Market Overview:
The aircraft galley equipment market comprises various kitchen appliances and equipment that are specifically designed for installation on aircraft. Some of the key products in the market include trolleys, trays, racks, coffee makers, water systems, chillers, and ovens among others. These equipment are used to store, cook, heat, and serve meals to passengers. With growing air passenger traffic globally, demand for new aircraft and upgrade of existing fleets is rising rapidly. This is propelling the need for advanced and efficient aircraft galley equipment among airline operators.
Market key trends:
One of the major trends in the aircraft galley equipment market is the increasing adoption of lightweight and compact equipment. Galley space in aircrafts is limited and weight is a major constraint. Hence, manufacturers are focusing on developing lightweight yet durable equipment that occupies minimal space. For instance, more electric galleys utilize electric passengers instead of hydraulics to reduce weight. Additionally, advanced water systems with improved heating solutions are being introduced. Growing airline services in emerging regions is also fueling innovations. Players are introducing customized and modular solutions to match the diverse needs of low-cost and full-service carriers.
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.
Porter’s Analysis
Threat of new entrants: Low barriers to enter the market such as specialized skills and regulatory approval make the threat of new entrants to the aircraft galley equipment market low.
Bargaining power of buyers: Large aircraft manufacturers hold strong bargaining power over existing equipment suppliers due to their huge bargaining power.
Bargaining power of suppliers: The key suppliers of aircraft galley equipment being very few globally possess high bargaining power.
Threat of new substitutes: Limited threat due to aircraft manufacturers have to comply with regulatory standards limiting scope of significant substitutions.
Competitive rivalry: Intense competition exists among existing players to gain additional shares in the market through innovation, pricing, contracts and brand positioning.
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 and procurement of new aircraft. The market size for 2023 is estimated to be US$ 2.56 Bn.
Regional analysis: North America dominates the global aircraft galley equipment market currently owing to high demand for new aircraft from major airlines. Asia Pacific is expected to witness the fastest growth in the market during the forecast period with China, India and Southeast Asian countries driving the growth on back of rising middle class population and increased air travel in the region.
Key players: Key players operating in the aircraft galley equipment market are SAFRAN, RTX, Aerolux Ltd, Diehl Stiftung & Co. KG, Jamco Corporation, Bucher Group, DYNAMO Aviation, GAL Aerospace, AVIC Cabin Systems, and Boeing. Players are focusing on partnerships, new product development and innovation to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
