Global Aircraft Refurbishing Market 2017-2021
About Aircraft Refurbishing
As passenger safety is the most important aspect of the airline industry, operations with older aircraft can be dangerous and, therefore, need to be retired or refurbished. Hence, aircraft refurbishment is an important process that involves cleaning, repair, renovation, and maintenance of aircraft to transform older aircraft back to their airworthy condition. Refurbishment is carried out in hangers or refurbishment yards. Commercial aircraft refurbishment is an economical solution for airline operators when they have fleets that are operating well but are not up-to-date.
Technavio’s analysts forecast the global aircraft refurbishing market to grow at a CAGR of 5.82% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global aircraft refurbishing market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Aircraft Refurbishing Market 2017-2021
Technavio recognizes the following companies as the key players in the global aircraft refurbishing market: AAR, AMECO, L-3 Communications Aviation Recorders, ST Aerospace, and Aviation Partners Boeing.
Other Prominent Vendors in the market are: Lufthansa Technik, HAECO, Honeywell, Zodiac Aerospace, Rockwell Collins, AMAC Aerospace, and SR Technics.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for VIP cabins. VIP cabins are mostly owned by either corporations or private individuals and represent a challenging yet fruitful market. The range of cabin options is large and depends on the requirement of the owner. The operators have requirements like waterbeds, stationary bikes, custom artwork, and use of special materials like marble or granite.”
According to the report, one driver in the market is growing demand for premium economy class. The premium economy concept for some airline operators is an upgrade of the economy class. This mainly involves providing a little extra comfort to passengers for a rather low investment compared with business class. With the growing disposable income, passenger preferences are changing, and passengers are shifting toward comfort luxury travel. As premium economy class bridges the gap between business and economy class, airline operators are considering it as a financial benefit. While some airliners are specifying it for their new aircraft, several others have opted refurbishment of existing aircraft as an option to achieve the same.
Further, the report states that one challenge in the market is lack of pre-determined aircraft retirement age. Commercial aircraft refurbishment is largely dependent on the aging of aircraft. Countries like China and Russia retire their aircraft at the age of 15 years, whereas in the Americas, the aircraft retire at around 20 years. The Aircraft Fleet Recycling Association is trying to standardize the retirement age as per the number of years of service and as per the aircraft body type. Aging aircraft suffer from metal corrosion and structural fatigue issues. While corrosion occurs due to chemical action and causes deterioration of the metal surface, fatigue cracks occur due to cyclic loading.
AAR, AMECO, L-3 Communications Aviation Recorders, ST Aerospace, Aviation Partners Boeing, Lufthansa Technik, HAECO, Honeywell, Zodiac Aerospace, Rockwell Collins, AMAC Aerospace, and SR Technics.