Europe emergency aircraft evacuation market accounted for significant share, given the robust expansion in the defense and commercial sectors of the regional aviation industry. Asia Pacific is also another lucrative region witnessing growing investment trends from emergency aircraft evacuation market players, given the increasing regional air travel rate. According to a report by IATA, APAC regions is witnessing an annual expansion rate of over 5.5% in passenger traffic and is thus attracting investors to set up facilities and provide aircraft services.
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With augmented safety protocols in the aviation industry and rising technological advancements, emergency aircraft evacuation market is expected to depict remarkable growth trends in the coming years. The aviation industry being highly vital to today’s economic growth, this business sphere is gaining immense traction to eliminate or minimize costly and tragic consequences. If reports are to be believed, the year 2018 recorded over deaths of more than 534 passengers due to commercial aircraft accidents. The death toll has been much worse the previous years.
Proliferating military expenditure across the globe will propel emergency aircraft evacuation market size. In 2018, the U.S. government allocated around USD 700 billion for defense sector. Further, rising passenger traffic will augment industry growth. According to the World Bank Group, in 2017, total air passengers reached 3.98 billion with an increase of around 7.5% as compared to 2016.
Fixed wing platform leads emergency aircraft evacuation market share owing to increasing demand for commercial aircrafts to accommodate air passengers. Emergence of new industry players in aviation industry will enhance segment penetration over study timeframe. In February 2018, Commercial Aircraft Corporation of China (COMAC) announced the delivery of its first C919 single-aisle jet by 2021.
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OEM holds substantial revenue share with increasing demand for air carriers across the globe. Replacement of existing airplane fleet owing to ageing airplane to meet government regulations for airworthiness are positively influencing the segment growth. Moreover, development of low-cost carriers coupled with increasing demand for narrow-body aircrafts such as A320, B737, A319, and B757 will enhance the segment dominance till 2025.
Major market players include EAM Worldwide, Martin-Baker Co. Ltd, Survitec Group Limited and Survival Equipment Services. Partnerships and joint ventures are among the prominent strategies adopted by the industry participants to expand their presence in the marketplace. For instance, in July 2017, Survival Equipment Services announced a strategic partnership with Task Aerospace Inc. This partnership enabled company to expand their services & maintenance segment for ejection seats by including ACES, NORTHROP, ESCAPAC, and SIIIS seats.
The progressive growth of emergency aircraft evacuation market is further set to witness advancement in systems such as introduction of RFID-based life vests. Additionally, with the rising penetration of top techs such as AI, blockchain, Internet of Things, and big data analysis, the global emergency aircraft evacuation market is certain to traverse along a profitable growth graph in the ensuing years.
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