DUBLIN--(BUSINESS WIRE)--The "Aviation Life Rafts Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Capacity; Type; Application; and Geography" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US$ 709.40 million in 2019 and is projected to reach US$ 1,524.52 million by 2027; it is expected to grow at a CAGR of 9.9% from 2020 to 2027. The report highlights key factors driving the market growth, and prominent players with their developments in the market.
The aviation life rafts market players are experiencing substantial demand for their products from different end users, such as defense and general aviation aircraft manufacturers, military forces, and general aviation aircraft operators. Considering the fact that the general aviation aircraft operators or military forces must replace the life rafts every three years, the demand for life rafts is propelling in these sectors.
The players operating in the aviation life rafts market offer their products with a service life of more than ten years; however, the life rafts' service life is restricted to three years. The shorter service life allows the end user to mount newer life rafts every three years, thereby benefiting the end user by ensuring smooth inflation and further operations of the raft during any water landing mishaps.
The benefit of replacing the life rafts every three years has been attracting a substantial number of helicopter and general aviation manufacturers and operators, which is propelling the growth of the aviation life rafts market in the current scenario.
Impact of COVID-19 Pandemic on Aviation Life Rafts Market
The recent outbreak of COVID-19 has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID-19, the aerospace industry was experiencing substantial growth in terms of production, despite huge backlogs among the aircraft manufacturers. However, due to a significant rise in the number of passenger counts, there is an increase in aircraft procurement (commercial, general and military).
The outbreak of COVID-19 has decimated the demand for aircraft across the end users (general aviation, commercial aviation, and military aviation). This has reflected lesser demand for ancillary products such as aviation life rafts. In addition to procurement of aircraft fleet, several commercial airlines have retired a fair percentage of their widebody jets which demanded higher volumes of evacuation slides/rafts. This factor is anticipated to showcase slowdown in procurement of life rafts, thereby hampering the growth of the aviation life rafts market. Moreover, the limited manpower at the raft manufacturing units also weakened the production rate, thereby reflecting slowdown in the growth of the aviation life rafts market.
Reasons to Buy
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- Accentuating Shipment Volumes of General Aviation Aircraft Fleet
- Shorter Service Life of Aviation Life Rafts
- Discontinuation of Airbus A380 Program
- Redundant on Domestic Flights
- Increasing Manufacturing and Deliveries of Commercial Narrow body and Wide body Jets
- Reduction in Weight of Life Rafts
- EAM Worldwide
- Life Support International, Inc.
- Revere Survival Inc.
- Safran Group
- Survitec Group Limited
- AVI Aviation
- Collins Aerospace
- Meridian Inflatables Private Limited
- Switlik Parachute Co.
- Legend Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/gbz40k