Narrow Body Aircraft Refurbishing to Create Over US$ 1.8 Bn Incremental Opportunity in Aircraft Refurbishing Market through 2031

NEW YORK, Oct. 27, 2021 /PRNewswire/ -- As per the newly released data by Fact.MR, the global aircraft refurbishing market is expected to reach US$ 4.2 Mn in 2021. With growing trend of renovating, refurbishing and upgrading existing aircrafts, the overall market is projected to expand at 5.8% CAGR, surpassing a valuation of US$ 7.35 Bn by 2031.

Aircraft refurbishing refers to modifying the interior and exterior of the aircraft using various lightweight materials such as foam, plastic, carbon fiber, composites and other materials. Refurbishing of aircraft also improves fuel efficiency and reduces carbon emission.

Demand for aircraft refurbishing has increased significantly in recent years with leading aircraft operators rapidly upgrading and renovating their fleet to offer enhanced travel experience. Advanced technologies are being incorporated in airplanes to keep pace with the latest trends and attract more passengers.

Introduction of 3D printed parts in aircraft interiors has increased across the aviation industry. Lighter material from 3D printing results in less jet fuel consumption and eventually reducing air pollution. Moreover, it allows airlines to design more complex parts and manufacture discontinued parts.

Rapid growth in conversion of passenger aircraft to freight carriers is expected to create lucrative growth opportunities for the aircraft refurbishing market. Companies that are in cargo shipping business are increasingly looking for refurbished passenger aircrafts as they cost around one-third of a freighter aircraft.

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According to the report, retrofit aircraft refurbishing will be in high demand since it is effective in extending the life of an aircraft and keeping passengers safer, more connected, and better informed.

As per Fact.MR, demand for retrofit aircraft refurbishing is projected to increase by 1.7x between 2021 and 2031. Increasing renovation of aircraft cabin interiors to offer improved luxury and comfort is driving the market for retrofit refurbishing.

Regionally, North America dominated the aircraft refurbishing market with a share of around 35% in 2021. Growth in the region is attributed to the strong presence of leading market players along with rising need to improve aircraft design to meet customer preferences.

"Rising number of airliners is creating lucrative growth opportunities for key market players. In order to capitalize on this trend, they are focusing on maintaining successful relationships with airline companies, whom they supply various aircraft parts and cabin interiors," says the Fact.MR analyst.

Key Takeaways from Aircraft Refurbishing Market Survey

• The commercial cabin refurbishing market in North America is estimated to expand at a CAGR of 5.4% over the forecast period.
• North America market is projected to expand at a CAGR of 5.5% between 2021 and 2031, with U.S. leading at the forefront.
• With strong presence of aircraft maintenance and repair service providing companies, sales in Germany are expected to surge at 5.6% CAGR through 2031.
• Sales of aircraft refurbishing across South Asia & Pacific are expected to reach US$ 577 Mn during the assessment period.
• Based on fitting type, demand for retrofit fitting segment is estimated to expand at 5.7% CAGR during the forecast period.
• Narrow body aircraft segment is projected to grow by 1.7x by 2031, garnering an absolute opportunity of around US$ 1.8 Bn.
• In terms of refurbishing type, VIP cabin refurbishing accounted for more than 16% sales in 2021.

Key Drivers

• Growing demand to renovate and upgrade aircrafts is boosting the aircraft refurbishing market.
• Increasing number of passengers travelling abroad is expected to boost the demand for aircraft refurbishing. Leading airplane operators are continuously incorporating new designs and technologies to enhance passenger experience.
• Development of advanced technologies such as in-flight entertainment system is expected to offer lucrative opportunities for market players during the forecast period.
• Rising focus to reducing carbon emission and increase fuel efficiency is expected to create lucrative growth opportunities for lightweight materials

Key Restraints

• Introduction of new aircraft with lightweight and low maintenance materials is hampering the growth of aircraft refurbishing market.

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Competitive Landscape

Key companies operating in the aircraft refurbishing market are integrating latest technologies to make the refurbishing process better and easier.

They have adopted various strategies such as partnerships, acquisitions and collaborations to upgrade interior solutions for the aircraft cabins that they provide. For instance,

• In October 2021, MHI RJ Aviation Group (MHIRJ), the world's largest CRJ Series Aircraft Maintenance, Repair and Overhaul company and ZeroAvia, a leading innovator in hydrogen-electric propulsion for aviation, announced signed an agreement to cooperate in developing hydrogen-electric propulsion for regional jet applications. The collaboration with MHIRJ will leverage ZeroAvia's hydrogen fuel cell powertrain technology and MHIRJ's aircraft design, certification and support experience to create aircraft solutions, which not only have the potential to deliver new aircraft with hydrogen-electric propulsion, but also to efficiently retrofit existing aircraft in the market.
• In February 2021, Gulfstream Aerospace Corp. enhanced its aircraft redesign program to offer multiple options intended to suit a wide range of owner needs and timelines.
• In August 2021, British Airways extended its contract with Lufthansa Technik for Base Maintenance Services for its Airbus A380 aircraft. The contract will run from August 2022 for more than five years and includes services for the airline's 12 A380s to be performed at the Lufthansa Technik Philippines facility in Manila.

Some of the prominent players operating in the aircraft refurbishing market profiled by Fact.MR are:

• Diehl Shiftung & Co. KG
• Gulfstream Aerospace Ltd.
• Jamco America Inc.
• Hong Kong Aircraft Engineering Co. Ltd
• Jet Aviation AG
• Lufthansa Technik AG
• Sabreliner Aviation LLC
• Raytheon Technologies
• SIA Engineering Co. Ltd
• Rose Aircraft Services
• Safran SA
• Nextant Aerospace
• AFI KLM E&M

More Insights on the Aircraft Refurbishing Sales Outlook

Fact.MR provides an unbiased analysis of aircraft refurbishing market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for aircraft refurbishing with a detailed segmentation on the basis of:

Fitting Type

• Retrofit Aircraft Refurbishing
• IFEC & Lighting Aircraft Refurbishing
• Passenger Seat Aircraft Refurbishing

Aircraft Type

• Large Body Aircraft Refurbishing
• Wide Body Aircraft Refurbishing
• Narrow Body Aircraft Refurbishing

Refurbishing Type     

• VIP Cabin Refurbishing
• Commercial Cabin Refurbishing

Key Questions Covered in the Aircraft Refurbishing Market Outlook Report

• The report offers insight into aircraft refurbishing demand outlook for 2021-2031
• The market study also highlights projected sales growth for aircraft refurbishing market between 2021 and 2031
• Aircraft refurbishing market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Aircraft refurbishing market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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