The aircraft evacuation system is regarded as important safety equipment in aircraft, used to evacuate the passengers in emergencies. These systems are in the form of slides attached to the aircraft which inflate and unfold in emergencies automatically. Favorable government policies compel the aircraft carriers to install aircraft evacuation systems in all types of aircraft, especially in the aircraft that have evacuation gate above 6 feet from the ground. Such initiatives encourage the aircraft carriers to install these evacuation gates in every aircraft of the fleet, significantly propelling the market growth. A surge in the number of aircraft accidents and fatalities during the flight or landing is also boosting the adoption rate of aircraft evacuation systems.
To enhance the safety aspects of disasters such as fires and crashes, investments are pouring in for research and development activities. Regulatory bodies such as the Federal Aviation Administration and European Union Aviation Safety Agency have issued strict regulations regarding the installation of evacuation systems. It is mandatory for the new and existing aircraft with floor height more than 1.8 meters to install an evacuation system. Such regulations are spurring the sale of aircraft evacuation systems, generating revenue in the market. Besides government interference, a rise in demand for advanced safety technologies to ensure the safety of passengers with minimal risk is anticipated to act as a major demand driver in the market.
Despite several growth factors, the market is facing challenges in terms of high installation costs and a rapidly growing demand for technological advancements. COVID-19 pandemic has also negatively influenced the progress of the aircraft evacuation system market. Restricted air movement along with minimal passenger footfall is creating a huge depression in the revenue of the aviation sector. The market growth is expected to grow more stagnant if the crisis caused by corona virus does not subside.
The aircraft evacuation system can be segregated into different product types that include evacuation slides, floating devices, and life rafts. While the factory fit installation type captures major market share, the retrofit type is gaining rapid traction in the market. Various types of aircrafts including narrow-body aircraft, regional jets, turboprops, and wide-body aircrafts are accountable for generating revenue in the aircraft evacuation system market.
The global aircraft evacuation system market can be segmented into different regions that include including Latin America, North America, Eastern Europe, Western Europe, Japan, Asia Pacific, Middle East, and Africa. Owing to the growing fleet size of commercial aircraft, the Asia Pacific region is projected to create high demand for evacuation systems in the market. The market of regions including Australia, New Zealand, and Singapore are growing at a rapid pace with growth in the production of aircraft, accelerating the demand for aircraft evacuation systems.
The market in North America is projected to generate a plethora of growth opportunities for the manufacturers as it accounts for 37% of the aircraft production of the world. Markets in the Middle East and Africa are currently growing at a sluggish pace. The augmenting demand for the evacuation system in the commercial aviation sector in these regions is expected to boost market growth.
The market players are focused to develop lightweight solutions to stay ahead in the market. They are leveraging digital technology to develop advanced products to boost their product portfolio. Manufacturers of evacuation systems are exploring opportunities in growing markets such as North America. Major players profiled in the global aircraft evacuation system market are ASTRONICS CORPORATION, Collins Aerospace, Martin Baker Aircraft Co. Ltd, Zodiac Aerospace, EAM Worldwide Switlik Parachute Company, Inc., Cobham plc. and Safran.
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