Aircraft galley equipment: Key market research findings
- The Americas dominate the market geographically
- Narrow body segment accounts for a majority of the market’s revenue
- Key vendors – Aerolux, B/E Aerospace, Diehl Stiftung, Jamco, and Zodiac Aerospace
Technavio’s market research analysts predict the global aircraft galley equipment market to grow at a CAGR of more than 3% between 2016 and 2020. The growth of this market can be attributed to the ongoing increase in aircraft retrofitting. Aircraft retrofitting involves modifying or substituting aging parts and subsystems. Many airlines retrofit their existing aircraft to increase its operational efficiency, as well as to reduce operational cost. During 2015, the global aircraft galley equipment market was dominated by the Americas with a market share of more than 37%. Increasing orders for new aircraft across all segments coupled with the strengthening domestic air traffic in North America will fuel the growth of the aircraft galley equipment market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the aircraft galley equipment segments based on the application.
“There has been a substantial increase in the investment made on cabin interior products. Several airlines are focusing on offering comfort and convenience to onboard passengers on long-haul flights. The installation of interactive windows, wireless in-flight entertainment and communications (IFEC) systems, lightweight seats, customized cabins, and efficient galley equipment is becoming common among full-service airlines. Besides, the growing passenger air traffic will also have a significant impact on the procurement of new aircraft and the modernization of existing fleets,” says Abhay Kumar Singh, Lead Analyst, Aerospace & Defense, Technavio Research.
By 2020, the narrow body segment will continue its dominance over the global aircraft galley equipment market with a revenue share of more than 64%. Increasing focus on fuel efficiency and the higher demand for narrow-body aircraft is anticipated to be the major driving force behind the growth of this segment of the market. According to our research analysts, there will be a need for almost 27,000 new narrow-body aircraft by 2034, and the market for narrow-body aircraft is anticipated to be valued at almost $3 trillion for the same time period.
The key vendors in the global aircraft galley equipment market include Aerolux, B/E Aerospace, Diehl Stiftung, Jamco, and Zodiac Aerospace. In-house manufacturing capabilities, presence of a global network, product offerings, investment in R&D, new technology, and a robust client base have become the key areas through which a competitive edge can be achieved in the market. The growth of the aviation industry due to global economic recovery, new aircraft orders, R&D, investment in fuel-efficient components and subsystems, and the lucrative retrofit market has opened up opportunities for aircraft cabin interior and galley equipment providers to compete and grow.
A more detailed analysis is available in the Technavio report, Global Aircraft Galley Equipment Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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