Market Research Report
Aircraft Evacuation Market Size, By Product, By Platform, By Distribution Channel, COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, end-use industry Growth Potential & Forecast, 2021 - 2027
|Aircraft Evacuation Market Size, By Product, By Platform, By Distribution Channel, COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, end-use industry Growth Potential & Forecast, 2021 - 2027|
Published: September 20, 2021
Global Market Insights Inc.
Content info: 350 Pages
Delivery time: 2-3 business days
The aircraft evacuation market is set to grow exponentially by 2027 on account of growing emphasis on passenger safety. Additionally, the proliferating defense industry is likely to boost market adoption through the forecast timeline.
With air travel becoming increasingly accessible and common, manufacturers are expanding aircraft capacities to accommodate more passengers. Well-functioning and easily accessible evacuation systems are a critical part of an aircraft, which are installed to enhance passenger safety in case of emergencies. In addition, leading enterprises are focusing on installing adequate and reliable evacuation equipment and safety instruments, which has played a vital role in industry expansion in recent years.
Notably, prominent industry participants are employing lucrative strategies to tap into emerging market trends through partnerships, product launches, and mergers & acquisitions, among others, which has positively impacted the global business landscape. For instance, in May 2021, Survitec Group, a leading survival technology company, announced the acquisition of Hansen Protection, a key manufacturer of personal protection equipment.
The acquisition enabled Survitec to expand its product offering to technical textile solutions, protective rainwear, and personal protective equipment. The deal also helped Survitec extend its services to a wider geographical base.
In another instance, in August 2021, Collins Aerospace, a Raytheon Technologies subsidiary operating in the aerospace and defense sector, inked an agreement to acquire FlightAware, a global leader in digital aviation that offers predictive technologies. FlightAware offers global flight tracking solutions, decision-making tools, and analytics.
The addition of FlightAware's flight tracking solutions enhanced Collins' Information Management Services portfolio. Moreover, FlightAware's digital aviation expertise, including analytics and data collection capabilities, also allowed Collins to provide better customer service.
For extensive analysis, the aircraft evacuation market has been segmented on the basis of platform, product, distribution channel, and region. In terms of product, the market has further been divided into escape slide, life vest, ejection seat, inflatable floatation, and evacuation raft. The inflatable floatation sub-segment is anticipated to garner significant profits by 2027, registering a CAGR of more than 3.8% over the estimated period.
Based on platform, the market has been segregated into rotary wing and fixed wing. The fixed wing sub-segment accounted for the largest market share of over 90% in terms of revenue in 2020 and is expected to grow at a robust pace over 2021-2027.
With respect to distribution channel, the aircraft evacuation market has been bifurcated into aftermarket and OEM. The OEM sub-segment is slated to expand at approximately 4.5% CAGR through the review period.
From the regional point of view, the North America aircraft evacuation market accounted for over 30% of the overall industry revenue in 2020 and is foreseen to amass substantial gains by 2027, progressing at a CAGR of around 5.5% over the forecast period.