Aircraft Oxygen System Sales to Nearly Double Backed by Burgeoning Need for Replacement of Aging Aircraft
Fact.MR's latest report unveils the landscape of the aircraft oxygen system market for the upcoming decade. The report gives a detailed outlook on the key trends that are driving the market across several segments based on technology, sales channel, application, aircraft type and region. It also identifies dominant players and recent advancements in this market.
NEW YORK, Sept. 6, 2022 /PRNewswire/ -- The global aircraft oxygen system market is estimated to reach a valuation of US$ 9.8 billion by 2032. As of now, the global market for aircraft oxygen system generates revenue of US$ 5.36 billion. According to the report, global sales of aircraft oxygen systems are anticipated to grow at a CAGR of 6.2% through the evaluation period from 2022 to 2032.
Aircraft oxygen system is an essential component of an airplane as they regulate oxygen levels at high altitudes where atmospheric oxygen levels are insufficient. It assists travelers to maintain normal breathing at high altitudes as well as during emergencies.
Increasing demand for air travel is one of the key factors driving the growth in the aircraft oxygen system market. Additionally, massive investments in aviation sector by military, commercial airlines, and aircraft manufacturers such as Boeing is likely to boost consumption of aircraft oxygen systems.
For instance, according to the India Brand Equity Foundation (IBEF), the Indian government is planning to invest around US$ 5.99 billion - US$ 6.41 billion to improve the infrastructure by 2023. This is anticipated to boost the sales of aircraft oxygen system across South Asia over the upcoming decade.
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In addition, the replacement of aging and defective aircraft is another crucial trend that might accelerate the usage of aircraft oxygen systems. Numerous leading airlines are consistently upgrading their fleets to get rid of these aging aircraft. Backed by these aforementioned factors, demand in the market is predicted to gain tailwinds over the forecast period.
Key Takeaways:
- In 2022, North America aircraft oxygen system market is expected to account for over 1/4th of demand share.
- Europe aircraft oxygen system market is estimated to make up 20% of the global market share in 2022.
- Federal Aviation Administration (FAA) has made it necessary to install aircraft chemical oxygen systems in airplanes with a capacity to carry more than 20 passengers.
- Based on technology, the chemically-induced system segment is anticipated to witness fastest growth over the forthcoming decade.
- In terms of sales channel, original equipment manufacturers (OEMs) segment is predicted to dominate the global market.
Growth Drivers:
- Rebounding demand for air travel is the main factor anticipated to drive growth in the aircraft oxygen system market.
- Replacement and maintenance of aging aircrafts will also boost sales of aircraft oxygen systems.
- Growing need to reconfigure and upgrade cabin structure in passenger aircrafts might create conducive environment for the key players.
Restraints:
- Evolving safety requirements for air travel and high investment barrier may decelerate the adoption of aircraft oxygen systems.
- Pending backlog of deliveries at aircraft manufacturing companies might limit the sales of aircraft oxygen systems.
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Competitive Landscape:
The global aircraft oxygen system market is extremely competitive as several big companies are competing to establish market dominance. The entry of new market players is also restricted by high investment costs. However, new entrants can still enter this market, by raising fresh investments if they introduce innovative products that become the norm in this market.
For instance,
- Caeli Nova, a London and Switzerland-based startup, focused on enhancing safety in aviation focusing on healthcare, raised over US$ 8 million. Ornament Health and LG Capital were the leading investors. Caeli Nova has also created Cordillera, a state-of-the-art aircraft emergency oxygen system that exceeds the limitations of present systems.
Key Companies Profiled by Fact.MR
- Zodiac Aerospace ADR
- Cobham plc
- Essex Industries Inc.
- Technodinamika JSC
- Precise Flight Inc.
- Diehl Stiftung & Co. KG
- Rockwell Collins Inc.
- Adams Rite Aerospace Inc.
- Aviation Oxygen System Inc.
- East/West Industries Inc.
More Valuable Insights on Aircraft Oxygen System Market
In the latest study, Fact.MR offers a detailed study of the aircraft oxygen system market for the forecast period of 2022 to 2032. This study also highlights primary drivers pushing the sales of aircraft oxygen systems through in-depth segmentation given below:
By Technology:
- Chemically-induced System
- Compressed Oxygen System
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Application:
- Passenger Seating Area
- Cabin Crew Area
- Others
By Aircraft Type:
- Narrow Body Aircraft
- Wide Body Aircraft
- Very Large Body Aircraft
- Regional Aircraft
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Aircraft Oxygen System Market Report
- What is the projected value of the aircraft oxygen system market in 2022?
- At what rate will the global aircraft oxygen system market grow until 2032?
- Which are the factors hampering the growth in the aircraft oxygen system market?
- Which region is expected to lead in the global aircraft oxygen system market during 2022-2032?
- Which are the factors driving the aircraft oxygen system market during the forecast period?
- What is the expected market value of the aircraft oxygen system market during the forecast period?
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