Aircraft Refurbishing Market Forecasts to 2030 - Global Analysis By Aircraft Type, Refurbishing Type, Service Provider, End User and By Geography

According to Stratistics MRC, the Global Aircraft Refurbishing Market is accounted for $3.7 billion in 2024 and is expected to reach $5.3 billion by 2030, growing at a CAGR of 6.2% during the forecast period. Modernizing and improving aircraft to increase their appearance, usability, and adherence to safety standards is known as aircraft refurbishing. This procedure covers both exterior renovations like painting and structural adjustments as well as interior renovations like cabin reconfiguration, seating upgrades, and new lighting systems. It may also include improvements to avionics to improve communication and navigation systems. Aircraft refurbishment increases passenger comfort, prolongs aircraft life, and guarantees compliance with changing industry standards and technological developments.

Market Dynamics:

Driver:

Rising demand for air travel

The increasing demand for air travel is a significant driver for the aircraft refurbishing market. As more people opt for air transportation, airlines are under pressure to maintain and upgrade their existing fleets to meet passenger expectations for comfort and modern amenities. This trend encourages airlines to invest in refurbishing older aircraft, which is often more cost-effective than purchasing new ones. The growing air traffic also necessitates the optimization of cabin space and the incorporation of new technologies, further driving the demand for refurbishment services.

Restraint:

High cost of refurbishment

Refurbishing an aircraft involves substantial investments in materials, labor, and advanced technologies. These costs can be prohibitive for smaller airlines or those operating in challenging economic conditions. Additionally, the complexity of refurbishment projects and the need for specialized skills and equipment contribute to the high expenses. This financial barrier may lead some operators to delay or forego refurbishment projects, potentially impacting the overall market growth.

Opportunity:

Customized refurbishment

Airlines are increasingly seeking unique interior designs and configurations to differentiate their brand and enhance passenger experience. This trend allows refurbishment companies to offer tailored solutions, incorporating innovative materials, advanced in-flight entertainment systems, and ergonomic seating arrangements. The demand for personalized luxury interiors in private jets and VIP aircraft further expands this opportunity. By providing customized refurbishment services, companies can tap into high-value projects and establish long-term relationships with clients.

Threat:

Increased competition

Increased competition poses a threat to established players in the aircraft refurbishing market. As the market grows, new entrants are attracted by the potential for high-value contracts, leading to a more crowded and competitive landscape. This competition can result in price pressures, potentially reducing profit margins for refurbishment service providers. Additionally, the need to constantly innovate and invest in new technologies to stay ahead of competitors can strain resources.

Covid-19 Impact:

The COVID-19 pandemic significantly impacted the aircraft refurbishing market. Travel restrictions and reduced air traffic led to financial strain on airlines, causing many to delay or cancel refurbishment projects. However, the pandemic also created opportunities for extensive fleet maintenance and upgrades during downtime. As air travel recovers, there's an increased focus on hygiene and touchless technologies in aircraft interiors, driving new refurbishment trends.

The wide-body aircraft segment is expected to be the largest during the forecast period

Over the forecast period, the wide-body aircraft segment is expected to dominate the aircraft refurbishing market. Wide-body aircraft are primarily used for long-haul flights, where passenger comfort is crucial, driving the need for regular interior updates and upgrades. These aircraft also offer more space for innovative cabin designs and premium seating configurations, allowing airlines to maximize revenue through differentiated services. Additionally, the high cost of new wide-body aircraft makes refurbishment an attractive option for extending the lifespan and improving the efficiency of existing fleets, further contributing to this segment's market dominance.

The commercial airlines segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the commercial airlines segment is anticipated to experience the highest CAGR in the aircraft refurbishing market. This growth is driven by the increasing competition among airlines to offer superior passenger experiences and the need to maintain operational efficiency. Commercial airlines are continuously seeking ways to enhance their brand image, improve fuel efficiency, and comply with evolving safety regulations through refurbishment projects. The trend towards sustainability and the integration of advanced technologies in cabin interiors are also fueling the demand for refurbishment services among commercial carriers, contributing to the segment's growth.

Region with largest share:

The North America region is projected to account for the largest market share during the forecast period. This dominance can be attributed to the presence of major airlines and aircraft manufacturers in the region, coupled with a strong focus on passenger comfort and technological advancements. North America's mature aviation industry and stringent safety regulations drive regular refurbishment cycles. The region's leadership in innovative cabin designs and in-flight entertainment systems further solidifies its position.

Region with highest CAGR:

The Asia Pacific region is projected to achieve the highest CAGR during the forecast period. This rapid growth is fueled by the expanding aviation sector in countries like China and India, where rising middle-class populations are driving increased air travel demand. The region's airlines are investing heavily in fleet expansion and modernization to meet this growing demand. Additionally, the emergence of low-cost carriers and the need to compete with established international airlines are pushing Asia Pacific carriers to refurbish their existing fleets. The region's focus on technological adoption and improving passenger experiences further accelerates the growth of the aircraft refurbishing market.

Key players in the market

Some of the key players in Aircraft Refurbishing Market include Lufthansa Technik AG, AAR Corp, ST Engineering, Hong Kong Aircraft Engineering Company Limited, and Safran SA are prominent players in the aircraft maintenance and refurbishment industry. Other key companies include Collins Aerospace, Gulfstream Aerospace Corporation, and Duncan Aviation Inc., known for their specialized services. Jet Aviation AG and SIA Engineering Company also contribute significantly, along with Diehl Stiftung & Co. KG and Jamco America, Inc. StandardAero, Sabreliner Aviation, and AFI KLM E&M.

Key Developments:

In October 2024, Collins Aerospace, an RTX business, announced it has signed a 10-year contract with Air Europa to provide comprehensive maintenance, repair and overhaul (MRO) services for the airline's fleet of 787 aircraft. Through its FlightSense(R) and DispatchSM combined asset and MRO programs, Collins will supply Air Europa with onsite support for a number of 787 systems, including electric power, environmental control, avionics, lighting and cargo. In addition, Collins will provide predictive health maintenance through its Ascentia(R) software platform and expand its pool of 787 spares in Europe.

In August 2024, StandardAero has signed a non-exclusive agreement with Avianca, the leading passenger airline in Colombia, Ecuador and Central America, to provide support for an undefined quantity of the CFM International LEAP-1A turbofan engines powering the carrier's fleet of Airbus A320neo passenger aircraft, according to its operational demands. Avianca joins the growing list of operators to rely on StandardAero's new LEAP-1A and LEAP-1B maintenance, repair and overhaul (MRO) line established at its San Antonio facility in Texas.

In May 2024, Jet Aviation announced that it has added 10 aircraft to its EMEA managed fleet since the start of 2024, including three aircraft available for charter. The additions include a mix of large, mid-sized, and small cabin aircraft and bring the Jet Aviation EMEA managed fleet to a total of some 70 aircraft.

Aircraft Types Covered:

• Narrow-Body Aircraft
• Wide-Body Aircraft
• Regional Jets
• Business Jets

Refurbishing Types Covered:

• Interior
• Exterior
• Avionics Upgrade
• Passenger-to-Freighter Conversion

Service Providers Covered:

• Original Equipment Manufacturers (OEMs)
• Maintenance, Repair, and Overhaul (MRO) Providers
• Specialized Refurbishment Companies

End Users Covered:

• Commercial Airlines
• Private Aircraft Owners
• Government and Military

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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