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Report
Aircraft Survival Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 120 Pages I Mordor Intelligence
The aircraft survival equipment market is expected to witness a CAGR of 5.73% during the forecast period.
The COVID-19 pandemic significantly affected the Aircraft Survival Equipment Market. The onset of COVID-19 led to lockdowns in various countries and restrictions in terms of travel between countries, thereby leading to shortages in components for manufacturing and delays in terms of manufacturing the final end product. In the current scenario, the free flow in terms of trade between countries, owing to the ease of restrictions, has led to the market witnessing an increase in terms of production. This would lead to steady growth in the near future for the aircraft survival equipment market.
The aircraft survival equipment consists of a package of basic tools and kits used for survival in an emergency. All types of aircraft are equipped with survival kits for improved safety during flight hours. The electronic support equipment is installed in an aircraft to improve its survival. It includes flight control, avionics, navigation, and communication systems. Furthermore, electronic attack systems are used to protect aircraft from enemy attacks and damage from external threats. Thus, the growing demand for fighter aircraft for combat operations drives the market growth.
In addition, the rapid expansion of the aviation sector, growing air traffic, and rising aircraft orders create demand for aircraft survival equipment. Furthermore, various governing bodies tighten the safety norms due to an increase in the number of accidents and mishaps occurring around aircraft, which in turn drives the market growth.
Aircraft Survival Equipment Market Trends
Defense Will Showcase Remarkable Growth During The Forecast Period
The rising demand for military aircraft and advanced safety kits for military troops during combat operations is driving the growth of the market. Aircraft survival equipment reduces the fragility of fighter jets, which allows crew members to safely perform military operations. The equipment improves the aircraft's survivability against rising threats without affecting the efficiency of combat missions. Increasing defense expenditure, growing procurement of next-generation fighter aircraft, and rise in military exercises would help to boost the market growth. In addition, growing political conflicts among neighboring countries and territorial disputes continue to fuel the demand for advanced military aircraft, thus driving the growth of the market.
For instance, in September 2022, the government of Switzerland signed a contract with the Lockheed Martin Corporation for the procurement of 36 F-35A fighter jets. These new fighter jets will replace the country's fleets of F-5 Tigers and F/A-18 Hornets between 2027 and 2030. The value of the contract was USD 6.25 billion. In July 2022, the United States Department of Defense (DoD) signed a three-year contract with Lockheed Martin Corporation to manufacture 375 F-35 fighter jets. In July 2022, the United States Department of Defense approved the sale of 35 Lockheed F-35 fighter jets to Germany. In November 2019, airmen developed a new arctic survival kit for the F-35A Lightning II fighter jet, which was installed among aircraft at Eielson Air Force Base in Alaska. Thus, rising investment from the global defense forces for the procurement of advanced fighter jets would help in driving the growth of the market.
Asia-Pacific Will Showcase The Highest Growth During The Forecast Period
Asia-Pacific is estimated to show remarkable growth during the forecast period. Growing urbanization, rising air traffic, and increasing demand for new aircraft would help boost the market growth across the region. An increase in the number of air travelers and growing expenditure on the aviation sector from emerging economies such as China and India are likely to lead to market growth in the near future. According to the data presented by COMAC, a Chinese aircraft manufacturing company, China will grow to become the largest aviation market globally by 2040, with the fleet size of Chinese aircraft increasing to reach 9,957 by the same time period and shall account for 22% of the global passenger aircraft fleet.
Moreover, according to the International Air Transport Association (IATA) report, India will surpass the United Kingdom to become the third-largest aviation market by 2024. Increasing spending on the aviation industry and the development of new airports leads to increased demand for new aircraft. Furthermore, in 2020, the Indian government announced its plan to build 100 new airports across the country to improve regional connectivity by 2024.
The Indian government also has a strong focus on strengthening military capabilities. China and India were the second and third largest defense spenders, respectively, in 2021. In September 2021, India signed a contract with Airbus Defence and Space for the procurement of 56 C-295 transport aircraft. The new fleet will replace the Avro-748 planes of the Indian Air Force. Thus, growing spending on aircraft procurement from countries such as India, China, Japan, and South Korea would lead to the Asia-Pacific region having the highest growth during the forecast period.
Aircraft Survival Equipment Market Competitor Analysis
The market of aircraft survival market is fragmented in nature and is characterized by several operators who provide various types of survival equipment. Some of the prominent players in the aircraft survival equipment market include ASELASAN AS, Northrop Grumman, Elbit Systems Ltd, Saab AB, BAE Systems, and Raytheon Technologies Corporation.
The introduction of advanced technologies and the development of next-generation fighter aircraft for combat operations drive market growth. In 2022, Northrop Grumman developed EA-18G Growler, the US Navy's electronic attack aircraft that includes attack equipment such as the ALQ-99 jamming pods, ALQ-218 receiver, satellite communications, and communication countermeasures. Such equipment protects military aircraft from enemy threats. Thus, such advancements would lead to growth in the market during the forecast period.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Equipment
5.1.1 Life Rafts
5.1.2 Medical Kits
5.1.3 Electronic Support
5.1.4 Electronic Attack
5.1.5 Other Equipment
5.2 Application
5.2.1 Commercial
5.2.2 Defense
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.5 Middle East
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 Rest of Middle East
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Aselasan AS
6.2.2 BAE Systems
6.2.3 Ellbit Systems
6.2.4 Northrop Grumman
6.2.5 RUAG AG
6.2.6 Thales Group
6.2.7 Raytheon Technologies Corporation
6.2.8 IAI
6.2.9 Saab AB
6.2.10 Terma AS
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