Sales Revenue from Aircraft Refurbishing Is Projected To Increase at A CAGR Of 5.8% during 2021 - 2031

As per the newly released data by Fact.MR, the global aircraft refurbishing market is expected to reach US$ 4.2 Mn in 2021. With growing trend of renovating, refurbishing and upgrading existing aircrafts, the overall market is projected to expand at 5.8% CAGR, surpassing a valuation of US$ 7.35 Bn by 2031.

Aircraft refurbishing refers to modifying the interior and exterior of the aircraft using various lightweight materials such as foam, plastic, carbon fiber, composites and other materials. Refurbishing of aircraft also improves fuel efficiency and reduces carbon emission.

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.

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Key Takeaways from Market Study
• Rising demand for luxury and safety during air travel is accelerating demand for aircraft refurbishing.
• Increase in aircraft interior refurbishing for first class cabins is a crucial factor accelerating market growth.
• Increase in air passenger traffic from emerging regions such as Asia Pacific and the Middle East is making airlines opt for aircraft refurbishing services.
• MRO service providers are focusing on providing unique refurbished interior designs for cabin interiors, passenger seats, and other amenities for aircraft interiors that are aesthetic in appearance to ensure the comfort of passengers.
• Major providers of aircraft refurbishing are investing in new technologies for unique modified designs of interiors that give an aesthetic look to interior cabins as well as increase passenger comfort during air travel.
• Retrofit constitutes the highest market share, and is set to expand at a CAGR of 5.7% through 2031.
• Narrow body aircraft hold a prominent market share, and the segment is slated to expand at a CAGR of 5.7% over the decade.
• The aircraft refurbishing market witnessed a plunge in 2020 due to the COVID-19 pandemic, with a recorded growth of -9.7%.
• The refurbishing market in France is projected to expand at a CAGR of around 4.9%, while that in the U.S. at close to 5.5%, through 2031.
• The market in ASEAN and China is set to surge at CAGRs of around 7.5% and 7.1%, respectively, over the next ten years.

Competitive Landscape
According to the market research analysis, Diehl Shiftung & Co. KG, Gulfstream Aerospace Ltd., Jamco America Inc., Hong Kong Aircraft Engineering Co. Ltd, and Lufthansa Technik AG are identified as top companies in the aircraft refurbishment market.

To increase penetration across profitable areas, major players in the aircraft refurbishing industry are maintaining successful relationships with airline companies, where they supply cabin interiors and aircraft system parts. Many players are using strategies such as mergers and acquisitions to upgrade interior solutions for the aircraft cabins that they provide.

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Some of the key developments are:

• In July 2021, Diehl Shiftung & Co. KG entered into a strategic partnership with HAECO Cabin Solutions to upgrade solutions for commercial aircraft cabins.
• In July 2021, Hong Kong Aircraft Engineering Co. Ltd entered into a strategic commercial agreement with Diehl Aviation as an integrated supplier to deliver a wide range of aircraft cabin projects, which include complex installations.
• In Sept 2021, Collins Aerospace signed an agreement with FlightAware, a digital aviation company that provides global flight tracking solutions, analytics, and decision-making tools.

Market Segments Covered in Aircraft Refurbishing Industry Analysis
By Fitting Type
• RetrofitAircraft Refurbishing
• IFEC & Lighting Aircraft Refurbishing
• Passenger Seat Aircraft Refurbishing

By Aircraft Type
• Large Body Aircraft Refurbishing
• Wide Body Aircraft Refurbishing
• Narrow Body Aircraft Refurbishing

By Refurbishing Type
• VIP Cabin Refurbishing
• Commercial Cabin Refurbishing

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