The aircraft galley equipment market comprises of various galley inserts and equipment installed on aircraft for food and beverage preparation and storage. The equipment includes beverage makers, refrigerators, freezers, chillers, coffee machines, water boilers, ovens, sinks and trash compactors. Galley equipment offers optimal space utilization and easy access to food and beverage items during flights. The growing need for economical, efficient and eco-friendly galley solutions has driven innovation towards more compact, lightweight and energy efficient designs.
The Global Aircraft Galley Equipment Market 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.
Key Takeaways
Key players operating in the Aircraft Galley Equipment are Aerolux Ltd., AVIC Cabin Systems, Boeing, Bucher Group, Diehl Stiftung & Co. KG, Dynamo Aviation, GAL Aerospace Group, JAMCO Corporation, RTX and Safran.
The market is expected to witness lucrative opportunities through demand for customized and modular galley inserts, catering to specific aircraft type and airline needs. growing fleet size and retrofitting activities are further expected to drive opportunities.
Technological developments include electric and lighter galley equipment with advancements in composite materials and energy efficient designs. Adoption of 3D printing offers potential to develop complex lightweight parts. Connected equipment facilitates remote monitoring.
Market drivers
Increasing global aircraft fleet size driven by rising air passenger traffic is a major market driver. Over 39,000 new aircraft are expected to be delivered by 2031 according to Airbus estimates. This will propel the need for replacement and additional aircraft galley equipment. Further, retrofitting aging fleets to include newer equipment also fuels market demand. Another key driver is the emphasis on lightweight and low-carbon designs to improve fuel efficiency. This spurs R&D towards innovative weight reduction technologies in galley equipment.
Current challenges in the Aircraft Galley Equipment Market:
The key challenges currently faced by the Aircraft Galley Equipment Market are rising raw material costs, strict regulations regarding aircraft weight, limited space availability, and demand fluctuations. The prices of metals like steel and aluminium have risen significantly over the past year due to supply issues. This has increased manufacturing costs for OEMs. Meanwhile, aviation authorities have continued to tighten regulations limiting the permissible weight of additional equipment installed on aircraft. This poses design and engineering challenges. Further, the spacing inside aircraft galleys is optimization for maximum efficiency, reducing flexibility. Finally, demand is dependent on broader economic conditions and airline profitability, making long-term planning difficult.
SWOT Analysis
Strengths: Established industry players with strong brands and distribution networks. Proven track record of developing innovative, lightweight and high-performance equipment.
Weaknesses: Capital intensive industry requiring continued investment in R&D. Supply chain disruptions have impacted costs.
Opportunities: Growth in international air travel from emerging markets in Asia and Latin America. Upgrades of existing fleets presenting retrofitting opportunities.
Threats: Economic downturns negatively impacting airline profitability and fleet expansion plans. Increasing competition from new entrants.
Geographical Regions
North America currently accounts for the largest share of the global aircraft galley equipment market in terms of value, estimated at around 35% in 2023. This is driven by the large fleet of narrowbody and widebody aircraft operated by North American carriers.
Asia Pacific is projected to be the fastest growing regional market during the forecast period from 2023 to 2030. Countries like China and India are experiencing rapid increases in domestic and international air travel on the back of economic development, supporting the delivery of new aircraft to the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
