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Increasing demand for attractive interior lighting and in-flight entertainment systems is one of the key factors driving global aircraft refurbishing market
— Emergen Research
VANCOUVER, BC, CANADA, January 24, 2023 /EINPresswire.com/ — The global aircraft refurbishing market size reached USD 4.55 Billion in 2020 and is expected to register a revenue CAGR of 5.6%, during the forecast period, according to latest analysis by Emergen Research. Steady increase in demand for attractive interior designs along with development of in-flight entertainment systems is a key factor driving market revenue growth. Rising competition among domestic and international airline carriers and need to comply with various standards, drive brand value, and offer more enhanced flight experience are some key factors resulting in refurbishing of aircraft and installation or more attractive interior design.
Increasing focus on more advanced and efficient and enhanced travelling experience has been resulting in opening up of new and more lucrative revenue opportunities for players in the aircraft refurbishing industry. Interiors, including cabins and cockpits, are restructured and redesigned during refurbishment, and these processes provide additional benefits, including reduced operational costs and improved end-user travel experience. Aircraft refurbishing service providers continue to explore more efficient and cost-effective, and visually appealing ways of refurbishing aircraft. In addition, consumer electronics are also integrated and repackaged as in-flight entertainment system components. Because these electronic components have a limited lifespan, aircraft refurbishment plays a crucial role in keeping these components ahead of the competition and avoid obsolescence. Furthermore, because these technologies are rapidly becoming obsolete, key players have the opportunity to design, manufacture, and install customized in-flight entertainment systems while keeping up with new technological innovations. This factor is expected to create favorable business opportunities for market players in the near future.
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Some Key Highlights from the Report
Wide-body aircraft segment revenue is expected to expand at a significantly rapid CAGR during the forecast period as many airlines have reduced extra passenger space to maximize their overall revenue and profit margins over the years.
VIP cabin segment is expected to register a significantly robust revenue growth rate over the forecast period. The refurbishment of VIP aircraft is on the rise as premium customers seek more luxurious travel experiences. Cabins are increasingly being used as a crucial area and part of the aircraft, and besides innovative interiors and offerings, branding and ultra-high tech lighting and other aspects are taking place through refurbishing.
North America is expected to account for a larger revenue share than other regional markets over the forecast period due to government initiatives and investments that support growth of the aerospace industry in countries in the region.
The latest study provides an insightful analysis of the broad competitive landscape of the global Aircraft Refurbishing market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years.
Key Companies Profiled in the Report are:
Hong Kong Aircraft Engineering Company Limited, Singapore Technologies Engineering Aerospace, Lufthansa Technik AG, AAR Corporation, Rolls Royce Holdings PLC, SIA Engineering Company Limited, Delta TechOps, SR Technics Switzerland AG, Turkish Technic, MRO Holdings, Inc
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Target Audience of the Global Aircraft Refurbishing Market Report:
Key Market Players
Small- and medium-sized and large enterprises
Third-party knowledge providers
Value-Added Resellers (VARs)
Global market producers, distributors, traders, and suppliers
Research organizations, consulting companies, and various alliances interested in this sector
Government bodies, independent regulatory authorities, and policymakers
Emergen Research has segmented the global aircraft refurbishing on the basis of aircraft type, refurbishing type, applications, fitting type, and region:
Aircraft Type Outlook (Revenue, USD Billion; 2018–2028)
Narrow Body Aircraft
Wide Body Aircraft
Large Body Aircraft
Refurbishing Type Outlook (Revenue, USD Billion; 2018–2028)
Applications Outlook (Revenue, USD Billion; 2018–2028)
Passenger To Freighter
Fitting Type Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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The report aims to provide a complete analysis of the global Aircraft Refurbishing market with important details about the key market players from insightful primary and secondary research data. The report also aims to benefit the user by providing constructive data to gain insight into market growth, size, and investment approaches. Additionally, the report provides an extensive analysis of the Aircraft Refurbishing market, including key data, such as factors influencing the growth of the market, buyers and vendors, production and consumption, and revenue.
Research Report on the Aircraft Refurbishing Market Addresses the Following Key Questions:
Who are the dominant players of the Aircraft Refurbishing market?
Which regional market is anticipated to have a high growth rate over the projected period?
What consumer trends and demands are expected to influence the operations of the market players in the Aircraft Refurbishing market?
What are the key growth drivers and restraining factors of the Aircraft Refurbishing market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
What is the overall impact of the COVID-19 pandemic on the Aircraft Refurbishing market and its key segments?
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