Aircraft Evacuation Market Size is set to surpass USD 1.5 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing urbanization, growing business activities, and favorable government policies, such as low interest rates and liberalization in FDIs, are supporting the market growth. Rapidly evolving applications of aircraft evacuation systems, such as real-time analytics and augmented aviation safety protocols, are providing huge opportunities for evacuation system manufacturers.
Increasing aircraft size due to rising air passenger traffic has significantly contributed to the higher demand for aircraft evacuation systems during the forecast period. For instance, according to the World Bank, in 2017, the total number of air passengers increased by 3.98 billion compared to 3.70 billion in 2016. Improving safety standards for aircraft evacuation systems are further contributing to the industry expansion. Moreover, the formulation of new policies and norms by aviation authorities for installing safety equipment to enhance passenger safety is fostering the higher adoption of aircraft evacuation systems. Prior to entering into operation, a newly developed aircraft must obtain a Type Certificate (TC) from the concerned aviation authority.
The commercial aircraft demand is also anticipated to generate huge revenue gains during the forecast timeframe. Increasing consumer spending along with preference toward air travel will increase passenger traffic. To gain profits, aircraft evacuation system manufacturers are focusing on long-term growth strategies with aircraft manufacturing companies and MROs, investing in the production and development programs, expanding their line of business, and accelerating quality and productivity. Manufacturers are increasing their customer base in developing countries, such as India and China, to capitalize on the growth potential of the aviation sector.
Browse key industry insights spread across 350 pages with 482 market data tables & 14 figures & charts from the report, “Aircraft Evacuation Market Size, By Product (Life Vest, Escape Slide, Evacuation Raft, Ejection Seat, Inflatable Floatation), By Platform (Fixed-wing [Narrow-body, Wide-body, Regional Aircraft, Fighter Jet], Rotary Wing [Civil Helicopter, Military Helicopter]), By Distribution Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, end-use industry Growth Potential & Forecast, 2021 – 2027” in detail along with the table of contents:
Life vest product segment will boost the market demand
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The life vest segment dominated more than 90% of revenue share in 2020 and is poised to witness 5% growth rate till 2027 impelled by the stringent government policies for mandatory usage of floatation devices. Airline operators are enhancing the aircraft seating capacity to increase their profit margins, thereby installing larger number of life vests in the aircraft. The ongoing technological advancements, such as water-activated sea light and fitted spray hoods, have significantly increased the demand for life vests. Further, the increasing durability of life vests will strengthen the segment growth.
Rotatory wing segment to observe significant growth
Rotary wing is expected to showcase considerable growth owing to the requirement for emergency landing on rough terrains. Additionally, rise in spending on advanced rotary wing aircraft, such as high-speed helicopter, has significantly contributed to the increased demand.
Aftermarket segment is predicted to generate huge revenue gains
The aftermarket segment will reach USD 600 million by 2027. Complexities associated with the maintenance of escape slides including deployment of slide on the ground surface and again assembling in aircraft are time-consuming, and the slides are prone to damage if handled without proper guidelines. The new maintenance procedures provide necessary steps for easy disassemble and reassemble of escape slide in aircraft.
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