Aircraft Refurbishing Market
Aircraft Refurbishing Market Forecasts to 2030 - Global Analysis By Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft, Regional Jets and Business Jets), Refurbishing Type (Interior, Exterior, Avionics Upgrade and Passenger-to-Freighter Conversion), Service Provider, End User and By Geography
According to Stratistics MRC, the Global Aircraft Refurbishing Market is accounted for $3.7 billion in 2024 and is expected to reach $5.3 billion by 2030, growing at a CAGR of 6.2% during the forecast period. Modernizing and improving aircraft to increase their appearance, usability, and adherence to safety standards is known as aircraft refurbishing. This procedure covers both exterior renovations like painting and structural adjustments as well as interior renovations like cabin reconfiguration, seating upgrades, and new lighting systems. It may also include improvements to avionics to improve communication and navigation systems. Aircraft refurbishment increases passenger comfort, prolongs aircraft life, and guarantees compliance with changing industry standards and technological developments.
Market Dynamics:
Driver:
Rising demand for air travel
The increasing demand for air travel is a significant driver for the aircraft refurbishing market. As more people opt for air transportation, airlines are under pressure to maintain and upgrade their existing fleets to meet passenger expectations for comfort and modern amenities. This trend encourages airlines to invest in refurbishing older aircraft, which is often more cost-effective than purchasing new ones. The growing air traffic also necessitates the optimization of cabin space and the incorporation of new technologies, further driving the demand for refurbishment services.
Restraint:
High cost of refurbishment
Refurbishing an aircraft involves substantial investments in materials, labor, and advanced technologies. These costs can be prohibitive for smaller airlines or those operating in challenging economic conditions. Additionally, the complexity of refurbishment projects and the need for specialized skills and equipment contribute to the high expenses. This financial barrier may lead some operators to delay or forego refurbishment projects, potentially impacting the overall market growth.
Opportunity:
Customized refurbishment
Airlines are increasingly seeking unique interior designs and configurations to differentiate their brand and enhance passenger experience. This trend allows refurbishment companies to offer tailored solutions, incorporating innovative materials, advanced in-flight entertainment systems, and ergonomic seating arrangements. The demand for personalized luxury interiors in private jets and VIP aircraft further expands this opportunity. By providing customized refurbishment services, companies can tap into high-value projects and establish long-term relationships with clients.
Threat:
Increased competition
Increased competition poses a threat to established players in the aircraft refurbishing market. As the market grows, new entrants are attracted by the potential for high-value contracts, leading to a more crowded and competitive landscape. This competition can result in price pressures, potentially reducing profit margins for refurbishment service providers. Additionally, the need to constantly innovate and invest in new technologies to stay ahead of competitors can strain resources.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the aircraft refurbishing market. Travel restrictions and reduced air traffic led to financial strain on airlines, causing many to delay or cancel refurbishment projects. However, the pandemic also created opportunities for extensive fleet maintenance and upgrades during downtime. As air travel recovers, there's an increased focus on hygiene and touchless technologies in aircraft interiors, driving new refurbishment trends.
The wide-body aircraft segment is expected to be the largest during the forecast period
Over the forecast period, the wide-body aircraft segment is expected to dominate the aircraft refurbishing market. Wide-body aircraft are primarily used for long-haul flights, where passenger comfort is crucial, driving the need for regular interior updates and upgrades. These aircraft also offer more space for innovative cabin designs and premium seating configurations, allowing airlines to maximize revenue through differentiated services. Additionally, the high cost of new wide-body aircraft makes refurbishment an attractive option for extending the lifespan and improving the efficiency of existing fleets, further contributing to this segment's market dominance.
The commercial airlines segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the commercial airlines segment is anticipated to experience the highest CAGR in the aircraft refurbishing market. This growth is driven by the increasing competition among airlines to offer superior passenger experiences and the need to maintain operational efficiency. Commercial airlines are continuously seeking ways to enhance their brand image, improve fuel efficiency, and comply with evolving safety regulations through refurbishment projects. The trend towards sustainability and the integration of advanced technologies in cabin interiors are also fueling the demand for refurbishment services among commercial carriers, contributing to the segment's growth.
