Global Commercial Aircraft Modernization, Upgrade And Retrofit Market Set To Reach $10.78 Bn In 2018

Wednesday 23 May 2018, Amsterdam

The key player has launched a new aviation report Commercial Aircraft Modernization, now available on ASDReports, Upgrade And Retrofit Market Report 2018-2028: Forecasts By Aircraft Type (Wide-Body, Narrow-Body, Regional Jets) By Work Type (Avionics, Interiors & In- Flight Entertainment (IFE), Airframe) And By Region Plus Profiles Of Leading Companies, Contracts, Programmes & New Technologies

Owing to the global economic recovery, aviation market growth, placement of modernized aircraft and increased R&D and large investments in fuel efficient engines, the attractive retrofit market has provided opportunities for the aerospace industry players to compete and grow.

There exists strong competition in the global commercial aircraft modernization, upgrade and retrofit market sector. Large number of vendors are competing on the basis of after-market service, quality as well as cost.  This will further lead to an intense competition in the market among the existing players and new entrants. Therefore, it becomes imperative for vendors to provide quality as well as cost-effective services loaded with modern technology and materials in order to survive in such a competitive environment.

The report analyst commented “The major factors boosting the demand for commercial aircraft modernization, upgrade and retrofit includes a rise in demand for the latest flight systems, the need for aircraft fuel efficiency, and various modernization programs among others. In addition, increased fuel prices have impelled the airlines and aircraft manufacturers to upgrade and modernize aircraft that would help to curb the total consumption of fuel.  

There has been a continuous rise in global air traffic resulting in major concerns for aircraft manufacturers to provide improved safety to passengers. Owing to the various technological advancements, it has become possible to upgrade aircraft with the latest avionics systems that supports the efficient management of flights.”