and safety standards can significantly impact the aircraft refurbishing market. New regulations may require airlines to upgrade or modify certain systems, leading to increased demand for refurbishment services to ensure compliance.
- The pace of technological advancements in the aviation industry will shape the future of aircraft refurbishing. Advancements in materials, avionics, connectivity, and sustainability will drive the need for upgrades and modifications in existing aircraft, creating opportunities for refurbishment service providers.
- Passengers' evolving expectations for comfort, entertainment, connectivity, and overall travel experience influence the demand for aircraft refurbishment. Airlines will need to invest in refurbishment to meet these expectations and maintain a competitive edge.
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Challenges hindering the market growth
- Aircraft refurbishment can involve substantial costs, especially for comprehensive upgrades and modifications. The expenses associated with materials, labor, engineering, and certifications can be significant, making it challenging for some airlines or aircraft owners to justify the investment.
- The rapid pace of technological advancements in the aviation industry can result in the obsolescence of certain systems or components. Upgrading or retrofitting older aircraft to meet the latest technological standards can be complex and costly, posing a challenge for refurbishment service providers.
- Aviation regulations and safety standards are stringent and constantly evolving. Adhering to complex regulatory requirements during the refurbishment process can be challenging and time-consuming. Service providers need to stay updated with the latest regulations and ensure compliance, adding complexity to the refurbishment projects.
How competition influences the market
Competition in the market is focusing on new initiatives such as new product developments, quality products & strengthening supply chain management systems, etc. Key prominent suppliers of aircraft refurbishing are establishing successful relations with key airline companies.
- Competition encourages companies to differentiate themselves by providing high-quality refurbishment services and innovative solutions. Service providers constantly strive to improve their capabilities, technologies, and processes to deliver superior results. This focus on quality and innovation benefits aircraft owners, as they can choose from a range of providers offering advanced and customized solutions.
- Competition fosters a focus on customer service and building strong relationships with clients. Service providers understand the importance of customer satisfaction and work to deliver excellent service throughout the refurbishment process. This includes effective communication, timely project completion, and addressing customer needs and concerns.
- In September 2021, Collins signed an agreement with FlightAware (a digital aviation company that offers global flight solutions).
Key Companies Profiled
- Gulfstream Aerospace Ltd.
- Diehl Stiftung & Co. KG
- Hong Kong Aircraft Engineering Co. Ltd.
- Lufthansa Technik AG
- Jet Aviation AG
- Jamco America Inc.
- Sabreliner Aviation LLC
- SIA Engineering Co. Ltd.
- Raytheon Technologies
- Rose Aircraft Services
- Nextant Aerospace
- Safran SA
- AFI KLM E&M
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Segmentation of Aircraft Refurbishing Industry Research
- By Refurbishing Type:
- VIP
- Commercial Cabin Refurbishing
- By Fitting Type:
- Retrofit
- IFEC (In-flight Entertainment & Connectivity) & Lighting
- Passenger Seats
- By Aircraft Type:
- Large Body
- Wide Body
- Narrow Body
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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