Hi Zubair
to the Surface Engineering Forum.
Yes, a combustion wire spray set-up would probably be the best to start with for general refurbishing of components. You will also need to think about a room or booth with good extraction and acoustic insulation, mechanical handling equipment, grit blasting facilities, compressed air, training etc. The spray gun itself will not necessarily be a significant outlay compared to the rest. Suggest you contact more than a few equipment suppliers and see what they can offer