LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global commercial aircraft oxygen system market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
This market research report segments the global commercial aircraft oxygen system market into the following aircraft type (narrow body and wide body), component (storage system and delivery system), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the preference for aircraft with advanced technologies as a key factor contributing to the growth of the global commercial aircraft oxygen system market:
Preference for aircraft with advanced technologies
OEMs in the commercial aircraft are actively engaged in the development of new-generation aircraft that feature both better fuel efficiency and increased reliability. Air travel is expected to double in the next 20 years due to the growth in air travel in key countries like China, Russia, India, Indonesia, and the US. The increase in air traffic has also led to the induction of new aircraft to facilitate the growing demand. This compelled aircraft OEMs and their suppliers in revamping their production facilities to ensure scheduled deliveries.
According to a senior analyst at Technavio for aerospace components, “Increased efficiency, coupled with reduced fuel consumption and noise generation has been the main driver for the market. The introduction of new commercial narrow-body aircraft has initiated a rise in demand for aircraft parts, systems, and components as the manufacturing of most parts are outsourced across the globe.”
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Global commercial aircraft oxygen system market
The global commercial aircraft market has been experiencing high demand in the last few years. Several factors such as technological advances and macroeconomic forces that transpired into record profits for airlines are driving the market. In the coming decade, passenger traffic growth is expected to rise. Aerospace industries are focusing on productivity to meet the demands generated by aircraft OEMs and are exploring the market in emerging nations to expand their market share globally. The introduction of new aircraft programs has further fueled the demand for several enhanced systems and their components.
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