New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Recycling Global Market Report 2023" - https://www.reportlinker.com/p06466620/?utm_source=GNW
The global aircraft recycling market is expected to grow from $4.37 billion in 2022 to $4.74 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aircraft recycling market is expected to reach $6.42 billion in 2027 at a CAGR of 7.8%.
The aircraft recycling market includes revenues earned by entities by providing services such as scrapping and disassembling retired aircraft, re-purposing their parts as spare parts, or scrap, non-destructive dismantling.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Aircraft recycling refers to aircraft dismantling or aircraft disassembly. Aircraft recycling is the process of disassembling a decommissioned aircraft and recovering its components and materials for reuse or recycling.
North America was the largest region in the aircraft recycling market in 2022. The regions covered in the aircraft recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of aircraft recycling are engines, landing gear, and avionics.Engines are among the most valuable components derived from aircraft recycling.
Once an aircraft is decommissioned, its engines are frequently in good condition and can be repaired, upgraded, or sold for use in other planes.The materials in recycling are aluminum and other metals and alloys.
The aircrafts types in aircraft recycling are narrow-body, wide-body, and regional aircraft.
The increase in retired and worn-out aircraft is projected to expand the growth of the aerospace recycling market going forward.Planes that have reached the end of their useful lives or have become too expensive to maintain and operate are classified as retired or worn-out.
Through recycling, the most valuable components such as engines and parts can be reused, which provides for the profitability of recycling operations.For instance, the International Civil Aviation Organization (ICAO), a Canada-based specialized agency of the United Nations estimated that every year, around 600–1000 commercial aircraft are retired worldwide.
ICAO and Airbus projected that there could be 15,000 retired aircraft by 2040. Therefore, the increase in retired and worn-out aircraft is driving the growth of the aircraft recycling market.
Sustainable aircraft recycling services are a key trend gaining popularity in the aircraft recycling market.Major companies operating in the aircraft recycling market are developing sustainable aircraft recycling services to strengthen their position in the market.
For instance, in January 2022, Airbus, a France-based aerospace company signed a Memorandum Of Understanding (MOU) with the city of Chengdu and Tarmac Aerosave, a France-based aerospace company for the development of a sustainable aircraft lifecycle service center in China. This agreement allows aircraft parking, maintenance, storage, conversions, upgrades, recycling services, and dismantling for different aircraft.
In August 2020, Baird Capital, a US-based private equity and venture capital firm of Robert W.Baird & Co.
Inc., acquired eCube Solutions Ltd. for an undisclosed amount. This acquisition enables storage, parts reuse, disassembly, and recycling services to aircraft owners in Europe, Asia, and the Middle East including major airlines and aircraft leasing companies. eCube Solutions Ltd. is a UK-based aviation solution provider operating in the aircraft recycling market.
The countries covered in the aircraft recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aircraft recycling market research report is one of a series of new reports that provides aircraft recycling market statistics, including the aircraft recycling industry’s global market size, regional shares, competitors with an aircraft recycling market share, detailed aircraft recycling market segments, market trends, and opportunities, and any further data you may need to thrive in the aircraft recycling industry. This aircraft recycling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466620/?utm_source=GNW
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