Top 3 Trends in Aircraft Refurbishing Market by Technavio

According to the latest market study released by Technavio, the global aircraft refurbishing market is expected to grow at a CAGR of almost 6% during the predicted period.

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Technavio has published a new report on the global aircraft refurbishing market from 2017-2021. (Pho ...

Technavio has published a new report on the global aircraft refurbishing market from 2017-2021. (Photo: Business Wire)

This research report titled ‘Global Aircraft Refurbishing Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

The rapidly growing global air passenger traffic has led to the demand for aircraft with increased seating capacity. Airlines are focusing on procuring new aircraft or upgrading their existing fleets to survive in this highly competitive market. Technavio estimates that the demand for new airplanes will be more from emerging markets in APAC. These new airplanes will be equipped with modern technologies and will propel the demand for refurbishing older aircraft.

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Technavio’s analysts categorize the global aircraft refurbishing market into four major segments by aircraft type. They are:

  • Narrow body
  • Wide body
  • VIP aircrafts
  • Passenger to freighter

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The top three aircraft type segments of the global aircraft refurbishing market are discussed below:

Global aircraft refurbishment market for narrow-body aircraft

A narrow-body aircraft, also called as single-aisle aircraft, has only one aisle in the cabin with the passenger seating arrangement divided into two axial groups. The demand for narrow-body aircraft is driven by the need for fuel-efficient aircraft, coupled with the growing popularity of low-cost carriers (LCCs) in many emerging and developed economies.

According to Ramyabrata Chakraborty, a lead maintenance repair and overhaul (MRO) research analyst from Technavio, “Airline operators are investing in refurbishing their existing narrow-body fleets to increase the seating capacity, which will eventually help them cater the increasing passenger traffic. Such investments generated a high demand for single-aisle completion services globally and contributed in introducing new technology offerings to stay ahead in this competitive refurbishment market.”

Global aircraft refurbishment market for wide-body aircraft

A wide-body aircraft can accommodate two passenger aisles within the fuselage, enabling it to feature seven or more side-by-side seating arrangements. Such aircraft were originally designed to ensure increased efficiency and passenger comfort as well as superior cargo space. However, many airlines have reduced the extra passenger space for maximizing their overall revenue and profit margins over the years.

“Both Boeing and Airbus offer their respective series of wide-body aircraft under the large and medium wide-body segments. The design of wide-body aircraft features both twin-engine and four-engine combinations, which solely depends on the size and aerodynamic requirements of the aircraft,” says Ramyabrata.

Global aircraft refurbishment market for VIP aircraft

A refurbished airliner can offer passengers more luxurious living space, including boardrooms, bedrooms, and even dining rooms. This sector is becoming increasingly important for key players, such as Boeing and Airbus, in terms of revenue, and both these companies are focusing on converting commercial aircraft into customized VIP jets.

Customization is an important factor in the conversion of aircraft into VIP jets. It implies a status symbol for the top-tier aircraft owners. Features like a full-service kitchen, cinemas, showers, state boardrooms, fish tanks, divans, IFE systems, satellite internet connection, and pianos are installed to make the private jets utmost luxurious.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • AAR
  • L-3 Communications Aviation Recorders
  • ST Aerospace
  • Aviation Partners Boeing

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