The aircraft evacuation market is anticipated to witness a remunerative growth impetus over the coming years due to the increasing need for air passenger safety and proliferating air traffic. Citing an instance, as per the World bank, the overall number of passengers travelling via airplanes surged by almost 7.0% in 2017 in comparison to 2016.
While the COVID-19 pandemic has put a dampener on the total number of air passengers, ongoing vaccination drives and an increasing prevalence of consumers planning post-pandemic vacations is sure to boost up passenger numbers to the pre-pandemic levels at a steady pace.
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As per a report by the European Transport Safety Council, more than 90% of the commercial airplane accidents are technically survivable. Pertaining to same, stringent government regulations toward implementing advanced safety systems while emergency landing. The aircraft evacuation market is expected to become a billion-dollar business by 2025.
The report further claims that in terms of the product landscape, ejection seat is anticipated to witness remarkable investment trends over the coming years. Ejection seats are witnessing robust demand from the military and defense forces. Strict safety standards and inspection systems have provided a positive outlook for the product demand. An instance bearing testimony to the same is of the U.S. Air force’s contract with the leading aircraft evacuation market players Martin Baker and United Technologies Aerospace Systems for the development and production of evacuation ejection seats.
Moreover, the UK-based safety equipment and ejection seats manufacturer Martin Baker has also secured a new contract for delivering Mk18 ejection seat for its KAI’s (Korea Aerospace Industries) aircraft development program. The company will also be supplying escape systems for the KF-X, Republic of Korea Air Force’s new fighter.
It is prudent to mention that besides ejection seats, escape slides segment is also to set to propel the product landscape of aircraft evacuation market. Technological advancements in slide materials, operation techniques, and durability have significantly enhanced the product demand in the recent years. In order to cater to the rising demand of advanced evacuation systems, several airline & carrier companies are deploying or replacing old structures with new systems for enhanced safety features. With the rising demand for air carriers across the globe, OEMs are turning out as lucrative growth avenues depicting phenomenal commercialization trends for industry expansion. The segment growth is attributable to its ability to provide replacement, maintenance, and technical services for aircraft systems.
In 2016, an Estonia based aircraft maintenance company Magnetic MRO entered into a contract with Kazakhstan’s domestic flag carrier Air Astana to provide escape slide repair and overhaul requirements. The company added an escape slide evacuation workshop to its repair & maintenance services in 2014, as a part of a strategy to cater to the growing consumer base. The firm now boasts capabilities for Air Cruisers and Goodrich escape slides for Boeing aircraft types such as 757, 767,737 CL, and 717-200, as well as Airbus A320 Family aircraft. The OEM player also recently announced that it raised USD 9 million for acquiring one of its competitor and aims to expand rapidly in the competitive aircraft evacuation market.
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Taking into account the geographical landscape, Europe aircraft evacuation market accounted for significant share, given the robust expansion in the defense and commercial sectors of the regional aviation industry. Asia Pacific is also another lucrative region witnessing growing investment trends from industry players, given the increasing regional air travel rate. According to a report by IATA, APAC regions is witnessing an annual expansion rate of over 5.5% in passenger traffic and is thus attracting investors to set up facilities and provide aircraft services.
Major Key Points from Table of Content:
Chapter 5. Aircraft Evacuation Market, By Platform
5.1. Global market share by platform, 2018 & 2025
5.2. Fixed Wing
5.2.1. Narrow body
188.8.131.52. Market estimates and forecast, 2013-2025
184.108.40.206. Market estimates and forecast, by region, 2013-2025
220.127.116.11. Market estimates and forecast, 2013-2025
18.104.22.168. Market estimates and forecast, by region, 2013-2025
5.2.3. Regional aircraft
22.214.171.124. Market estimates and forecast, 2013-2025
126.96.36.199. Market estimates and forecast, by region, 2013-2025
5.2.4. Fighter jet
188.8.131.52. Market estimates and forecast, 2013-2025
184.108.40.206. Market estimates and forecast, by region, 2013-2025
5.3. Rotary Wing
5.3.1. Civil helicopter
220.127.116.11. Market estimates and forecast, 2013-2025
18.104.22.168. Market estimates and forecast, by region, 2013-2025
5.3.2. Military helicopter
22.214.171.124. Market estimates and forecast, 2013-2025
126.96.36.199. Market estimates and forecast, by region, 2013-2025
Chapter 6. Aircraft Evacuation Market, By Distribution Channel
6.1. Global aircraft evacuation market share by distribution channel, 2018 & 2025
6.2.1. Market estimates and forecast, 2013-2025
6.2.2. Market estimates and forecast, by region, 2013-2025
6.3.1. Market estimates and forecast, 2013-2025
6.3.2. Market estimates and forecast, by region, 2013-2025
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