Aircraft Hangar Market Size, Share, Growth, Trends and Forecast to 2032

Introduction:

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.

According to the UnivDatos Market Insights Analysis, growing demand for cockpit digitalization with Aircraft Hangars with increased efficiency will drive the growth scenario of Aircraft Hangars and as per their “Aircraft Hangar Market” report, the global market was valued at USD 785 million in 2023, growing at a CAGR of 4.21% during the forecast period from 2024 - 2032 to reach USD million by 2032.

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Rising Demand of Commercial and Military Aircraft to Promote Aircraft Hangar Demand:

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 OEMs 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.

Considering the rising demand for commercial and military jets across the globe the demand for Aircraft Hangars will also experience a surge in demand assisting its market growth during 2024-2032.

Rising Trend of UAV and Unmanned Aerial Vehicles to Promote Aircraft Hangar Demand:

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, with the increasing demand for UAVs and drones across the globe has led to the increased demand for aircraft hangers with specialized features to accommodate these new aerial vehicles. 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.

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Considering the rising demand for UAVs and drones among the leading militaries across the globe the demand Aircraft Hangars will also experience a surge in demand assisting its market growth during 2024-2032.

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Conclusion:

The Global Aircraft Hangar market is experiencing a transformative phase driven by technological advancements, sustainability space operations, digitalization, market dynamics, and implementation of government policies. Stakeholders across the industry are embracing these trends to enhance operational efficiency, etc. As UAVs and Drones continue to play a strategic role in improving aviation and online delivery services, staying abreast of these trends and embracing innovation will be crucial for the Global Aircraft Hangar market.