What is the global market size of Aircraft Refurbishing Market?

Global Aircraft Refurbishing Market size was valued at USD 489.58 million in 2022 and is poised to grow from USD 524.83 million in 2023 to USD 915.33 million by 2031, growing at a CAGR of 7.2% in the forecast period (2024-2031).

Who are the key vendors in the Global Aircraft Refurbishing Market?

The competitive environment of the global Aircraft Refurbishing market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'B/E Aerospace', 'Gulfstream Aerospace Corporation', 'Lufthansa Technik', 'Rose Aircraft Services', 'Sabreliner Corporation', 'Sia Engineering Company', 'Timco Aviation Services', 'Zodiac Aerospace, Inc.', 'Autotrade Aviation Pvt. Ltd.', 'AFI KLM E&M, Diehl Stiftung & Co. KG', 'Duncan Aviation Inc.', 'Hong Kong Aircraft Engineering Company Limited', 'Jamco America, Inc.', 'Jet Aviation AG', 'Lufthansa Technik AG', 'MAC Aero Interiors', 'Nextant Aerospace', 'Raytheon Technologies Corporation', 'Rose Aircraft Services, Inc.'.

Aircraft Refurbishing Market Size, Share, Growth Analysis, By Aircraft Type(VLA Refurbishing Market, WB Refurbishing Market, NB Refurbishing Market, VIP Refurbishing Market), By Refurbishing Type(Passenger-To-Freighter, Commercial Aircraft Cabin Refurbishing, Vip Cabin Refurbishing), By Services(Interior Refurbishment, Exterior Refurbishment), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20W2011 | Region: Global | Published Date: November, 2024
Pages: 202 | Tables: 115 | Figures: 76

Aircraft Refurbishing Market News

On February 15, 2023, Air India, a prominent air carrier company, made headlines by placing a record-breaking order for 470 aircraft, signaling a significant expansion initiative. Alongside this substantial commitment, the company also pledged substantial expenditures for IT upgrades and aircraft refurbishment, underscoring its strategic focus on modernization and enhancing the overall efficiency of its fleet. This move positions Air India as a key player in the aviation industry, demonstrating its commitment to staying at the forefront of technological advancements and providing an enhanced experience for its passengers.

On February 13, 2023, Russia's Federal Air Transport Agency (FAVT), commonly known as Rosaviatsiya, granted approval to Global Jet Technic, based in Dubai, United Arab Emirates (UAE), to conduct maintenance on Russian-registered Airbus and Boeing aircraft. This regulatory approval signifies a significant milestone for Global Jet Technic, establishing it as a recognized service provider for the maintenance of aircraft from two of the world's leading manufacturers. The decision by Rosaviatsiya not only enhances the global footprint of Global Jet Technic but also reflects the growing collaboration and compliance within the international aviation industry.

Aircraft Refurbishing Market Report Snapshots

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Global Aircraft Refurbishing Market size was valued at USD 4.5 billion in 2022 and is poised to grow from USD 4.76 billion in 2023 to USD 7.41 billion by 2031, growing at a CAGR of 5.70% during the forecast period (2024-2031).

The competitive environment of the global Aircraft Refurbishing market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Timco Aviation Services (US) ', 'Sia Engineering Company (Singapore) ', 'Lufthansa Technik (Germany) ', 'Gulfstream (US) ', 'Sabreliner Corporation (US) ', 'Rose Aircraft Services (US) ', 'AAR Corp. (US) ', 'Airbus S.A.S. (France) ', 'Bombardier Inc. (Canada) ', 'Piper Aircraft, Inc. (US) ', 'Northrop Grumman Corporation (US) ', 'Textron Aviation (US) ', 'Duncan Aviation (US) ', 'HAECO Group (Hong Kong) ', 'Fokker Services B.V. (Netherlands) ', 'MRO Holdings, LLC (US) ', 'Aviation Technical Services (ATS) (US) ', 'ST Aerospace (Singapore) ', 'Avionics Specialists, Inc. (US) ', 'Comlux Aviation (Switzerland)'

Numerous airplanes currently in service have either reached or surpassed their original service life, necessitating refurbishment to ensure ongoing airworthiness, compliance with safety regulations, and performance optimization. The demand for refurbishment services is robust, driven by the cost-effectiveness they offer compared to purchasing new aircraft. Passengers' increasing expectations for more comfortable and enjoyable travel experiences have become a pivotal factor. Recognizing the significance of meeting these expectations to attract and retain consumers, airlines and aircraft operators are investing in aircraft renovation. This process enables them to enhance cabin furnishings, elevate seating comfort, upgrade entertainment systems, and offer premium services tailored to passenger preferences.

Elevating the passenger experience has emerged as a prominent focus in aircraft restoration efforts. In response to the increasing demand for comfort and convenience, airlines and aircraft operators are making substantial investments in the modernization of cabin interiors. This includes initiatives to enhance seating comfort, introduce innovative in-flight entertainment systems, and update connectivity options. The aviation sector's broader emphasis on sustainability and environmental friendliness has extended to airplane renovation projects. A key aspect of this trend involves incorporating environmentally friendly materials, implementing energy-efficient systems, and reducing overall weight to enhance fuel efficiency and mitigate carbon emissions.

North America, particularly the United States, commands a dominant share in the aircraft refurbishing market. The region stands as a stronghold for major airlines, aircraft operators, and refurbishment service providers, positioning it as a hub for the industry. The prevalence of sizable fleets, a robust aviation sector, and a dedicated focus on enhancing passenger comfort and experience collectively contribute to the continuous growth of the refurbishing market in North America. Market participants in this region consistently channel investments into cabin upgrades, technological advancements, and environmental measures, fostering an increased demand for aircraft refurbishing services. The strategic emphasis on modernization and passenger-centric enhancements reinforces North America's prominence in the global aircraft refurbishing landscape.

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