Market Overview:
The aircraft galley equipment market consists of various products such as galley containers, galley carts, galley frames, equipment, and other accessories required for preparing and serving food and beverages inside an aircraft. The galley equipment helps flight attendants to efficiently store, prepare, cook and dispense food and beverages to passengers during flights. This saves space and makes the entire process more organized inside the aircraft. The demand for modern and technologically advanced galley equipment is rising owing increasing air travel.
Market Dynamics:
The growth of the aircraft galley equipment market is majorly driven by the rising air travel owing to increasing globalization and tourism. Additionally, the growing procurement of new aircraft by airlines is also propelling the demand for modern galley equipment. For instance, according to Airbus, the global fleet is expected to double in size over the next 20 years, from around 25,000 aircraft today to over 45,000 aircraft by 2036.Also, advancement in material technology is enabling manufacturers to develop light weight and durable galley equipment, which is further supporting market growth. However, stringent regulations regarding weight and space inside the aircraft may hamper the growth of the market.
The global Aircraft Galley Equipment Market Demand is estimated to be valued at US$ 2.56 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Aircraft Galley Equipment caters to the in-flight needs of passengers and crew members. It provides food storage, meal preparation, and beverage and waste handling equipment onboard aircraft. Their durable design allows smooth operations in flight. Manufacturers offer personalized solutions to airlines based on aircraft type and seating capacity.
Weakness: High costs are associated with the development and certification of new galley equipment. Frequent technological upgrades also increase expenses. Galley systems have stringent safety and quality standards to meet. Any faults could disrupt airline operations.
Opportunity: Growing passenger traffic is prompting airlines to refresh aging fleets or expand capacities. This fuels demand for innovative galley setups. More customized solutions can enhance the passenger experience. Adoption of 3D printing and automation in manufacturing may reduce production costs.
Threats: Geopolitical issues and economic uncertainties dampen airline profits and fleet expansion plans. Natural calamities or health crises diminish air travel demand. Intense competition among equipment manufacturers squeezes pricing power.
Key Takeaways:
The global Aircraft Galley Equipment market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing aircraft deliveries and fleet expansion. Major commercial aircraft manufacturers have received huge order backlogs from airlines to support rising travel demand. This fuels procurement of innovative galleys suited for newer aircraft.
Regional analysis: North America dominates currently due to strong presence of leading OEMs like Boeing and major airlines operating huge fleets. However, Asia Pacific is gaining rapidly with increasing aircraft procurement and passenger traffic in countries like China and India. China is projected to overtake the US as the biggest aviation market by 2024. Manufacturers are expanding in Asia to tap emerging opportunities.
Key players operating in the Aircraft Galley Equipment market include SAFRAN, RTX, Aerolux Ltd, Diehl Stiftung & Co. KG, Jamco Corporation, Bucher Group, DYNAMO Aviation, GAL Aerospace, AVIC Cabin Systems, Boeing. These leaders offer diversified product portfolios for aircraft interiors, catering, and galley solutions. Technology upgrades and partnerships with airlines are key strategies adopted.
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