Aircraft Hangar Market: Current Analysis and Forecast (2024-2032)

Aircraft Hangars are used to keep aircraft both rotary and fixed-wing for maintenance, repair, and overhaul activities. These Hangars equipped with a large number of equipment offer a wide variety of services crucial for the operational readiness of the fleet as well as increasing the operational life of the aircraft. The aircraft Hangars are of different shapes and sizes to accommodate small to large aircraft and protect them from the external environment which can cause harm to the avionics, external parts, paint, etc.

The Global Aircraft Hangar market was valued at USD 785 million in 2023 and is expected to grow at a strong CAGR of around 4.21% during the forecast period (2024-2032). One of the key factors that has contributed to the growth of aircraft Hangars are rising number of aircraft demand from emerging economies such as China, India, South Korea, Saudi Arabia, the UAE, etc. These countries have been witnessing a rapid surge in the demand for both international and domestic air travel due to which the commercial aviation industry is witnessing a rapid surge. Considering the rising demand for air travel from the middle-class population in the countries many of the leading airlines have announced major plans to upgrade and expand their existing fleet to tap the emerging growth opportunity. For instance, in 2023, Interglobe Aviation (Indigo) announced to purchase of 500 Airbus A320 aircraft with a total cost of USD 55 billion.

In another instance, Air India another airline from India announced its finalization of the order of 470 aircraft including 250 airplanes from Airbus and 220 from Boeing. The total order comprises 400 narrowbody and 70 widebody jets. The total cost of the order is estimated to be around USD 70 billion.

With the high purchase of commercial jets from the developing regions the demand for Aircraft Hangar from the OEMs would significantly rise. Additionally, the rising fleet of commercial aircraft in the region would also lead to an increased demand for Aircraft Hangars for aircraft maintenance, repair, and overhaul activities. Considering the factors the Global Aircraft Hangar market is anticipated to rise during 2024-2032.

Based on the Type, the market is segmented into MRO, Assembly, and Storage. Of these MRO (Maintenance, Repair, and Overhaul) Hangars have held the major market share. Some of the factors that have assisted the segment in holding a sizeable market share are the high demand for maintenance of a vast fleet of commercial and military jets among the leading air forces and commercial airliners. The MRO segments offer a wide variety of services for the aircraft on a continuous basis which has helped the segment to further boost its share.

Based on aircraft, the global Aircraft Hangar market has been segmented into narrow body, widebody, helicopter, and other aircraft. Of this, narrowbody aircraft has held the major market share due to the high demand for narrowbody and single-aisle aircraft by leading aviation companies. As narrow-body aircraft offer better fuel efficiency a large number of low-cost carriers opt for this category. Considering these the narrowbody aircraft segment has gained prominence among other categories.

For a better understanding of the market adoption of Aircraft Hangar, the Global Aircraft Hangar market is analyzed based on its worldwide presence in regions such as North America, Europe, Asia-Pacific, and the Rest of the World. Of these, the North American region held a significant share in 2023. North America has a vast aviation industry, and it is looking forward to comprehensively supporting research & development around aviation challenges and their potential technological solutions. Additionally, the region is home to some of the largest manufacturers of commercial and military jets and aerospace crafts across the globe. Considering the vast volume of production, and presence of airports the region is further anticipated to dominate the demand for Aircraft Hangar in the coming period.

Some of the major players operating in the market include AECOM, John Reids & Sons, Fulfab, Bluecops Construction Inc., Alaska Structure, Allied Builder, Banyan Air Services, Clearspan Fabric Structure Inc., Diuk Arches, and SML Group.