New York, United States , Aug. 21, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Hangar Market Size to Grow from USD 713.8 Million in 2023 to USD 975.2 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 3.17% during the forecast period.
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The aircraft hangar market is expanding rapidly, driven by rising demand for aviation services and the expansion of airports globally. Rising aviation traffic, along with a demand for maintenance, repair, and overhaul (MRO) services, is driving the market ahead. Technological advances in hangar design, like as energy-efficient structures and automation, are improving operational efficiency. Furthermore, the growing trend of private aviation and the increase in defence spending for military aircraft storage help to drive market growth. North America, Europe, and Asia-Pacific are key growth regions, with significant investment in airport infrastructure construction. The market is competitive, with major competitors focussing on innovation and strategic partnerships to establish a foothold in this ever-changing marketplace.
Browse key industry insights spread across 213 pages with 110 Market data tables and figures & charts from the report on the “Global Aircraft Hangar Market Size, Share, and COVID-19 Impact Analysis, By Type (MRO, Assembly, Storage), By Construction (Fixed, Portable), By Aircraft (Wide Body, Narrow Body, Helicopters, General Aviation), By Platform (Commercial, Military), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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Insights by Type
The MRO segment accounted for the largest market share over the forecast period 2023 to 2033. As global air traffic grows, airlines invest extensively in MRO facilities to assure safety, efficiency, and regulatory compliance. The growth of hangar space dedicated to MRO services is crucial, especially for major commercial airlines and military aircraft, which require regular repair. The trend of outsourcing MRO activities to specialised providers is also driving demand for modern, well-equipped hangars. Technological advancements, such as predictive maintenance and automation, are increasing the efficiency of MRO operations, accelerating the segment's growth and solidifying its position in the overall aircraft hangar market.
Insights by Construction
The fixed segment accounted for the largest market share over the forecast period 2023 to 2033. As airports and aviation firms seek long-term solutions for aircraft storage, maintenance, and operations, the need for fixed hangars has increased. These structures provide improved weather protection and the stability needed to house big commercial aircraft and military fleets. The trend of airport modernisation, particularly in North America, Europe, and Asia-Pacific, is driving investment in fixed construction hangars. Furthermore, advances in building materials and processes are enabling the development of energy-efficient and sustainable hangars, which will drive the expansion of this market as aviation infrastructure increases internationally.
Insights by Aircraft
The narrow body segment accounted for the largest market share over the forecast period 2023 to 2033. As major airlines expand their fleets to meet increased passenger demand, there will be a greater need for specialised hangar facilities to house and repair these aircraft. The increased popularity of narrow-body jets for short to medium-haul flights is driving demand for efficient hangar solutions adapted to this aircraft's special needs. Furthermore, the growth of regional aviation and a greater emphasis on cost-effective operations help to the segment's expansion. Investments in modern, scalable hangars capable of handling narrow-body aircraft are critical for supporting the growing global fleet and maintaining operational readiness.
Insights by Platform
The commercial segment accounted for the largest market share over the forecast period 2023 to 2033. As airlines strive to improve operating efficiency and safety, there is an increasing demand for cutting-edge hangar facilities that support commercial aircraft maintenance, storage, and service. The rise of low-cost carriers and the recovery of the aviation industry following the pandemic have increased demand for new hangars. Investments in modern hangar infrastructure, complete with automation and energy-efficient equipment, are increasingly necessary to accommodate larger fleets and optimise operational capabilities. Furthermore, the expansion of airports and new airline routes worldwide contribute to the commercial segment's growth, confirming its critical role in the aircraft hangar market.
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Insights by Region
North America is anticipated to dominate the Aircraft Hangar Market from 2023 to 2033. The United States dominates the market, with several commercial, private, and military aircraft projects driving demand for new hangar facilities. The region's emphasis on technical innovation, such as smart hangars equipped with automation and energy-efficient technologies, improves operating efficiency and safety, positioning it as a significant market driver. Furthermore, the growing demand for maintenance, repair, and overhaul (MRO) services, driven by an ageing fleet and increased aviation traffic, contributes to market growth. Canada's increasing aviation sector also contributes, with large airport development projects and investments in innovative hangar solutions strengthening North America's global market dominance.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The region's thriving aviation sector, combined with considerable expenditures in new airport building and modernisation, is driving increasing demand for advanced hangar facilities. Governments and corporate groups are prioritising the construction of cutting-edge hangars to serve expanding fleets, notably in commercial aviation. Furthermore, the region's growing emphasis on maintenance, repair, and overhaul (MRO) services, fuelled by an expanding aircraft fleet and ageing jets, enhances the market. Asia-Pacific's rapid economic expansion, combined with deliberate attempts to improve aviation infrastructure, puts the region as a prominent player in the worldwide aircraft hangar market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Aircraft Hangar Market AECOM, PFEIFER GROUP, FulFab Inc., BlueScope Building Inc., The Korte Company, HTS TENTIQ GmbH, Rubb Buildings Ltd, Banyan Air Service, ALASKA STRUCTURES, Sunbelt Temporary Structure, Nucor Building Systems, JOHN REID AND SONS STRUCSTEEL LTD., Allied builders, LEGACY BUILDING SOLUTIONS, ERECT-A-TUBE, INC, Premier Building Systems, Inc, ClearSpan Fabric Structures, Inc., SML Group, Diuk Arches, and Others
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Recent Market Developments
- In September 2022, McLaughlin and Harvey got a contract to design and construct a new aircraft hangar in Farnborough. The development will make more hangar space available to clients.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Hangar Market, Type Analysis
- MRO
- Assembly
- Storage
Aircraft Hangar Market, Construction Analysis
- Fixed
- Portable
Aircraft Hangar Market, Aircraft Analysis
- Wide Body
- Narrow Body
- Helicopters
- General Aviation
Aircraft Hangar Market, Platform Analysis
- Commercial
- Military
Aircraft Hangar Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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