July 20, 2024
Aircraft Galley Equipment Market
Ict

The Growing Demand For Commercial Aircraft Is Anticipated To Open Up The New Avenue For Aircraft Galley Equipment Market

Market Overview:

Aircraft galley equipment refers to the kitchen or pantry areas onboard commercial aircrafts, business jets and general aviation aircrafts. It comprises various equipment such as coffee makers, beverage makers, ovens and refrigeration systems. Aircraft galleys play an important role in onboard catering services and passenger experience. Advanced galley equipment helps airlines to optimize space utilization and offer enhanced catering services with minimal downtime.

Market Dynamics:

The growth of the aircraft galley equipment market is majorly driven by the rising demand for new commercial aircrafts across the globe. According to Airbus, over 41,000 new passenger and freighter aircraft will be needed over the next 20 years. This will drive the demand for retrofitting and installation of new galley equipment. Furthermore, increasing worldwide air passenger traffic is compelling airlines to replace or upgrade ageing fleets, which is positively impacting the market growth. Moreover, continuous innovations and advancements in galley equipment such as more compact designs, lightweight materials and energy efficient solutions are further augmenting the demand.

Segment Analysis

The global aircraft galley equipment market is dominated by the economy class segment. Due to increase in air travel, especially from economy class passengers, airliners are focusing more on improving in-flight amenities and services for economy class. With enhanced features in economy class galleys like movable dividers and spaces for storing larger trolleys, mealboxes and catering supplies, more products are being catered towards this segment.

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.

PEST Analysis

Political: directives regarding weight and space optimization in aircrafts have increased demand for lightweight galley equipment.

Economic: rising air passenger traffic globally and airliner fleet modernization are driving market growth.

Social: growing demand for premium in-flight catering and amenities is pushing airliners to upgrade equipment.

Technological: developments in 3D printing, composite materials and electric galley inserts allow lighter, durable and efficient equipment.

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 air passenger traffic globally. The market size for 2023 is US$ 2.56 Bn.

Regional analysis: North America dominates currently due to large fleet sizes of major airliners in the region. Asia Pacific is expected to grow the fastest due to rising demand from China and India.

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. Key players are focusing on developing modular, lightweight and ergonomic equipment through increased investments in R&D.

The aircraft galley equipment market is expected to be driven by growing fleet sizes of low cost carriers and rise of international tourism. Airliners are inclined towards procuring customized, technologically advanced and aesthetically pleasing galley inserts, trolleys and ovens. Regulatory emphasis on reducing weight and emissions will further push innovation.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it