Aircraft Refurbishing Market Surging at 5.5% CAGR; Rising Demand for Modification of Aircraft Driving Growth

Future Market Insights Study

DUBAI, UAE, June 24, 2021 /PRNewswire/ -- The global aircraft refurbishing market revenue surpassed US$ 110 Bin in 2018.According to a study by Future Market Insights (FMI), the overall aircraft refurbishing market is expected to increase considerably by 2031, growing at a CAGR of 5.5% for 2021- 31. The rising demand for air travel due to low fuel prices will accelerate sales opportunities.

The market will gain from increasing investment from leading manufacturers such as Air France Industries KLM E&M, AAR, GKN, Hong Kong Aircraft Engineering Company, Ascent Aviation Services, JCB Aero, Jamco America Inc., SIA Engineering Company, Lufthansa Technik, and Singapore Technologies Engineering Ltd.

According to the Federal Aviation Administration (FAA), aircraft repairs have a significant impact on weight, balance, structural integrity, power plant operation, flight characteristics, and any other features that may affect airworthiness. Weight and power consumption are important factors that influence an aircraft's efficiency. Hence, increasing demand for these repairs will elevate demand in aircraft refurbishing market.

The COVID- 19 pandemic had a negative impact on the global aircraft refurbishing market. The implementation of lockdown has disrupted supply chain and manufacturing of products. Nonetheless recovery is on cards as countries roll out vaccination drive and gradually withdraw restrictions imposed on travel and transport.

"Rising airline passenger traffic is making airlines companies to go for frequent modification of aircraft. As a result, manufacturers are focusing on developing high-quality aircraft modifications that meet specific requirements," said an FMI analyst."

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Key takeaways:

• North America and APEJ will emerge as key markets for aircraft refurbishing, accounting for nearly half of the overall market share.
• Narrow body aircraft is expected to remain dominant over the forecast period owing to its increasing adoption by airline carriers, especially in the Asia Pacific countries such as China and India.
• Based on refurbishing type, the demand for commercial cabin refurbishing will increase at a high pace.
• Based on fitting, demand in the passenger seats segment will rise driven by increasing passenger air traffic.

Growth drivers: