(MENAFN- GlobeNewsWire - Nasdaq) The Aircraft Refurbishing market Size was valued at USD 4.6 Billion in 2023 and the Worldwide Aircraft Refurbishing Market Size is Expected to reach USD 6.1 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Raytheon Technologies, Jamco America Inc., Lufthansa Technik, B/E Aerospace, Sabreliner Aviation LLC, Safran SA, Diehl Shiftung & Co. KG, Timco Aviation Services, Gulfstream Aerospace Ltd., AFI KLM E&M, Nextant Aerospace, Hong Kong Aircraft Engineering Co. Ltd, Zodiac Aerospace, Inc, Jet Aviation AG, Rose Aircraft Services, SIA Engineering Co. Ltd, and Other Key Vendors.
New York, United States , Aug. 27, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Refurbishing Market Size to grow from USD 4.6 Billion in 2023 to USD 6.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 2.86% during the forecast period.
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The aircraft refurbishing market is expanding rapidly, driven by increased demand for improved passenger comfort, sustainability, and cost-effective fleet management. Airlines and private jet owners are increasingly spending in refurbishments to modernise interiors, enhance fuel efficiency, and lengthen aircraft lifespans. The industry offers a variety of services, including as cabin remodelling, seating upgrades, in-flight entertainment advancements, and retrofitting with sophisticated materials. Key trends include the use of environmentally friendly materials, personalised designs, and cutting-edge technological integration. The Asia-Pacific region is emerging as a major hub as the aviation sector expands. With the industry's emphasis on sustainability and cost optimisation, the aircraft refurbishing market is expected to grow further, creating lucrative prospects for service providers and suppliers.
Browse key industry insights spread across 260 pages with 100 Market data tables and figures & charts from the report on the " Global Aircraft Refurbishing Market Size, Share, and COVID-19 Impact Analysis, By Aircraft Type (Wide-Body Aircraft And Narrow-Body Aircraft), By Application (Passenger to Freighter, Commercial Cabin Refurbishing And VP Cabin Refurbishing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Aircraft Type
The wide body segment accounted for the largest market share over the forecast period 2023 to 2033. Airlines are boosting their investment in wide-body aircraft to modernise cabins, update seating, and incorporate new in-flight entertainment systems, catering to both luxury and economic passengers. The transition to sustainable aviation also promotes the retrofitting of wide-body planes with fuel-efficient engines and lightweight materials, lowering operational costs and environmental impact. Furthermore, the increase of international routes by carriers, particularly in emerging nations, drives up demand for wide-body refurbishments. As airlines attempt to extend the life and value of their wide-body fleets, this segment's expansion is projected to continue, creating lucrative prospects for service providers.
Insights by Application
The passenger to freighter segment accounted for the largest market share over the forecast period 2023 to 2033. The global boom in e-commerce and air cargo demand is driving the growth. Airlines and leasing companies are increasingly turning older passenger planes into freighters to extend their useful lives and meet the growing demand for cargo capacity. This tendency is especially significant for wide-body and narrow-body aircraft, which are being modified to carry higher volumes of cargo. P2F conversion is a more cost-effective solution than purchasing new freighters, making it an appealing option for operators. Furthermore, the rise of global trade and the transition to more efficient transportation networks are driving this segment's growth. The P2F sector is expected to grow further as demand for air freight services remains strong.
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Insights by Region
North America is anticipated to dominate the Aircraft Refurbishing Market from 2023 to 2033. With a large concentration of airlines, private jet owners, and leasing organisations, there is a strong need for refurbishing services, notably for improving cabin furnishings, boosting in-flight entertainment, and increasing fuel efficiency. The region's emphasis on sustainability and innovation drives the market forward, with businesses using eco-friendly materials and modern technology to meet regulatory criteria and consumer expectations. The existence of major aerospace manufacturers and refurbishment companies in the United States and Canada, together with significant investment in aviation infrastructure, strengthens the industry. Furthermore, the expansion of low-cost carriers and regional airlines in North America has increased the demand for cost-effective refurbishment options.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The region's growing middle class and the proliferation of low-cost carriers are significant factors, forcing airlines to invest in cabin renovations, in-flight entertainment, and fuel-efficient retrofits to remain competitive. Furthermore, the region's emphasis on sustainability and the use of environmentally friendly products are influencing market trends. The presence of major aircraft manufacturers in Asia-Pacific, as well as a developing network of maintenance, repair, and overhaul (MRO) facilities, reinforces the market's position as a significant growth hub in the worldwide industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the Global Aircraft Refurbishing Market Raytheon Technologies, Jamco America Inc., Lufthansa Technik, B/E Aerospace, Sabreliner Aviation LLC, Safran SA, Diehl Shiftung & Co. KG, Timco Aviation Services, Gulfstream Aerospace Ltd., AFI KLM E&M, Nextant Aerospace, Hong Kong Aircraft Engineering Co. Ltd, Zodiac Aerospace, Inc, Jet Aviation AG, Rose Aircraft Services, SIA Engineering Co. Ltd, and Other Key Vendors
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Recent Market Developments
In October 2021, Lufthansa Technik has announced the renewal of a large base maintenance contract with EasyJet Switzerland SA, a Swiss low-cost airline, for over 140 aircraft. The contract was first signed in 2016.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Refurbishing Market, Aircraft Type Analysis
Wide-Body Aircraft Narrow-Body Aircraft
Aircraft Refurbishing Market, Application Analysis
Passenger to Freighter Commercial Cabin Refurbishing VP Cabin Refurbishing
Aircraft Refurbishing Market, Regional Analysis
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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