Region with largest share:
The North America region is projected to account for the largest market share during the forecast period. This dominance can be attributed to the presence of major airlines and aircraft manufacturers in the region, coupled with a strong focus on passenger comfort and technological advancements. North America's mature aviation industry and stringent safety regulations drive regular refurbishment cycles. The region's leadership in innovative cabin designs and in-flight entertainment systems further solidifies its position.
Region with highest CAGR:
The Asia Pacific region is projected to achieve the highest CAGR during the forecast period. This rapid growth is fueled by the expanding aviation sector in countries like China and India, where rising middle-class populations are driving increased air travel demand. The region's airlines are investing heavily in fleet expansion and modernization to meet this growing demand. Additionally, the emergence of low-cost carriers and the need to compete with established international airlines are pushing Asia Pacific carriers to refurbish their existing fleets. The region's focus on technological adoption and improving passenger experiences further accelerates the growth of the aircraft refurbishing market.
Key players in the market
Some of the key players in Aircraft Refurbishing Market include Lufthansa Technik AG, AAR Corp, ST Engineering, Hong Kong Aircraft Engineering Company Limited, and Safran SA are prominent players in the aircraft maintenance and refurbishment industry. Other key companies include Collins Aerospace, Gulfstream Aerospace Corporation, and Duncan Aviation Inc., known for their specialized services. Jet Aviation AG and SIA Engineering Company also contribute significantly, along with Diehl Stiftung & Co. KG and Jamco America, Inc. StandardAero, Sabreliner Aviation, and AFI KLM E&M.
Key Developments:
In October 2024, Collins Aerospace, an RTX business, announced it has signed a 10-year contract with Air Europa to provide comprehensive maintenance, repair and overhaul (MRO) services for the airline's fleet of 787 aircraft. Through its FlightSense® and DispatchSM combined asset and MRO programs, Collins will supply Air Europa with onsite support for a number of 787 systems, including electric power, environmental control, avionics, lighting and cargo. In addition, Collins will provide predictive health maintenance through its Ascentia® software platform and expand its pool of 787 spares in Europe.
In August 2024, StandardAero has signed a non-exclusive agreement with Avianca, the leading passenger airline in Colombia, Ecuador and Central America, to provide support for an undefined quantity of the CFM International LEAP-1A turbofan engines powering the carrier’s fleet of Airbus A320neo passenger aircraft, according to its operational demands. Avianca joins the growing list of operators to rely on StandardAero’s new LEAP-1A and LEAP-1B maintenance, repair and overhaul (MRO) line established at its San Antonio facility in Texas.
In May 2024, Jet Aviation announced that it has added 10 aircraft to its EMEA managed fleet since the start of 2024, including three aircraft available for charter. The additions include a mix of large, mid-sized, and small cabin aircraft and bring the Jet Aviation EMEA managed fleet to a total of some 70 aircraft.
Aircraft Types Covered:
• Narrow-Body Aircraft
• Wide-Body Aircraft
• Regional Jets
• Business Jets
Refurbishing Types Covered:
• Interior
• Exterior
• Avionics Upgrade
• Passenger-to-Freighter Conversion
Service Providers Covered:
• Original Equipment Manufacturers (OEMs)
• Maintenance, Repair, and Overhaul (MRO) Providers
• Specialized Refurbishment Companies
End Users Covered:
• Commercial Airlines
• Private Aircraft Owners
• Government and Military
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Aircraft Refurbishing Market, By Aircraft Type
