The commercial aircraft evacuation system market is anticipated to grow at a CAGR of more than 3.5% during the forecast period.
- Growing demand for the newer generation aircraft coupled with the increasing regulations by organizations like the National Transportation Safety Board and Federal Aviation Administration on the safety of passengers is generating demand for new and advanced evacuation systems onboard aircraft.
- The development of new evacuation systems for increasing the average rate of evacuees per minute is anticipated to minimize risk and make the evacuation process faster. Such, innovations are anticipated to support the growth of the market during forecast period.
- The market of commercial aircraft evacuation systems is highly consolidated, with very few players in the market.
Key Market Trends
Evacuation Slides Segment to Experience the Highest Growth During the Forecast Period
Evacuation Slides segment of the market is anticipated to grow at the highest CAGR during the forecast period. This growth is due to the development of new evacuation slides that feature reduced inflation time, high durability, and lightweight. Also, the average interval for an overhaul of the evacuation slides is about three years, with service life ranging from 12 to 18 years. This means the aged aircraft fleet operators should replace their slides with new slide systems, as well as the operators with a fleet of aircraft with an age ranging between 10-12 years should carry out regular maintenance and inspections. Such factors propel the growth of the segment during the forecast period. Currently, the life rafts are being replaced by the evacuation slides that can be detached from the door and used as a raft. With this replacement picking up pace, the demand for such evacuation slides is anticipated to increase steadily in the years to come.
Asia-Pacific Region is Expected to Generate the Highest Demand During the Forecast Period
Asia-Pacific region is expected to generate the highest demand for commercial aircraft evacuation system market during the forecast period. This increasing demand is mainly due to the increasing orders and deliveries of new aircraft, propelled by ever-growing passenger traffic in the region. As of September 2019, there were 411 narrow-body aircraft and 160 wide-body aircraft delivered to this region by various aircraft OEMs. Also, with aircraft accidents becoming common, the need for equipment for successful passenger rescue and safety has been increasing. Recently in May 2019, Myanmar National Airline made an emergency landing at Mandalay International Airport after the front landing gear failed to deploy. After the aircraft landed, the crew performed an emergency evacuation and took the passengers into safety. Such incidents propel the demand for new and advanced evacuation systems in the region.
The market of commercial aircraft evacuation system is highly consolidated, with very few players in the market. The major players in the market are United Technologies Corporation, Safran SA, Survitec Group Limited, Switlik Parachute Co., and EAM Worldwide. Safran SA has the major share in the market as it provides evacuation slides for commercial aircraft manufactured by The Boeing Company, Airbus SE, Commercial Aircraft Corporation of China,Ltd. (COMAC), IRKUT CORPORATION, Bombardier, Inc., Sukhoi Civil Aircraft, Illyushin, Tupolev, etc. With very few players in the market, the existing players are broadening their existing product portfolio to capture a higher market share in the market. For instance, in April 2018, EAM Worldwide received FAA TSO-C69C approval for its escape slide. EAM and Lufthansa Technik together introduced these slides through their Skypax solution. Such developments are anticipated to help the manufacturers in the coming years. The aircraft manufacturers sign long term contracts for procurement and maintenance of the evacuation systems. This acts as a major restraining factor for the new entrants into the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support