Refurbishment of the aircrafts has become a commonplace scenario for the past decade. In fact, the line between a brand new and refurbished aircraft has started to get thinner by the day. Many airlines owners prefer reusing their previous models with the required modifications. This trend is gaining popularity across the globe, which has contributed to the boost in the global aircraft refurbishing market. The aircraft restoration and marketing industry has taken the aviation industry by storm. It has created numerous opportunities for growth and investments for both the existing players and new entrants.
The aircraft refurbishing market is assisting numerous airlines owners looking for excellent modifications. These modifications include partial repair jobs to complete refurbishment. These modifications include installation of major parts of the engine, winglets and other internal parts. It takes care of various aspects of aircraft maintenance including storage, repair, replacement of the parts and transportation. This market has grown in a very rapid rate, which is more than the previous estimates. The same trend is likely to continue for the next four to five years to come.
These are several reasons for this remarkable growth. Airlines owners are concentrating on the retrofit of their planes more frequently. This is a new trend, which is not observed since the introduction of civil aviation. Short cycles of retrofits gives create more revenue in the market. Aircraft Refurbishing Market jobs are often outsourced from various regions of the world. This gives great opportunities to the owners and manufacturers of these services. Analyzing the current market trends and forecasting reports for aircraft refurbishment is essential to establish the prospects and growth pattern of the industry.
This is a highly volatile market, which is growing at a rapid pace. Various companies from across the globe that offer cabin conversions and refurbishing jobs already have their hands full with orders from the leading owners from various parts of the world. Suddenly increased flow of these orders and their completion will be a huge challenge for the businesses. It will also open various revenue channels at the same time. These trends indicate the rapid progress of the refurbishment and aviation industry in tandem.
According to the research reports for the aircraft refurbishing market, the global market is estimated to grow at a CAGR of 7%. At this rate, the market will reach past $4.26 billion at the end of next four years. The market had the total worth of $3.4 billion last year.
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