5.1 Introduction
5.2 Narrow-Body Aircraft
5.3 Wide-Body Aircraft
5.4 Regional Jets
5.5 Business Jets
6 Global Aircraft Refurbishing Market, By Refurbishing Type
6.1 Introduction
6.2 Interior
6.2.1 Cabin Reconfiguration
6.2.2 Seating and Upholstery
6.2.3 Lighting Systems
6.2.4 In-Flight Entertainment Systems
6.2.5 Galley and Lavatory Upgrades
6.3 Exterior
6.3.1 Painting and Graphics
6.3.2 Structural Modifications
6.4 Avionics Upgrade
6.4.1 Flight Management Systems
6.4.2 Communication and Navigation Systems
6.4.3 Surveillance Systems
6.5 Passenger-to-Freighter Conversion
7 Global Aircraft Refurbishing Market, By Service Provider
7.1 Introduction
7.2 Original Equipment Manufacturers (OEMs)
7.3 Maintenance, Repair, and Overhaul (MRO) Providers
7.4 Specialized Refurbishment Companies
8 Global Aircraft Refurbishing Market, By End User
8.1 Introduction
8.2 Commercial Airlines
8.3 Private Aircraft Owners
8.4 Government and Military
9 Global Aircraft Refurbishing Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Lufthansa Technik AG
11.2 AAR Corp
11.3 ST Engineering
11.4 Hong Kong Aircraft Engineering Company Limited
11.5 Safran SA
11.6 Collins Aerospace
11.7 Gulfstream Aerospace Corporation
11.8 Duncan Aviation Inc.
11.9 Jet Aviation AG
11.10 SIA Engineering Company
11.11 Diehl Stiftung & Co. KG
11.12 Jamco America, Inc.
11.13 StandardAero
11.14 Sabreliner Aviation
11.15 AFI KLM E&M
List of Tables
1 Global Aircraft Refurbishing Market Outlook, By Region (2022-2030) ($MN)
2 Global Aircraft Refurbishing Market Outlook, By Aircraft Type (2022-2030) ($MN)
3 Global Aircraft Refurbishing Market Outlook, By Narrow-Body Aircraft (2022-2030) ($MN)
4 Global Aircraft Refurbishing Market Outlook, By Wide-Body Aircraft (2022-2030) ($MN)
5 Global Aircraft Refurbishing Market Outlook, By Regional Jets (2022-2030) ($MN)
6 Global Aircraft Refurbishing Market Outlook, By Business Jets (2022-2030) ($MN)
7 Global Aircraft Refurbishing Market Outlook, By Refurbishing Type (2022-2030) ($MN)
8 Global Aircraft Refurbishing Market Outlook, By Interior (2022-2030) ($MN)
9 Global Aircraft Refurbishing Market Outlook, By Cabin Reconfiguration (2022-2030) ($MN)
10 Global Aircraft Refurbishing Market Outlook, By Seating and Upholstery (2022-2030) ($MN)
11 Global Aircraft Refurbishing Market Outlook, By Lighting Systems (2022-2030) ($MN)
12 Global Aircraft Refurbishing Market Outlook, By In-Flight Entertainment Systems (2022-2030) ($MN)
13 Global Aircraft Refurbishing Market Outlook, By Galley and Lavatory Upgrades (2022-2030) ($MN)
14 Global Aircraft Refurbishing Market Outlook, By Exterior (2022-2030) ($MN)
15 Global Aircraft Refurbishing Market Outlook, By Painting and Graphics (2022-2030) ($MN)
16 Global Aircraft Refurbishing Market Outlook, By Structural Modifications (2022-2030) ($MN)
17 Global Aircraft Refurbishing Market Outlook, By Avionics Upgrade (2022-2030) ($MN)
18 Global Aircraft Refurbishing Market Outlook, By Flight Management Systems (2022-2030) ($MN)
19 Global Aircraft Refurbishing Market Outlook, By Communication and Navigation Systems (2022-2030) ($MN)
20 Global Aircraft Refurbishing Market Outlook, By Surveillance Systems (2022-2030) ($MN)
21 Global Aircraft Refurbishing Market Outlook, By Passenger-to-Freighter Conversion (2022-2030) ($MN)
22 Global Aircraft Refurbishing Market Outlook, By Service Provider (2022-2030) ($MN)
23 Global Aircraft Refurbishing Market Outlook, By Original Equipment Manufacturers (OEMs) (2022-2030) ($MN)
24 Global Aircraft Refurbishing Market Outlook, By Maintenance, Repair, and Overhaul (MRO) Providers (2022-2030) ($MN)
25 Global Aircraft Refurbishing Market Outlook, By Specialized Refurbishment Companies (2022-2030) ($MN)
26 Global Aircraft Refurbishing Market Outlook, By End User (2022-2030) ($MN)
27 Global Aircraft Refurbishing Market Outlook, By Commercial Airlines (2022-2030) ($MN)
28 Global Aircraft Refurbishing Market Outlook, By Private Aircraft Owners (2022-2030) ($MN)
29 Global Aircraft Refurbishing Market Outlook, By Government and Military (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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