Aircraft Refurbishing Market Growth to $932.5 Million by 2031, Expand at 7.2% CAGR From 2021-2031

According to a new report published by Allied Market Research, titled, "Aircraft Refurbishing Market Size, Share, Competitive Landscape and Trend Analysis Report, by Refurbishing Service, by Aircraft Type, by Type, by End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031." The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The global aircraft refurbishing market was valued at $456.7 million in 2021, and is projected to reach $932.5 million by 2031, growing at a CAGR of 7.2% from 2022 to 2031.

Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/A09100

There are prominent key factors that drive the growth of the aircraft refurbishing market such as rise in operations in the commercial aviation, and increase in demand from emerging regions. The market economy is also responsible for the growth of the market. Emerging countries in the region, such as India and China, are experiencing significant increases in civil aviation markets due to increased demand for air travel. Thus, the aerospace sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the aircraft refurbishing industry.

Factors such as rise in operations in the commercial aviation and increase in demand from emerging countries are anticipated to boost the growth of the global aircraft refurbishing market during the forecast period. However, surge in production and deliveries of new aircraft and high maintenance cost of refurbished aircrafts are expected to hinder the growth of the global aircraft refurbishing industry during the forecast period. Moreover, rise in air travel activities & air traffic and increasing demand for premium aircraft cabins are expected to create an opportunity for the market in near future.

In 2021, Asia-Pacific dominated the market in terms of revenue, followed by Europe, North America, and LAMEA. Initiatives taken by the governments toward the modernization of aviation sector and rise in air traffic in the region are expected to propel the growth of the aircraft refurbishing market during the forecast period.

The aircraft refurbishing market is segmented on the basis of refurbishing service, aircraft type, type, end use, and region. The refurbishing service segment is bifurcated into interior and exterior. By aircraft type, the market is classified into very light aircraft, wide body aircraft, narrow body aircraft, large body aircraft, and VIP aircraft. On the basis of type, it is divided into passenger to freighter, commercial aircraft cabin, and VIP cabin refurbishing. By end use, it is categorized into line government and commercial. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The increase in air travel post pandemic creates immense opportunities for Aircraft Refurbishing companies in recent years. The momentum created by plans to reopen is expected to have a positive impact on the recovery of aircraft industry which creates growth opportunities for aircraft refurbishing market. Passenger transport is gradually recovering and is expected to reach pre-COVID levels by 2023. As air travel demand returns to pre-COVID levels, airlines are expanding their route networks and new airlines are introducing new domestic flights. Such plans are designed to accelerate market growth.

Analyst Review

The aircraft refurbishing market is expected to witness significant growth due to surge in air traffic along with implementation of safety improvement initiatives, making aircraft more reliable, efficient, and durable. Moreover, with increase in demand for air freight, the demand for refurbished cargo aircrafts has increased significantly. For instance, according to Boeing's World Air Cargo Forecast (2020-2039), the global fleet of freighters is expected to increase by more than 70% over the next 20 years. It also estimates that 2,610 freighters can be delivered by 2039, with around half of those replacing retired aircraft. Nearly two-thirds of these deliveries are anticipated to be conversions from passenger aircraft.

Factors such as rise in operations in the commercial aviation and increase in demand from emerging countries are anticipated to boost the growth of the global aircraft refurbishing market during the forecast period. However, surge in production & deliveries of new aircraft and high maintenance cost of refurbished aircrafts are expected to hinder the growth of the global aircraft refurbishing market during the forecast period. Moreover, rise in air travel activities & air traffic and increasing demand for premium aircraft cabins are expected to create an opportunity for the aircraft refurbishing market in near future.

Procure Complete Report (344 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/checkout-final/be3907d8ea65c42c6f59d41624a05850

Key Finding of the Study:

➢ By refurbishing service, the exterior based segment is expected to register a significant growth during the forecast period.
➢ By aircraft type, the wide body aircraft segment is expected to register a significant growth during the forecast period.
➢ By type, the VIP cabin refurbishing segment is projected to lead the global Aircraft Refurbishing market
➢ By end use, the commercial segment is projected to lead the global Aircraft Refurbishing market
➢ Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

Reasons to Buy This Aircraft Refurbishing Market Report:

• Procure strategically important competitor information, analysis, and insights to formulate effective R&D strategies.
• Recognize emerging players with potentially strong product portfolio and create effective counter-strategies to gain competitive advantage.
• Classify potential new clients or partners in the target demographic.
• Develop tactical initiatives by understanding the focus areas of leading companies.
• Plan mergers and acquisitions meritoriously by identifying Top Manufacturer.
• Develop and design in-licensing and out-licensing strategies by identifying prospective partners with the most attractive projects to enhance and expand business potential and Scope.
• Report will be updated with the latest data and delivered to you within 2-4 working days of order.
• Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
• Create regional and country strategies on the basis of local data and analysis.

Explore AMR's Extensive ongoing Coverage on Aerospace & Defense Domain:

➢ Satellite Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/satellite-market

➢ LEO and GEO Satellite Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/leo-and-geo-satellite-market-A09227

➢ Satellite Manufacturing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/satellite-manufacturing-market-A13678

➢ Space Launch Services Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/space-launch-services-market

➢ Aircraft Cabin Interior Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/aircraft-cabin-interior-market

➢ Aerospace Parts Manufacturing Market Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/aerospace-parts-manufacturing-market-A09709

➢ Aircraft Electric Motor Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/aircraft-electric-motor-market-A84407

➢ Aviation Asset Management Market Opportunity Analysis and Industry Forecast, 2024-2033
https://www.alliedmarketresearch.com/aviation-asset-management-market-A13891

➢ Satellite Image Data Services Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/satellite-image-data-services-market-A09064

➢ Satellite-Based Earth Observation Market Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/satellite-based-earth-observation-market-A07765

➢ Satellite Based Augmentation Systems (SBAS) Market Opportunity Analysis and Industry Forecast
https://www.alliedmarketresearch.com/satellite-based-augmentation-systems-sbas-market-A10209

Contact:

David Correa
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides end-to-end solutions along with information, education, advocacy, and networking resources to SMEs and early-stage start-ups to bring excellence to their processes. In addition, we offer a nurturing environment required to develop and grow businesses, including business planning; virtual support; market intelligence; acquiring resources; and getting direct access to finance, suppliers, and other experts to boost the growth of businesses and entrepreneurs.

Our bundled and hassle-free business support systems are customized to meet the needs of SME consultants and industry leaders. Moreover, our large network of skilled consultants and experts help start-ups get the business on a roll.

This release was published on openPR.