Global Aircraft Evacuation Market Is Estimated to Value Over $ 3.2 Billion By 2029 End

  • 26 Jul 2019
  • Automotive

Global Aircraft Evacuation Market value over USD 3.2 billion by 2029 end and register a CAGR of over 5.4% from 2019 to 2029.

The rise in air traffic paired with increasing procurement of new aircraft has driven growth in the aircraft evacuation market. Furthermore, increasing safety requirements by the regulatory authorities are opportunistic for the aircraft evacuation market growth.

Governments across the globe are mandating airline operators to equip safety technologies for enhancing passenger safety. For instance, in 2015, the Federal Aviation Administration (FAA) proposed the fixing of escape slides in more than 300 jetliners of the Boeing 767 aircraft for improving passenger safety. The slides are equipped to prevent premature deployment and offer enhanced safety to passengers in case of any emergencies, providing growth prospects for the market expansion.

Higher costs associated with the flight crew training and issues related to the reliability of the aircraft evacuation systems may restrict the market place over the forecast timeframe. However, industry participants are developing lightweight solutions along with automated technologies for lowering the overall costs, thereby providing a positive outlook for the aircraft evacuation market proliferation.

Increasing aircraft orders from multiple government organizations for improving their military are boosting the industry share. For instance, in 2018, the Indian Air Force launched an ambitious program to purchase 110 military fighter jets on request for information (RFI) contract from global manufacturers including Lockheed Martin Corporation, Boeing, and Dassault Aviation, thereby providing significant growth prospects for the industry proliferation.

Market Segmentation:

1. By Equipment Type

●     Life Vest

●     Evacuation Slide

●     Ejection Seat

●     Evacuation Raft 

●     Emergency Flotation

2. By Aircraft Type

●     Narrow Body Aircraft

●     Wide-Body Aircraft

●     Very Large Aircraft

●     Business Jet

●     Regional Transport Aircraft

●     Fighter Jet

●     Helicopter

3. By Fit

●     Linefit

●     Retrofit

4. By Region

●     North America

●     Europe 

●     Asia Pacific

●     Latin America 

●     Rest of the World

North America aircraft evacuation held the highest market share. This share is attributed to the presence of multiple aircraft manufacturers such as Boeing, United Technologies, Lockheed Martin, and General Dynamics Corporation. Increasing focus on lightweight evacuation systems and advanced technologies with the ability to sense the ground and automatically adjust length are positively influencing the regional demand. Moreover, increasing aircraft production and delays associated with aircraft deliveries and backlogs are positively influencing the market expansion. The Asia Pacific holds a substantial share in the market owing to proliferating air traffic along with improving Intra and inter-region route connectivity across the region. Favorable demographic trends such as the growing middle-class population and rising discretionary spending are positively influencing the industry growth. For instance, according to the International Civil Aviation Organization (ICAO), Asia Pacific is projected to witness annual air passenger traffic growth of around 6.5% by 2032.

Competitive Landscape:

●      Tier 1 players- established companies in the market with a major market share

●      Tier 2 players

●      Emerging players which are growing rapidly

●      New Entrants 

Major firms in the aircraft evacuation market place include Zodiac Aerospace, EAM Worldwide, UTC Aerospace, NPP Zvezda, Martin Baker, Survitec Group, Switlik, Trelleborg, and DART Aerospace. Industry players are undergoing mergers and acquisitions to strengthen their foothold in the market. For instance, in October 2018, Safran signed a strategic agreement to acquire Zodiac Aerospace to enhance its production capacity and cater to a larger consumer base.

The market participants are focused on developing advanced technology for ejection seats to provide improved pilot protection. For instance, in July 2016, UTC Aerospace Systems unveiled its next-generation ejection seat ACES 5 with the incorporation of advanced technology including sensor fusion, binocular 40-degree view, and liquid crystal display. This ejection seat restraints legs and arms from flailing and protects pilot heads from twisting

FutureWise Takeaways

●      Growth prospects

●      SWOT analysis

●      Key trends

●      Key data points affecting market growth

Objectives of the Study:

●     To provide an exhaustive analysis on the global aircraft evacuation market by equipment type, by aircraft type, by fit and by region

●      To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

●      To evaluate and forecast micro-markets and the overall market

●      To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world

●      To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

●      Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

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