The “Global Aircraft Refurbishing Market, by Aircraft Type (Wide Body Aircraft, Narrow Body Aircraft, and Large Body Aircraft), by Refurbishing Type (Passenger to Freighter Refurbishing, VIP Cabin Refurbishing, and Commercial Cabin Refurbishing), by Fitting Type (Retrofit, IFEC, and Passenger Seats), and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is ”, is expected to grow at a CAGR of 6.0% during the forecasted period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Aircraft Refurbishing refers to replacement and maintenance of the aircraft, in order to ensure its safety and soundness for further operations. Aircraft Refurbishing gives a new look existing aircraft by replacing overhead bins, lavatory, seats, windows, cabin lighting, flooring, and monuments. The inflight entertainment and communications system (IFECS) Refurbishing include, designing and installing customized IFECS solutions to engage and entertain passengers during the flight. Furthermore, commercial cabin aircraft refurbishing refers to replacement of components namely lavatory, overhead bins, passenger seats, and other components.
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).
Increasing requirement for better operational efficiencies is expected to drive growth of the global aircraft Refurbishing market over the forecast period
An aircraft’s efficiency is majorly affected by weight and power consumption. Less fuel means lower carbon dioxide emissions, which saves a lot of cost for airline companies. The cabin area in the aircraft offers significant opportunities for manufacturers to introduce innovative products and reduce overall weight in the aircraft. For instance, Zodiac Aerospace is working on a new generation of lightweight galley systems that would reduce up to 26% of the individual mass of the galley unit. Moreover, newer technologies such as installing LEDs, which offer superior lighting quality with an extended life and lower power consumption is expected to accelerate the demand for Refurbishing.
Growing acceptance of modular aircraft refurbishing is expected to pose lucrative growth opportunities for market players
Refurbishing provides offer modular and standard design for selected aircrafts. The modular aircraft designs refers to entire ecosystem of airlines, manufacturers, regulators, and passengers with simplifying the process of customizing aircraft cabins. For instance, Airbus has released a new concept called ‘Transpose’, which uses swappable plane interiors to provide travelers with spas, restaurants, and working spaces. Modular kit interior is expected to become an industry standard, which in turn, is expected to pose significant growth opportuneness in the near future.
Strict regulatory policies to curb air and noise pollution is expected to restrain the global aircraft Refurbishing market over the forecast period
As many countries have agreed to reduce greenhouse gas effects, airline companies need to make sure that their passenger aircraft do not make excessive noise and air pollution. The number of aircraft coming out of refurbishing point is expected to decrease as buyers are expected to prefer new aircraft rather than renovated ones. Moreover, older technology engines have high emission of air and noise pollution due to engine deterioration. This, in turn, has compelled aircraft owners to procedure next-generation aircraft instead of refurbished one.
Although modern air travel has become unpleasant due to shrunken size of the seats, airlines are working on to improve seating capacity and comfort for its passengers. The airlines are working on basic design improvements, with thinning down seats, moving magazine pouch to behind the tray table to increase legroom and comfortable headrest, etc. This is expected to increase the demand for aircraft Refurbishing over the forecast period.
As 3D printing has become prevalent, airlines have started incorporating 3D printed parts and components into the aircraft. 3D components are extremely lightweight and versatile, thus they reduce fuel consumption and offer creative opportunities for airlines to improve ambiance of the aircraft. Key players are working on developing 3D printed parts that can be incorporated with initial aircraft design.
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.