Aircraft Refurbishing Market to Grow at a CAGR of 5.8% by 2026
Posted: Apr 24, 2017
Future Market Insights’ recently published report on global market for aircraft refurbishing projects that during a forecast period from 2016 to 2026, the market shall exhibit a steady revenue growth at 5.8% CAGR. The report estimates that in the years to come, the luxury quotient of airline interiors will surge as the number of wealthy air travellers is slated to increase. Frequent air travel by well-heeled people is also prompting aircraft companies to opt for refurbishing of VIP cabins. Setting aside the impact of wealthy travellers on refurbishment of VIP aircraft cabins, the demand for aircraft refurbishing is also expected to gain traction due to its benefits for the aircraft’s operational efficiency.
According to the report, airline companies aiming to improve performance of their aircrafts are refurbishing the interiors & lowering gross weight of the aircraft. This results in lesser fuel consumption and maximum power retention, thereby upgrading the aircrafts operational performance. Owing to such factors, the global Aircraft refurbishing market, which is presently valued at a little over US$ 4 Bn, will bring in more than US$ 7.13 Bn revenues by the end of 2026.
Middle East & Africa to Record Rapid Sales of Aircraft Refurbishments
During this ten-year forecast period, around 890,000 units of aircraft refurbishments will be consumed across the globe. The demand for aircraft refurbishing is projected to remain relatively high across the US and Canada. Through 2026, North America is likely to dominate with more than 30% share on global revenues. However, in terms of volume, the aircraft refurbishing market in Asia-Pacific excluding Japan (APEJ) region will register a relatively rapid growth at nearly 6% CAGR.
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The report also projects that by the end of 2026, the demand for aircraft refurbishing will rise across Western Europe, Latin America and Japan. But, during this period, the Middle East & Africa (MEA) aircraft refurbishing market is expected to incur fastest revenue growth. Registering a value CAGR of 6.9%, the MEA aircraft refurbishing market will gain traction during the latter half of the forecast period. Higher concentration of wealthy individuals across Middle Eastern countries such as the UAE or Saudi Arabia is likely to fuel the refurbishment of VIP cabins among aircrafts commuting through this region.
Retrofit Refurbishments Likely to Garner Surplus Demand
The report, titled "Aircraft Refurbishing Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," further reveals that more than half of the market’s global revenues will arise from refurbishment of narrow body aircrafts. While large body and wide body aircrafts will collectively account for more than 40% share, refurbishing revenues emanating from narrow body aircrafts will register highest value CAGR – 6.1%. Based on the type of refurbishment, commercial cabin refurbishing will hold the majority of global revenues with 83% share, while VIP cabin refurbishing will witness a marginal decline in terms of its contribution to global aircraft refurbishing revenues.
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More than two-third of aircraft refurbishing revenues collected from across the globe are presently accounted by retrofit fittings. While this share is likely to incur a slight downtrend towards the end of 2026, the global aircraft refurbishing market will witness an uptick from fitting segments such as passenger seats and IFEC. The report has also profiled prominent manufacturers of aircraft refurbishments, which include B/E Aerospace, Inc., Diehl Stiftung & Co. KG, Gulfstream Aerospace, Ltd., Hong Kong Aircraft Engineering Company Limited, JAMCO America, Jet Aviation AG, Lufthansa Technik AGm Sabreliner Aviation LLC, SCI Cabin Interiors, United Technology Corporation, SIA Engineering Co. Ltd, and Zodiac Aerospace SA.
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