Aircraft Hangar Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Type (MRO, Assembly and Storage); By Aircraft (Narrowbody, Wide Body, Helicopter, Other Aircraft), By Platform (Commercial and Military) and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
Global Aircraft Hangar Market Size & Forecast
The Global Aircraft Hangar Market was valued at USD 785 million in 2023 and is expected to grow at a strong CAGR of around 4.21% during the forecast period (2024-2032) owing to rising demand for Aircraft Hangar in the aircraft industry across the globe.
Global Aircraft Hangar Market Analysis
Aircraft Hangars are used to keep aircraft both rotary and fixed-wing for maintenance, repair, and overhaul activities. These Hangars equipped with a large number of equipment offer a wide variety of services crucial for the operational readiness of the fleet as well as increasing the operational life of the aircraft. The aircraft Hangars are of different shapes and sizes to accommodate small to large aircraft and protect them from the external environment which can cause harm to the avionics, external parts, paint, etc.
The Global Aircraft Hangar market was valued at USD 785 million in 2023 and is expected to grow at a strong CAGR of around 4.21% during the forecast period (2024-2032). One of the key factors that have contributed to the growth of the Aircraft Hangar market is the high demand for commercial and military aircraft. Considering the rising demand for commercial aircraft especially in the emerging regions of Asia-Pacific, Middle East, Africa, Latin America, etc., the demand for new commercial jets by the leading airlines has extensively grown. This increased demand for commercial aviation in the regions has promoted the production of aircraft further leading to the demand of Aircraft Hangar. For instance, in 2023, Interglobe Aviation (Indigo) announced to purchase of 500 Airbus A320 aircraft with a total cost of USD 55 billion.
In another instance, Air India another airline from India announced its finalization of the order of 470 aircraft including 250 airplanes from Airbus and 220 from Boeing. The total order comprises 400 narrowbody and 70 widebody jets. The total cost of the order is estimated to be around USD 70 billion.
With the high purchase of commercial jets from the developing regions the demand for Aircraft Hangars from the airlines would significantly rise. Additionally, the rising fleet of commercial aircraft in the region would also lead to the increased demand for Aircraft Hangars for aircraft maintenance, repair, and overhaul activities.
Global Aircraft Hangar Market Trends
This section discusses the key market trends that are influencing the various segments of the Global Aircraft Hangar Market as identified by our team of research experts.
UAV and Drone Emergence
Drone and Unmanned Aerial vehicles have gained significant prominence among aircraft manufacturers as they offer better flexibility and lower risk in terms of losing a pilot. These drones are lightweight offering high range and long endurance which make them an excellent option for surveillance activities. However, due to the extensive reliance on traveling on a pre-determined path, the militaries across the globe are integrating UAVs and drones further promoting the demand for Aircraft Hangars has noticeably grown. These Aircraft Hangars assist the drones in providing the necessary precision and stability during flight. Many of the large-scale UAV/Drone purchase projects have been announced which would be paramount for improving the demand for Aircraft Hangars in the coming years. For instance, in 2023, the government of India announced to purchase of 31 MQ-9B armed drones with a total cost of USD 3.99 billion. The drones manufactured by General Atomics would help the country bolster its reconnaissance and sea-guarding capabilities in the long term.
In another instance, in 2023, the government of Ukraine announced to spending of USD 540 million on the purchase of drones to strengthen its capabilities against Russian forces. The respective drones will be purchased from 16 domestic companies and a foreign company Quantum-Systems (Germany).
North America is Expected to Hold Major Market Share During Forecast Period
The North America Aircraft Hangar market has held a significant market share across the globe. One of the key factors that have contributed to the growth is the presence of the largest commercial and military aircraft fleet requiring new aircraft for operational expansions. These aircraft fleet expansions have led to higher demand for MRO activities, which has improved the requirement for Aircraft Hangar across the North American region. The North American aviation industry is further anticipated to rise due to massive orders being placed by the leading aviation companies in recent years. For instance, Boeing is one of the key manufacturers with a vast list of unfilled orders, YTD deliveries, etc. For instance, according to Boeing, the total unfilled orders for 737, 767, 777, and 787 models were 4763, 96, 539, and 790 units until 5/31/2024.
In another instance, in 2024, American Airlines ordered 260 new aircraft from Airbus, Boeing and Embraer. With the massive purchase, the airline is looking forward to expanding its international operations for trans-Atlantic operations.
Considering the vast unfilled orders that are to be delivered in the coming years, the demand for MRO activities and Aircraft Hangar is anticipated to rise in the forecasted years, i.e., 2024-2032.
Global Aircraft Hangar Industry Overview
The Global Aircraft Hangar market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are AECOM, John Reids & Sons, Fulfab, Bluecops Construction Inc., Alaska Structure, Allied Builder, Banyan Air Services, Clearspan Fabric Structure Inc., Diuk Arches, and SML Group.
Global Aircraft Hangar Market News
In 2024, the government of the Czech Republic signed a deal with the government of the US to buy 24 new F35 jets. The total worth of the deal would be USD 6.6 billion, to be delivered between 2031 to 2035.
In 2024, Korean Aerospace Industries (KAI), signed an agreement with the Defense Acquisition Program Administration (DAPA) to initiate the production of KF-21 fighter jets.
In January 2024, the French government announced the purchase of 42 additional Rafale Jets with a total cost of USD 5.5 billion. The respective aircraft will be delivered between 2027 to 2032.
Global Aircraft Hangar Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The Global Aircraft Hangar market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Aircraft Hangar Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Aircraft Hangar market were the three major steps undertaken to create and analyze the adoption of Global Aircraft Hangar in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Aircraft Hangar market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Global Aircraft Hangar market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Global Aircraft Hangar market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by type, by aircraft, and by platform. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Aircraft Hangar market. Further, we conducted factor analysis using dependent and independent variables such as by type, by aircraft, and by platform in the Global Aircraft Hangar market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Aircraft Hangar market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Aircraft Hangar market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Aircraft Hangar market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Global Aircraft Hangar market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Aircraft Hangar market. Data was split into several segments and sub-segments after studying various parameters and trends by type, by aircraft, and by platform in the Global Aircraft Hangar market.
The main objective of the Global Aircraft Hangar Market Study
The current & future market trends of the Global Aircraft Hangar in the Aviation market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Global Aircraft Hangar market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of by type, by aircraft, and by platform.
- Define and analyze the regulatory framework for global Aircraft Hangar industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Global Aircraft Hangar market for the major regions.
- Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
- Company profiles of the Global Aircraft Hangar market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Global Aircraft Hangar market?
Q2: What is the driving factor for the growth of the Global Aircraft Hangar market?
Q3: Which segment has the largest share of the Global Aircraft Hangar market by type?
Q4: Which region will dominate the Global Aircraft Hangar market?
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