A recent market research report by Future Market Insights (FMI) offers critical insights on the aircraft refurbishing market during forecast period 2023 to 2033. The market is anticipated to expand at a CAGR of 5.7% between 2023 and 2033 as a result of the recent spike in demand for renovating aeroplane interiors. The market value will rise from US$ 3.1 billion in 2023 to US$ 5.4 billion by 2033, predicts Future Market Insights (FMI).
The aircraft refurbishing market is anticipated to reach US$ 5.4 billion by 2033 at a steady CAGR of 5.7%, improving comfort and safety in aviation.
It is projected that the rising demand for updating domestic cabins, notably in North America and Western Europe, which is tied to the growing number of current narrow body aircraft in these countries, will be the main factor driving the significant increase in the worldwide aircraft refurbishing market.
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The demand for new corporate seats, particularly in short-haul airline companies, will stimulate the market for reconstructing aeroplanes. The rise of the refurbishing industry throughout developing nations, including those in the Middle East, India, China, and many other former Soviet Union republics, has had an effect on the market for aircraft repair, according to FMI’s analysis.
Technological Innovations Driving Opportunities for Aircraft Refurbishing
Consumer electronics components for the In-Flight Entertainment System (IFES) have been consolidated and repackaged. Consumer electronics have a limited lifespan, thus keeping them up to date with user expectations and ahead of system obsolescence requires maintenance like that of an aeroplane.
To stay up with recent technological advancements, there are chances in designing, developing, producing, and installing specialised inflight entertainment and communications (IFEC) solutions. As an in-flight entertainment and connectivity (IFEC) platform, Android is growing in popularity.
Aircraft refurbishing is in demand. Middle Eastern area is expandingStrong increase in the upper-middle income category, with the APAC and Middle East regions projecting the highest rise, has enabled high passenger volumes. Over the next 20 years, the Asia-Pacific region is expected to see more than half of the increase in aviation traffic worldwide.
There will probably be a global movement in the aircraft refurbishing industry from the west to the east as a result of decreasing costs. More than half of the new airport development projects presently being completed worldwide are in APAC, which offers tremendous opportunities for the region’s airport support industry.
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Premium economy seats give the economic experience a considerable improvement without the high cost of a business class ticket. The industry offers many benefits, such as wider and more comfortable seats, priority check-in and baggage delivery at the airport, and premium meals with complimentary bar services. American Airlines was the first US carrier to offer a premium economy cabin in 2016. As of right moment, this upward tendency in demand for the premium economy class is still present.
The equipment, features, and interiors of aeroplanes have undergone significant advancement in recent years. Airlines promote their brand in the passenger cabins to draw passengers by providing appealing amenities, comforts, and atmosphere. Aircraft cabin lighting is one of the most important technological components for creating the atmosphere tourists seek when travelling.
Global Aircraft Refurbishing Market: Key Vendor Insights
Some of the prominent players in the global aircraft refurbishing market are:
United Technology Corporation, SIA Engineering Co Ltd, Hong Kong Aircraft Engineering Company Limited, Gulfstream Aerospace, Ltd, JAMCO America, Sabreliner Aviation LLC Diehl Stiftung & Co. KG, Lufthansa Technik AG, SCI Cabin Interiors, and Jet Aviation AG. Tier-1 players are collaborating with regional/local companies to increase their aircraft refurbishing product portfolio, thus, gaining a competitive edge over their peers.
Key Segment
Based on the aircraft type
- large body aircraft
- wide body aircraft
- narrow body aircraft
Based on the refurbishing type
- VIP cabin refurbishing
- commercial cabin refurbishing
Based on the fitting type
- retrofit
- IFEC and lighting
- passenger seats
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