Through the infrastructure, operational and technological advancements the Air Transport industry is acting to bring down the human beings ecological footprint. Although it is difficult for the air transportation system to alter responsively enough to meet the changing requirements in relation to safety, security, consumer satisfaction, capacity along with environmental effects although conforming to changing requisites for the economic feasibility of the service giver. The central focus of an aircraft upgrade in amending the rising the effectiveness of airliners and the passenger safety has fuelled the requirement for air transport modifications.
The global market for air transport modifications is projected to increase at a 4.9% CAGR and reflecting a firm expansion in revenue terms. The overall market is projected to reach an estimation of over US$ 7.6 Billion by the end of assessment year.
The worldwide market on the basis of the region includes Europe, Latin America, APEJ, North America, Japan and MEA. North America regional market is expected to account for a market estimation of about US$ 2 Billion by 2026, whereas sales in the Asia-Pacific excluding Japan regional market for air transport modification is estimated to record the highest expansion over the assessment period.
The global market on the basis of the product type includes interiors, paintings, avionics upgrade, SB/ AD and PTF conversions. The interiors category is likely to be accounting for over half of the worldwide market revenues. The avionics upgrade category is projected to grow as the highest preferred product type in the global market. This category is likely to register the fastest 6% value CAGR during the assessment period.
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The global market on the basis of aircraft type includes widebody jet, narrowbody jet, regional jet and turboprop. The narrowbody jets are likely to capture the highest market share in revenue terms in the global market. The category is anticipated to account for a market estimation of close to US$ 4 Billion in revenue terms through the end of 2026.
The global market on the basis of the provider type non-OEM and OEM. The majority of air transport modifications preferred across the globe is considered to be rendered by OEMs. The OEMs category is estimated to bring in about 60% of the global market for air transport modification in revenue terms.
Key Market Players
Some of the prominent market players operational in the worldwide market include
• China National Aviation Holding Company
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• AAR Corporation
• British Airways PLC
• Air France-KLM SA,
• General Electric Company.
• Delta Air Lines, Inc.
• Iberia Lineas Aereas de Espana S.A.
• John Swire & Sons HK Ltd
• MTU Aero Engines AG
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• Deutsche Lufthansa Aktiengesellschaft
• Singapore Technologies Aerospace Ltd.
• Mubadala Investment Company