The global Aircraft refurbishing market was valued at US$ 500.8 Mn in 2022 and is expected to grow at a CAGR of 5.3% during the forecasted period (2023-2030). Aircraft Refurbishing refers to replacement and maintenance of the aircraft, in order to ensure its safety and soundness for further operations. Aircraft Refurbishing gives a new look existing aircraft by replacing overhead bins, lavatory, seats, windows, cabin lighting, flooring, and monuments. The inflight entertainment and communications system (IFECS) Refurbishing include, designing and installing customized IFECS solutions to engage and entertain passengers during the flight. Furthermore, commercial cabin aircraft refurbishing refers to replacement of components namely lavatory, overhead bins, passenger seats, and other components.
Global Aircraft Refurbishing Market: Drivers
Increasing requirement for better operational efficiencies
Increasing requirement for better operational efficiencies is expected to drive growth of the global aircraft Refurbishing market over the forecast period. An aircraft’s efficiency is majorly affected by weight and power consumption. Less fuel means lower carbon dioxide emissions, which saves a lot of cost for airline companies. The cabin area in the aircraft offers significant opportunities for manufacturers to introduce innovative products and reduce overall weight in the aircraft.
Global Aircraft Refurbishing Market: Opportunities
Growing acceptance of modular aircraft refurbishing
Growing acceptance of modular aircraft refurbishing is expected to pose lucrative growth opportunities for market players. Refurbishing provides offer modular and standard design for selected aircrafts. The modular aircraft designs refers to entire ecosystem of airlines, manufacturers, regulators, and passengers with simplifying the process of customizing aircraft cabins. For instance, in 2020, LIFT by EnCore, an aircraft seating manufacturer, introduced the Tourist Class Seating (TCS) module. This modular seating solution allows airlines to quickly and easily reconfigure their cabin layout, improving operational flexibility and reducing downtime during refurbishment.
Global Aircraft Refurbishing Market: Restraints
Strict regulatory policies
Strict regulatory policies to curb air and noise pollution is expected to restrain the global aircraft Refurbishing market over the forecast period. As many countries have agreed to reduce greenhouse gas effects, airline companies need to make sure that their passenger aircraft do not make excessive noise and air pollution. The number of aircraft coming out of refurbishing point is expected to decrease as buyers are expected to prefer new aircraft rather than renovated ones. Moreover, older technology engines have high emission of air and noise pollution due to engine deterioration. This, in turn, has compelled aircraft owners to procedure next-generation aircraft instead of refurbished one.
Global Aircraft Refurbishing Market- Impact of Coronavirus (Covid-19) Pandemic
The global aircraft refurbishing market has experienced significant disruptions and challenges due to the COVID-19 pandemic. The outbreak of the virus and the subsequent travel restrictions and lockdown measures imposed by governments worldwide have had a severe impact on the aviation industry as a whole, including the aircraft refurbishing sector. With the sharp decline in air travel demand and the grounding of a significant number of aircraft, airlines and aircraft operators have been forced to reassess their priorities and budgets. Non-essential activities such as aircraft refurbishing have been delayed or put on hold as companies focus on conserving cash and maintaining their core operations. The pandemic has also resulted in a reduced need for aircraft refurbishment services. Many airlines have retired older aircraft from their fleets or placed them in long-term storage, reducing the immediate demand for refurbishing work.
Key Takeaways:
The global aircraft refurbishing market has experienced significant growth and transformation in recent years, with several key takeaways shaping its trajectory. There is a growing demand for aircraft refurbishment services driven by the increasing need to extend the lifespan of existing aircraft. Airlines and aircraft operators are investing in refurbishment to enhance passenger comfort, upgrade cabin interiors, and incorporate advanced technology systems. The market is witnessing a surge in retrofitting activities due to regulatory requirements and advancements in avionics systems. With new safety and environmental regulations, airlines are refurbishing their fleets to comply with the latest standards. Retrofitting also includes upgrading outdated technology, improving fuel efficiency, and reducing emissions, thus aligning with sustainability goals.
To know the latest trends and insights prevalent in the Global Aircraft Refurbishing Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/aircraft-refurbishing-market-3192
Global Aircraft Refurbishing Market – Trends
Low-cost carriers
Although modern air travel has become unpleasant due to shrunken size of the seats, airlines are working on to improve seating capacity and comfort for its passengers. The airlines are working on basic design improvements, with thinning down seats, moving magazine pouch to behind the tray table to increase legroom and comfortable headrest, and so on. This is expected to increase the demand for aircraft refurbishing over the forecast period.
Emergence of 3D printed parts
As 3D printing has become prevalent, airlines have started incorporating 3D printed parts and components into the aircraft. 3D components are extremely lightweight and versatile, thus they reduce fuel consumption and offer creative opportunities for airlines to improve ambiance of the aircraft. Key players are working on developing 3D printed parts that can be incorporated with initial aircraft design.
Global Aircraft Refurbishing Market: Competitive Landscape
Key companies operating in the global aircraft refurbishing market are B/E Aerospace, Inc., Diehl Stiftung & Co. KG, Gulfstream Aerospace, Ltd, Hong Kong Aircraft Engineering Company Limited, JAMCO America, Jet Aviation AG, Lufthansa Technik AG, Sabreliner Aviation LLC, Safran SA, SCI Cabin Interiors, SIA Engineering Co Ltd., United Technologies Corporation, and Zodiac Aerospace S.A.
