Commercial Aircraft Evacuation System Market
Added: (Tue May 04 2021)
Pressbox (Press Release) -
Commercial Aircraft Evacuation System Market size was worth USD 1.30 Billion in 2021and is estimated to reach USD 1.73 billion by the end of 2026, registering a compound annual growth rate of about 6% between 2020 and 2026.
The enhanced aviation security protocol is one of the crucial reasons that are likely to accelerate the growth of the commercial aircraft evacuation system market over the next five years. Various types of aircraft emergencies have led to many advances in aircraft evacuation systems. Type certification establishes the standard that must be met by the manufacturers and operators of airlines, complying with the new design of the aircraft in accordance with existing laws and regulations. As a result, the importance of aircraft safety has increased, and several market stakeholders, including suppliers, manufacturers and other market participants, have witnessed improvements in the commercial aircraft evacuation system.
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With the growing demand from organizations such as the National Transportation Safety Board and the Federal Aviation Administration on passenger safety, and as demand for next-generation aircraft, new and advanced evacuation systems inside the plane increases, there is a surge in aircraft evacuation systems.
Recent Developments in the Commercial Aircraft Evacuation System Market:
In October 2018, Safran acquired Zodiac Aerospace to sign a strategic agreement to improve production capacity and accommodate a more extensive consumer base.
In July 2016, UTC Aerospace Systems announced the next generation ACES 5 emission sheet, which incorporates advanced technologies that include sensor fusion, 40-degree binoculars and an active-matrix liquid crystal display. This discharge blade protects the legs and arms from peeling off and protects the pilot's head from torsion.
In April 2018, EAM Worldwide formed a strategic alliance with the Lufthansa technique and received FAA TSO-C69C approval for the manufacture of exhaust slides.
In 2017, Boeing announced that it would increase the production speed from 737 in 2018 to 42 of 42.
In April 2018, the Indian Air Force launched an ambitious program to buy 110 military fighter jets under a global information request agreement (RFI) from the manufacturer, including Lockheed Martin Corporation, Boeing and Dassault Aviation, to see significant growth prospects for the proliferation of the industry.
Drivers and Restraints of the Commercial Aircraft Evacuation System Market:
Market Drivers:
The growth of the global commercial aircraft evacuation systems market is due to the increase in air traffic and the subsequent acquisition of new aircraft. More than 700 routes have been established for better connectivity, so the number of air travel passenger’s increases day by day worldwide. According to the International Air Transport Association, the number of passengers increases by more than 6% per year. This has created new challenges for governments and aviation authorities to accommodate this growth and provide adequate security, infrastructure, technology and equipment to ensure that regulations and taxes do not limit the market growth. This increase in passenger traffic is supposed to lead to the commercial aircraft evacuation system market in the future.
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Other factors that support the growth of the global commercial aircraft evacuation system market include an increase in the general population's propensity to travel by plane, an increase in the disposable income of the working-class people and people migrating from the rural to urban areas and abroad. These factors have significantly increased the demand for air travel, and this trend is presumed to continue during the projection period. In addition, the aviation industry has always been inspected by regulatory authorities and must comply with the various guidelines issued by the authorities. This regulation forced the manufacturers of commercial aircraft evacuation systems to develop products that are compatible with the current regulatory environment. The global commercial aircraft evacuation system market is essential for passenger safety because the manufacturers of aircraft security slides are focused on increasing efficiency and reducing inflation uptime.
Market Restraints:
However, aircraft manufacturing requires a large amount of investment, planning and delivery time, which can inhibit the growth of the commercial aircraft evacuation system business, resulting in delays in the delivery and payment of the system. The lack of a well-organized supply chain is another factor that hinders the market growth.
Detailed Classification of the Market:
By Aircraft Type:
Narrow-body Aircraft
Wide-body Aircraft
Very large Aircraft
Regional Transport Aircraft
Commercial Aircraft
Helicopters
Fighter Jets
Depending on the type of aircraft, the narrow-body aircraft sector led the aircraft evacuation system market and will continue to dominate during the outlook period.
By Type of Equipment:
Jackets
Evacuation Slides
Discharge Sheets
Evacuation Rafts
Emergency Fleets
The evacuation slide segment is foreseen to grow with the highest CAGR from 2020 to 2024. In all commercial aircraft, the adoption of evacuation slides is 100%, and as demand for new aircraft increases, it is predicted that the evacuation slides segment will lead the world market.
Geographical Classification of the Market:
Commercial Aircraft Evacuation System Market is geographically classified into, Latin America Aircraft Commercial Aircraft Evacuation System Industry (Brazil, Argentina, Mexico), North America Commercial Aircraft Evacuation System Market (United States, Canada), Europe Commercial Aircraft Evacuation System Industry (United Kingdom, France, Germany, Spain, Italy), Middle East and Africa Commercial Aircraft Evacuation System Industry (Saudi Arabia, United Arab Emirates, Lebanon, Jordan, Cyprus), Asia Pacific Commercial Aircraft Evacuation System Industry (China, India, Japan, South America, Australia, New Zealand, and Southeast Asia)
Regional Growth Insights:
North America's commercial aircraft evacuation system market, followed by Europe, has essential participation in the global business due to the local presence of renowned aircraft manufacturers. Latin America commercial aircraft evacuation system market is anticipated to experience significant growth during the estimated period, owing to the presence of small original equipment manufacturers in this region. Also, large aircraft bases installed in the area are foreseen to lead the aftermarket in the regional commercial aircraft evacuation system market.
In addition, government initiatives to increase manufacturing by creating attractive policies, such as China and India, are expected to improve the Asia Pacific commercial aircraft evacuation system market, which is likely to contribute significantly to the growth of the global industry over the predicted period. Besides, the increase in air traffic worldwide will facilitate the manufacture of aircraft, contributing to the growth of the global commercial aircraft evacuation system business during the forecast period.
The company having the highest share:
Safran SA has the largest market share, as it offers evacuation slides for commercial aircraft manufactured by Boeing Company, Airbus SE and Commercial Aircraft Corporation of China Ltd.
Leading Key Companies Covered in this research report are:
Safran SA
Bombardier, Inc
Switlik Parachute Co
United Technologies Corporation
Tupolev
Irkut Corporation
Illyushin
Survitec Group Limited
Sukhoi Civil Aircraft
EAM Worldwide