Aircraft Refurbishing Market Global Research Report 2018 Analysis & Forecast to 2023
Posted: Sep 28, 2018
Global Aircraft Refurbishing Market by Type (Wide-Body, Narrow-Body), Refurbishing Type (Partial or Complete, IFEC System, Others), Application (Passenger to Freighter, Commercial Cabin Refurbishing, VIP Cabin Refurbishing), & Region — Forecast till 2023
The aircraft refurbishing solution mainly includes the complete or partial makeover of an aircraft. In aircraft refurbishing, various parts used for cabin and interior are made from different types of lightweight materials, such plastic, foam, carbon fiber, composite board, metal, and textile, to reduce the gross weight of an aircraft. Aircraft refurbishing, in general, includes component, structural, systems, and avionics repairs. While aircraft structural repairs include repairing of stringers, external aircraft body, bulkheads, formers, and other repairs, the component repairs involve the replacements of non-functional parts with fully functional components and complete overhaul.
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The rising need to modify aircraft interiors has grown significantly, over the past few years, and is primarily driving the growth of the aircraft refurbishing market. This is due to the increasing luxury quotient of airline interiors, which increases the need for the partial or complete refurbishing of VIP cabins and commercial cabins. Of late, airline owners are focusing on improving and providing better cabin interiors, for a world-class experience to passengers and revamp the airline’s reputation.
In addition, the increasing demand for narrow-body aircraft is driving the market growth. Similarly, the increasing utilization of lightweight materials in aircraft refurbishing also fuels the market growth, as it decreases the gross weight of an aircraft, which result in fuel savings. The high initial investment in aircraft refurbishing is a major challenge to the market growth.
The aircraft refurbishing market has been segmented into aircraft type, refurbishing type, application, and region. By aircraft type, the market has been segmented into wide-body aircraft and narrow-body aircraft. As the demand for narrow-body aircraft is higher, as compared to wide-body aircraft, due to the increasing number of domestic air passengers, the market for narrow-body aircraft refurbishing is expected to grow at a higher rate during the forecast period.
By application, the market has been segmented into passenger to freighter, commercial cabin refurbishing, and VIP cabin refurbishing. The passenger to freighter segment of the market is expected to grow at the highest rate during the forecast period, because conversion of a passenger aircraft into a freighter plane, is a mode to extend the lifespan of an aircraft. This growth can also be attributed to the high investments by airline companies in passengers to freighter conversions, for effective usage of the fleet and cost savings.
The aircraft refurbishing market in North America is expected to witness the highest growth during the forecast period. The growth in this region is attributed to the large demand for aircraft refurbishing by several airline companies, including Alaska Airline, Hawaiian, Delta, Jet Blue, Frontier Airline; and private jet owners. Therefore, the global aircraft refurbishment market is estimated to witness a CAGR of more than 6% during the forecast period, from 2018 to 2023.
The key players in the aircraft refurbishing market are AAR (U.S.), Air France Industries KLM E&M (France), Ascent Aviation Services (U.S.), GKN (UK), Hong Kong Aircraft Engineering Company (China), Jamco America Inc. (U.S.), JCB Aero (France), Lufthansa Technik (Germany), SIA Engineering Company (Singapore), and Singapore Technologies Engineering Ltd. (Singapore).
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