Aircraft Refurbishing Market Growth 2022, Industry Share, Business Technology, Emerging Trends, Opportunities, Key Players Strategies, Future Investments and Forecast Analysis Report 2032: SPER Market Research
According to SPER Market Research, the Aircraft Refurbishing Market is estimated to reach USD 1.01 billion by 2032 with a CAGR of 7.45%. Modifying an aircraft’s interior and exterior is referred to as “aircraft refurbishing.” An aeroplane may need to be upgraded and renovated by having parts replaced, structural issues fixed, the avionics upgraded, and other things. Numerous interior parts are made of various lightweight materials, including plastic, board, form, cloth, and other composite materials, in order to reduce the gross weight of the aircraft. The firms that restore aeroplanes focus on providing cutting-edge, fuel-efficient, more durable, more affordable, and lighter-weight aircraft. Airlines are modernising and maintaining their present fleets of aircraft in order to offer customers comfort and convenience and include fuel-efficient components into their aircrafts.
An increase in commercial aviation operations and increased demand from developing countries are two factors that are expected to support the growth of the global market for aircraft refurbishing. The rapid manufacturing and delivery of new aircraft, together with the high maintenance costs of refurbished aircraft, are expected to impede the growth of the global aircraft refurbishment market throughout the projected period. The market is expected to profit from rising air travel activities, aviation traffic, and desire for opulent aeroplane cabins in the near future.
Aircraft Refurbishing Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 7.45%
- Forecast Market Size (2032): 1.01 billion
The COVID-19 outbreak forced governments all over the world to impose stringent lockdown measures and restrict import-export of products used to make raw materials. Governments everywhere implemented strict lockdowns and required social seclusion in order to stop the COVID-19 virus from spreading. As a result, many companies launched work from home programmes as a precautionary measure. Global travel demand experienced a sharp decline as a result, which had an effect on the aviation industry. Outside of Asia, Omicron has less of an impact, therefore international air traffic is still rebounding. The increase in air travel since the epidemic has created a lot of opportunity for businesses that refurbish aircraft. It is predicted that plans for a reopening will provide the aircraft sector a boost, creating new growth opportunities for the market for aircraft refurbishing. Passenger traffic is currently rebounding gradually, and by 2023 it ought to reach pre-COVID levels. As demand for air travel returns to pre-COVID levels, airline route networks are being expanded and new carriers are establishing new domestic routes. These initiatives are meant to hasten market expansion.
Impact of COVID-19 on the Aircraft Refurbishing Market
Governments all around the world were driven by the COVID-19 outbreak to enact strict lockdown measures and limit import-export of goods used to produce raw materials. To stop the COVID-19 virus from spreading, governments everywhere imposed stringent lockdowns and mandated social seclusion. Consequently, several businesses started work from home programs as a preventative strategy. This caused a dramatic drop in travel demand on a global scale, which had an impact on the aviation sector. However, Omicron has a smaller effect outside of Asia, therefore international air traffic is still recovering. In recent years, the rise in air travel following the pandemic has provided enormous potential for businesses that renovate aircraft. Plans for a reopening are anticipated to provide impetus for the aircraft industry’s revival, opening up new growth prospects for the market for aircraft refurbishing. By 2023, passenger traffic should return to its pre-COVID levels as it is currently recovering gradually. Airline route networks are being expanded, and new airlines are launching new domestic routes as demand for air travel returns to pre-COVID levels. These programs aim to quicken market expansion.
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Aircraft Refurbishing Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Refurbishing Service:
By Aircraft Type:
- Very light aircraft
- Wide body aircraft
- Narrow body aircraft
- Large body aircraft
- VIP aircraft
- Passenger to freighter
- Commercial Aircraft Cabin
- VIP Cabin Refurbishing
By End Use:
- Middle East & Africa
- North America
- Latin America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
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Aircraft Refurbishing Market Future Outlook
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SPER Market Research