Aircraft Refurbishing Market Analysis and Forecast 2020: By Keyplayers B/E Aerospace, Inc., Diehl Stiftung & Co. KG, Gulfstream Aerospace, Ltd, Hong Kong Aircraft Engineering Company Limited, JAMCO America, Jet Aviation AG, Lufthansa Technik AG, Sabreline

Market Definition

Aircraft refurbishing is the process required to ensure the continuing soundness and safety of an aircraft. It includes inspection, overhaul, replacement, defect rectification, and embodiment modifications. Retrofit refurbishing gives a new look to the aircraft, which is comprised of constructing, renovating, and repairing cabin interiors, in order to comply with necessary requirements. Furthermore, it replaces lavatory, overhead bins, sidewalls liners, monuments, windows, cabin lighting, and carpet. In passenger seats refurbishing, the entire aircraft seating is replaced including, economy class, premium economy, first class, and business class. In VIP refurbishing, the entire VIP cabin is refurbished including replacements of seats, overhead bins, lavatory, monuments, etc. in the business class of the flight.

The global aircraft refurbishing market was valued at US$ 4,210.2 Mn in 2018 and is expected to grow at a CAGR of 6.0% during the forecasted period (2019-2027)

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Competitive Section

Key companies operating in the global aircraft refurbishing market are B/E Aerospace, Inc., Diehl Stiftung & Co. KG, Gulfstream Aerospace, Ltd, Hong Kong Aircraft Engineering Company Limited, JAMCO America, Jet Aviation AG, Lufthansa Technik AG, Sabreliner Aviation LLC, Safran SA, SCI Cabin Interiors, SIA Engineering Co Ltd., United Technologies Corporation, and Zodiac Aerospace S.A.

Market Dynamics- Drivers

1. Growing appeal of premium economy class in travelers is expected to drive growth of the global aircraft refurbishing market during the forecast period

Premium economy class has been popular among travelers as it offers significant upgrade over regular economy class without high price of business class fare. Premium economy class is preferred by passengers as it offers more space and comfort, premium meals with complementary bar service, and priority check-in and baggage delivery at the airport. For instance, in 2016, American Airlines became the first U.S. carriers to provide premium economy cabin. Thus, it is expected to drive the market growth in the near future. Furthermore, major airlines around the world are introducing premium class section in their aircrafts for their customers. This, in turn, is expected to offer lucrative opportunities for refurbishment service providers to increase number of premium economy class seats for travelers. For instance, in 2015, Lufthansa Airline announced the installation of 3,600 premium economy seats on all Lufthansa’s 106 long-haul aircrafts.

2. Increasing demand for VIP refurbishment of aircrafts is expected to propel the global aircraft refurbishing market over the forecast period

Asia Pacific, followed by North America is home to the largest population of high net worth individuals. This has supported growth of aerospace aftermarket albeit it is niche. Significant growth of this make has increased the demand for refurbishment and completion of cabin interiors of business and corporate jets. Moreover, VIP refurbishment is one of the most profitable businesses as the price for complete services including manufacturing, engineering, interior design, installation, and certification of custom interiors comes out to be really high. VIP cabins are comprised of lounge area, bedroom, first-class seats, and dining room. This, in turn, is expected to boost the market growth over the forecast period.

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Market Opportunities

1. High growth in conversion of passenger aircraft to freight carriers is expected to pose lucrative growth opportunities

Companies that are in cargo shipping business are looking for refurbished passenger aircrafts as they cost around one-third of a freighter aircraft. A P2F conversion extends the aircraft’s lifespan. Through this conversion, the companies transition airplanes into freighters, expanding economic life of the airplane after the useful operational service. Furthermore, any type of passenger plane can be converted into freighter, which extends its scope of this segment of the global aircraft refurbishing market.

2. Development of advanced technologies in In-flight Entertainment System is expected to offer lucrative opportunities for market players
In-flight entertainment system components are integrated and repackaged consumer electronics. As these electronic components have small lifespan, aircraft refurbishing becomes extremely essential, in order to stay ahead and avoid obsolescence. Moreover, these technologies get outdated very quickly, key players have the opportunity to design, manufacture, and install customized inflight entertainment system and keep pace with new technological innovations. This, in turn, is expected to pose conducive business opportunities for market players in the near future.

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Market Trends

1. Endorsement of brand name drive the demand for aircraft refurbishment

Over the years, aircraft cabins have transformed a lot in terms of features, functions, and applications. Airlines use cabins as presentation of their brand image and gain significance in the market by providing competitive features, services, ambiance, and comfort. The cabin designers are using lighting as a tool for branding as lighting has immense impact on space perception and create right ambience. Many airlines are inclined toward inclusion of LED lighting, larger windows, and overhead lockers, in order to enhance their brand identity.

2. Emergence of 3D printed parts in aircraft interiors is another major trend

3D printing technique has been incorporated widely in different industries as it is easy to produce and carries less weight. The 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 according to the demand and manufacturing of discontinued parts. For instance, in June 2016, Airbus introduced world first 3D printed aircraft. In January 2017, Abu Dhabi’s Strata partnered with Siemens and Etihad Airways to develop the MENA first 3D printed aircraft interior parts.

Key Developments

1. Key companies are focused on participating in exhibitions and conferences, in order to enhance their market presence. For instance, in April 2019, Diehl Aviation, a provider of aircraft cabin interior, presented its expanded services portfolio at MRO Americas 2019.

2. Key companies are involved in mergers and acquisition, in order to gain competitive edge in the market. For instance, in January 2017, Safran SA, a French aerospace supplier, acquired Zodiac Aerospace for the deal of US$ 9 billion.

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