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$ 5.7 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 significant growth in the global aircraft refurbishing market is anticipated to be primarily driven by the rising demand for upgrading domestic cabins, particularly in North America and Western Europe, which is related to the increasing number of existing narrow body aircraft in these regions.
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The market for reconstructing aeroplanes will be driven by the growing need for new corporate seats, particularly in short-haul airline firms. According to FMI’s analysis, the market for aviation restoration has been impacted by the expansion of the refurbishment sector throughout developing countries, including those in the Middle East, India, China, and many other former Soviet Union republics.
Technological Innovations Driving Opportunities for Aircraft Refurbishing
The In-Flight Entertainment System (IFES)’s consumer electronics parts have been combined and repackaged. Given the short lifespan of consumer electronics, maintaining them in line with consumer expectations and ahead of system obsolescence requires aeroplane maintenance.
There are opportunities in designing, developing, producing, and installing specialist inflight entertainment and communications (IFEC) solutions to keep up with current technological breakthroughs. For instance, Android is gaining popularity as an in-flight entertainment and connectivity (IFEC) platform.
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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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