Refactoring is the process of improving the design and structure of your software components without altering their behavior or functionality. It can assist in achieving better abstraction and modularity by utilizing techniques and patterns such as extracting methods, classes, or modules from existing components that have too much responsibility or complexity, introducing interfaces, abstract classes, or inheritance to define common behavior or functionality among different components, and encapsulating data and behavior within components to hide implementation details and enforce access control. Refactoring can also involve applying design principles, such as single responsibility, open-closed, dependency inversion, interface segregation, and Liskov substitution to improve the quality and maintainability of your software components. Additionally, design patterns like factory, strategy, adapter, decorator, observer, mediator, or composite can be applied to solve common problems or scenarios in your software system.