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Narrow Body Aircraft Refurbishing to Create Over US$ 1.8 Bn Incremental Opportunity in Aircraft Refurbishing Market through 2031
Demand for aircraft refurbishing has increased significantly in recent years with leading aircraft operators rapidly upgrading and renovating their fleet to offer enhanced travel experience. Advanced technologies are being incorporated in airplanes to keep pace with the latest trends and attract more passengers.
Introduction of 3D printed parts in aircraft interiors has increased across the aviation industry. Lighter material from 3D printing results in less jet fuel consumption and eventually reducing air pollution. Moreover, it allows airlines to design more complex parts and manufacture discontinued parts.
Rapid growth in conversion of passenger aircraft to freight carriers is expected to create lucrative growth opportunities for the aircraft refurbishing market. Companies that are in cargo shipping business are increasingly looking for refurbished passenger aircrafts as they cost around one-third of a freighter aircraft.
According to the report, retrofit aircraft refurbishing will be in high demand since it is effective in extending the life of an aircraft and keeping passengers safer, more connected, and better informed.
As per Fact.MR, demand for retrofit aircraft refurbishing is projected to increase by 1.7x between 2021 and 2031. Increasing renovation of aircraft cabin interiors to offer improved luxury and comfort is driving the market for retrofit refurbishing.
Regionally, North America dominated the aircraft refurbishing market with a share of around 35% in 2021. Growth in the region is attributed to the strong presence of leading market players along with rising need to improve aircraft design to meet customer preferences.
" says the Fact.MR analyst.
Key companies operating in the aircraft refurbishing market are integrating latest technologies to make the refurbishing process better and easier.
They have adopted various strategies such as partnerships, acquisitions and collaborations to upgrade interior solutions for the aircraft cabins that they provide. For instance,
Some of the prominent players operating in the aircraft refurbishing market profiled by Fact.MR are:
Fact.MR provides an unbiased analysis of aircraft refurbishing market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for aircraft refurbishing with a detailed segmentation on the basis of:
The expanding aviation industry has offered numerous prospects for the aircraft seat upholstery industry. The aircraft seat upholstery market has exploded in popularity in recent years, and this trend is expected to continue over the forecast period. The existence of various established market participants as well as new entrants is attributable to the need for aircraft seat upholstery. Aside from OEM, the aircraft maintenance and repair services market has caught the interest of manufacturers and is expected to increase significantly throughout the forecast period.
The aircraft cabin management system is one of the most recent technologies in the aircraft sector, with a substantial impact on digital transformation and the ability to help vendors gain competitive advantages. The advancement of audio and video technologies installed in the cabin, such as Live TV, touch screen controllers, and so on, are significant drivers driving the aircraft cabin management system market forward. The latest trend in the aviation cabin management system industry is the merging of portable devices with onboard cabin systems.
Aircraft engines are the principal propulsion units that generate the thrust required for an aircraft to fly. Over the last few years, air transportation has grown at a rapid rate, which has had a direct impact on the aircraft engine business. This promising growth rate is expected to fuel demand for aircraft engines in the global market in the coming years. Furthermore, as disposable income rises, a larger portion of the population finds air travel to be an affordable choice, propelling the aircraft engine industry.
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