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 increasing demand for upgrading domestic cabins, particularly in North America and Western Europe, which is attributed to the rising number of existing narrow body aircraft in these regions, is expected to be the primary driver of the global aircraft refurbishing market’s noteworthy growth over the forecast period.
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The rising need for new business seats, particularly in short-haul airline firms, will continue to be the key driver of the aircraft refurbishing market’s growth. According to FMI’s analysis, the growth of the refurbishing industry throughout developing economies, including those in the Middle East, India, China, and many other former Soviet Union republics, has continued to have an impact on the demand for aviation restoration.
Technological Innovations Driving Opportunities for Aircraft Refurbishing
Consumer electronics components are merged and repackaged to form the In-Flight Entertainment System (IFES). Given the short lifespan of consumer electronics, aeroplane refurbishing becomes a necessary procedure to keep them up to date with consumer expectations and ahead of system obsolescence.
In order to stay up with current technology advancements, there are opportunities in designing, developing, manufacturing, and installing specialised inflight entertainment and communications (IFEC) solutions. For instance, the next-generation in-flight entertainment and connectivity (IFEC) platform, Android, is becoming more and more popular.
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Refurbishing of aircraft is in demand. In the Middle East, growthStrong passenger numbers have been made possible by robust growth in the upper-middle income group, with the APAC and Middle East areas expecting the fastest increase. In the next 20 years, it’s predicted that the Asia-Pacific area would experience approximately half of the global increase in aviation traffic.
Due to cheaper prices, there will likely be a global shift in the aircraft refurbishing sector from the west to the east. APAC is home to more than half of the new airport development projects that are now being built throughout the world, which presents enormous prospects for the region’s airport support business.
Without the expensive cost of a business class ticket, premium economy seats provide a significant boost from the economic experience. Numerous advantages are provided by the sector, including as more roomy and comfortable seats, priority check-in and baggage delivery at the airport, and high-quality meals with free bar services. The first US airline to provide a premium economy cabin was American Airlines in 2016. As of now, this trend of rising desire for the premium economy segment continues
Over the past few decades, there have been considerable improvements to the equipment, features, and interiors of aircraft. Airlines showcase their brand image in the passenger cabins to attract customers by offering competitive features, comforts, and ambiance. One of the most crucial pieces of technology for producing the ambiance travellers seek while travelling is aircraft cabin lights.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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