Aircraft Evacuation Systems Market is anticipated to grow the market value at a CAGR of more than 5% for the assessment period of 2018 to 2025.
An aircraft evacuation system is a type of evacuation equipment usually takes place in water or on the ground. This evacuation equipment is helpful for the emergency evacuation from an aircraft. The evacuation equipment includes various processes, including personal floatation devices (inflatable armbands, life vests, and other components), slides (especially slide rafts), evacuation life rafts, ejection seats, and system (especially for rotary-wing aircraft).
The Aircraft Evacuation Systems Market Size has experienced a positive growth impact due to various key factors such as an increase in demand for new commercial aircraft, growth in global passenger traffic, and an increase in defense expenditure among the developing countries. Further, the worldwide Aircraft Evacuation Systems Market is propelling with the contributions of various intended audiences such as aircraft component manufacturers, air force authorities, regulatory bodies, component providers, research institutes, and government authorities.
Furthermore, the Asia-Pacific Aircraft Evacuation Systems Market is anticipated to create the highest demand for aircraft evacuation systems in the research period due to the increasing passenger traffic and rising orders and deliveries of new aircraft across the region. In this region, nearly160 wide-body aircraft and 411 narrow-body aircraft were delivered by different aircraft OEMs till September 2019.
In addition, the increasing aircraft accidents require equipment for successful passenger safety and rescue, fueling the regional market growth in the forecast period. For instance, in May 2019, Myanmar National Airline has planned to take an emergency landing at Mandalay International Airport to save the passengers because of the failure of the front landing gear to deploy. At that time, the airport crew performed an emergency evacuation to ensure the passengers were safe. These situations are propelling the demand for advanced and new evacuation systems in the region.
COVID-19 Impact Analysis
The coronavirus outbreak has negatively affected aviation, aerospace, defense, and other related industries in the first half of the year 2020. At this time, the revenue of aircraft and airlines manufacturers has slowed down or lowered due to the emergence of the COVID-19 pandemic in various parts of the world. The defense sector has experienced a minimal impact, but the demand for aircraft evacuation systems has remained stable at this time.
However, the Aircraft Evacuation Systems market trends have disrupted the supply and manufacturing chain. Still, the market has regained momentum post lockdown due to the key players' continuous efforts and the ease of travel restrictions.
The global Aircraft Evacuation Systems Market Growth is boosting due to various factors like a rising focus on enhancing passenger safety and stringent air safety regulations worldwide. Moreover, the global market is driving its growth due to the periodic inspections, safety drills, and mandates by different organizations like National Transportation Safety Board and the Federal Aviation Administration regarding aviation safety.
The European Transport Safety Council (ETSC) report states that 90% of commercial transport airplane accidents could be classified into technically survivable and survivable. This is driving the demand for Aircraft Evacuation Systems and thriving the global market growth in the forecast period.
The emerging aircraft OEMs in Latin America and Asia-Pacific are expected to bring lucrative opportunities for the Aircraft Evacuation Systems Market during the research period.
Moreover, the development of lightweight fabric and sensing devices for these life-saving systems is projected to generate significant opportunities for the Aircraft Evacuation Systems Market.
The global Aircraft Evacuation Systems market Value might be affected due to aircraft deliveries' existing backlogs. Moreover, the high cost associated with the manufacturing process might hamper the market growth in the forecast period.
Furthermore, the injuries related to evacuation and ejection are predicted to hinder the Aircraft Evacuation Systems Market Growth.
The global Aircraft Evacuation Systems market might experience challenges due to the high maintenance of the evacuation systems. Moreover, the high cost of production can be another big challenge for the global market in the upcoming years.
Further, the coronavirus outbreak has negatively affected the global market, which has brought more challenges for the supplies and manufacturers.
According to the Aircraft Evacuation Systems Market Outlook report, significant growth has been witnessed in the global market in the past few years. Further, it is estimated to continue the same in the upcoming years.
The global market has been contributed with the players from different value chain parameters, including component suppliers and manufacturers like Safran, UTC Aerospace, Trelleborg AB, and Cobham plc. For instance, the growing maintenance support for this equipment is projected to increase the global market in the upcoming years.
The Aircraft Evacuation Systems Market Forecast report highlights that the present market is segmented based on aircraft type, equipment type, fit, and application.
The global Aircraft Evacuation Systems market has been segmented into rotary-wing and fixed-wing based on aircraft type segments.
Of these, the fixed-wing segment is anticipated to account for the largest Aircraft Evacuation Systems market Share in 2018. This segment is expanding due to the growth in the production of wide-body and narrow aircraft to cater to the increase in air travelers globally.
Regarding the equipment type segment, the global Aircraft Evacuation Systems market has been classified as emergency floatation systems, evacuation slides, personal floatation devices, life rafts, and ejection seats.
The evacuation slides segment is registered to account for the largest Aircraft Evacuation Systems market Share for the year 2018 due to its prerequisite in various commercial aircraft.
The global Aircraft Evacuation Systems market has been segregated into retrofit and line-fit depending on the fit segment.
In 2018, the line-fit segment was projected to hold the largest market share because of the evacuation system's long product lifecycle.
The current Aircraft Evacuation Systems market has been classified into military and commercial in the application segment.
The commercial segment is projected to generate the largest market share in 2018 because these types of devices are a little complicated towards ensuring passenger safety.
Regionally, the Aircraft Evacuation Systems Market Forecast report has mentioned that the present market is segmented into many regional areas such as Asia-Pacific, Middle East & Africa, North America, Latin America, and Europe.
In 2018, the Aircraft Evacuation Systems market of North America was projected to hold the largest market share. This North American region is expanding because of major military and commercial aircraft OEMs. Apart from that, regional growth depends on the development of advanced technologies by companies in Canada and the US. Moreover, the high demand for aircraft evacuation systems in North America is growing due to the region's increasing need for lightweight evacuation systems.
Competitive Landscape Analysis
As per Aircraft Evacuation Systems market Analysis, significant competition has been witnessed among the prominent market players to enhance the Aircraft Evacuation Systems worldwide. These prominent key market players include:
These above-mentioned prominent market players significantly contribute to the global market to generate higher Aircraft Evacuation Systems market Value by applying new strategies and ideas. Moreover, these key players are spending more on research and developments of the Aircraft Evacuation Systems to grow the market supply and demand.
In April 2018, a US-based company EAM Worldwide received FAA TSO-C69C approval. This company partnered with Lufthansa Technik to introduce its escape slide through their Skypax solution. This partnership has aimed to help the manufacturers in the further coming years.
The Aircraft Evacuation Systems market Analysis highlights that the present report is consists of primary and secondary research. Along with this, qualitative and quantitative analysis has been conducted to get an insight into the current market.
The Aircraft Evacuation Systems Market Trends report has covered market dynamics, overview, segmentation, regional classification, competitive analysis, recent developments, and covid-19 analysis.
By equipment type
Aircraft evacuation system market can expand at 15% CAGR by 2023.
By 2023, the aircraft evacuation system market value can garner substantial revenue.
EAM Worldwide (US), NPP Zvezda, AO (Russia), and Martin-Baker Aircraft Co. Ltd. (UK) are some reputed names in the aircraft evacuation system market.
Rise in demand for fixed-wing solutions to promote the aircraft evacuation system market.
The sudden slow-down of aviation sector can hinder the aircraft evacuation system market.