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).
Revitalizing the Skies: Aircraft Refurbishing Market Projected to Reach US$ 5.4 Billion by 2033 at a Steady CAGR of 5.7%, Enhancing Comfort and Safety in Aviation
The rising demand for upgrading domestic cabins, particularly in North America and Western Europe, which is related to the growing number of existing narrow body aircraft in these regions, is anticipated to be the key driver of the significant growth in the global aircraft refurbishing market over the forecast period.
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The rising need for new business seats, particularly in short-haul airline businesses, will drive the market for remodelling aeroplanes. According to FMI’s analysis, the growth 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 impact on the market for aviation restoration.
Technological Innovations Driving Opportunities for Aircraft Refurbishing
The consumer electronics components that make up the In-Flight Entertainment System (IFES) have been merged and repackaged. Given the limited lifespan of consumer electronics, aircraft repair becomes a necessary activity to maintain them up to date with consumer expectations and ahead of system obsolescence.
To stay up with current technological advancements, there are opportunities in designing, developing, producing, and installing specialised inflight entertainment and communications (IFEC) solutions. For instance, Android is becoming more and more popular as a platform for in-flight entertainment and connection (IFEC).
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There is a demand for aeroplane refurbishing. Growth in the Middle EastStrong growth in the upper-middle income group has enabled high passenger volumes, with the APAC and Middle East regions anticipating the fastest growth. The Asia-Pacific region is expected to see over half of the increase in aircraft traffic worldwide over the next 20 years.
There will probably be a global movement in the aircraft refurbishing industry from the west to the east as a result of lower prices. More than half of the new airport development projects currently being completed worldwide are in APAC, which offers tremendous opportunities for the region’s airport support industry.
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.
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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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