Visiongain has published a new report entitled the Commercial Aircraft Modernisation, Upgrade and Retrofit Market Report 2022-2032. It includes profiles of Commercial Aircraft Modernisation, Upgrade and Retrofit and Forecasts Market Segment by Engine (Single Aisle, Twin Aisle) Market Segment by Type, (Regional Jet, Narrowbody, Wide-body) Market Segment by Category, (Aerodynamics, Cabin, Material & Structure, System, Advanced Engine Technology) Market Segment by Systems, (Flight Performance, Passenger and Cargo Aspects, Operations and Infrastructure, Environment Aspects, Industrial Aspects) Market Segment by Technology, (Retrofits, Production Upgrades, New Aircraft Designs, Other Technology) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global commercial aircraft modernisation, upgrade and retrofit market was valued at US$ 8726 million in 2021 and is projected to grow at a CAGR of 9.0% during the forecast period 2022-2032.
Technical Issues in Storing Eco-friendly Fuel on the Aircraft
Although natural gas is a cost-effective and environmentally friendly fuel, storing it on board an aircraft presents technical challenges. For starters, the cryogenic tanks required to store natural gas as a liquid, as well as the associated fuel pumps and delivery lines, could negate many of the advantages by adding weight to the aircraft. Second, while liquid natural gas is lighter per MJ (MegaJoule) than jet fuel, it is also less dense per MJ of jet fuel, which may necessitate more wetted area and thus profile drag increases for storage. Finally, the evaporated natural gas that boils off as the cryogenic liquid is 23 times more damaging to the environment than carbon dioxide. If this gas is released into the atmosphere, the aircraft's greenhouse gas footprint or carbon footprint is increased when compared to a jet fuel-only flight.
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How has COVID-19 had a significant negative impact on the Commercial Aircraft Modernisation, Upgrade and Retrofit Market?
The covid-19 crisis' impact on all aspects of the economy and society is well known. The impact on aviation has been particularly aqueous, equivalent to combining the effects of previous shocks into one 'black swan' event that will have long-reaching implications on the industry. Disruptions to air traffic growth in the past have usually resulted in a reversion to trend, but the severity of this closure and the gradual resumption to flight may have far-reaching consequences.
The investment climate is one area where the Covid-19-related economic slowdown may have an influence on efficiency in the medium run. This might have numerous consequences: Airlines' ability to invest in new aircraft will be limited, at least for a few years, as they fight for survival; Airlines, governments, and energy suppliers may struggle to invest in the infrastructure and forward purchase agreements needed to facilitate the energy transition considered necessary towards sustainable aviation fuel; Airframe and engine manufacturers are also facing substantial impact, which may create a challenging investment environment.
How this Report Will Benefit you?
Visiongain’s 565+ page report provides 360 tables and 357 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global commercial aircraft modernisation, upgrade and retrofit market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Commercial Aircraft Modernisation, Upgrade and Retrofit. Get the financial analysis of the overall market and different segments including engine, type, category, technology and capture higher market share. We believe that high opportunity remains in this fast-growing commercial aircraft modernisation, upgrade and retrofit market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Artificial Intelligence/Machine Learning Technology is Driving the Industry
The aviation industry is in a rather dynamic state, with futuristic, alternate travel modes such as Hyperloop and the growing prominence of highly sophisticated AR/VR technology. AI is being used to provide passengers with a personalised travelling experience in order to maximise customer satisfaction. The digital interactions between airlines and passengers are being personalised, optimised, and scaled up using artificial intelligence. AI and ML applied to passenger social sentiment is assisting the airline industry in curating their services based on the needs of the passengers.
Airbus company is employing AI for observation activities such as computer vision, time series analysis, and natural language processing, as well as predictions such as hybrid modeling and decision making. Skywise, Airbus' data analytics platform, collects data about aircraft operations using AI and ML. Skywise has assisted Airbus in responding to the COVID-19 epidemic by analyzing flight limitations and air traffic changes.
Need to Reduce Cost Burden of High Fuel Use
One of the primary expenses affecting organizations in the airline industry is fuel costs. Fuel prices account for 10% to 12% of total operational expenses. To worsen the situation, the rapid rise in jet fuel prices has raised airline carriers' operational costs at a time when they are still battling to restart operations owing to the coronavirus outbreak.
Therefore, the need to reduce the cost burden of high fuel use is the most notable driver of change. Aviation is an especially energy-intensive industry: the commercial airline industry and the Department of Defense require over 1.5 million barrels of jet fuel per day. In the military, jet fuel accounts for 52% of total DOD energy consumption, with the US Air Force and its assets consuming more energy (fuel) than any other DOD agency. The cost of this fuel is a significant expense for the aviation industry. In commercial aviation, fuel costs can easily account for 30–40% of total expenses—more than labour costs.
Where are the market opportunities?
Cloud Solutions Helping with Data Solutions
One of the most significant challenges for AI adopters is that storing and analysing massive amounts of data can overwhelm IT systems. The next generation of cloud solutions is here to help process this data, which means that everything from predictive maintenance to in-flight performance and the aircraft's real-time ageing can be better tracked and understood.
Cloud solutions are an important tool in the new aviation IT landscape, particularly when it comes to scheduled and unscheduled aircraft maintenance. The use of smarter assets and mobile devices wirelessly connected to the cloud to store data eliminates the need to physically store and process data on-site.
The inflight connectivity industry has a promising future, with an increasing number of airlines attempting to digitise their in-flight experience in order to remain competitive. This demand is causing a significant improvement in the quality of connectivity available. While many airlines, including Qatar Airways, Norwegian, and AirAsia, to name a few, are increasing their connectivity efforts, there is still considerable doubt about whether today's investments in connectivity will stand the test of time. In the aviation industry, the technology will be critical in meeting the demand for fast connectivity inflight and at airports, as well as the demand for predictive maintenance via data shared by connected aircraft and the growing demand for a better in-flight experience.
The major players operating in the commercial aircraft modernisation, upgrade and retrofit market are BAE Systems PLC., Elbit Systems Ltd., Honeywell International Inc., Israel Aerospace Industries, L3Harris Technologies, Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, Boeing Company, Leonardo SpA, Safran SA, Rostec, General Dynamics Corporation, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch
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