Press release
Aircraft Oxygen System Market To Benefit from Increased Global Uptake of 2018 to 2028
Growth of the Aviation Industry and Mounting Number of Air Passengers Drive Demand for Aircraft Oxygen Systems
The International Air Transport Association (IATA) – the trade association representing over 290 airlines in the world – recently published an update for its report “20 Year Air Passenger Forecast”. The IATA states that approximately 4 billion passengers traveled by air in 2017 and the number is expected to grow up to 7.8 billion by the end of 2036. The increasing demand for global connectivity coupled with the rise in discretionary income of consumers is expected to result in doubling the number of air passengers. The exponential growth of the global aviation industry and growing demand for aircraft is likely to trigger the demand for aircraft oxygen systems in the upcoming years.
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The aircraft oxygen system market is expected to grow at a rapid pace in the upcoming years, with the leading airlines introducing highly advanced aircraft emergency systems. Taking into account the intensely competitive environment in the aviation industry, manufacturers of aircraft oxygen systems are introducing unique features of aircraft oxygen systems to differentiate their product range and gain a competitive edge in the market. In addition, increasing awareness and critical approach of air passengers towards the safety services provided by various airlines is further boosting the adoption of advanced and efficient aircraft oxygen systems. Thereby, increasing growth of the aviation industry and the growing number of passengers is triggering the growth of the aircraft oxygen system market.
Aircraft Oxygen System Manufacturers Introduce Innovative Features to Gain Competitive Advantages
The aircraft oxygen system market is likely to witness excellent growth with the growing trend of the incorporation of advanced technologies to design the mechanism of aircraft oxygen systems. Manufacturers of aircraft oxygen systems are adopting next-generation technologies to further enhance the efficiency and reliability of aircraft oxygen systems. The major focus of leading manufacturers of aircraft oxygen systems remains on the product innovation, which is resulting in the introduction of unique features of aircraft oxygen systems.
For example – most of the leading manufacturers and distributors operating in the aircraft oxygen system market are offering breath sensors for air passengers, in order to ensure efficient working of aircraft oxygen systems. In addition, Air Liquide – a French supplier of industrial gases – introduced the On-Board Oxygen Generation System (OBOGS), which not only generates but also conducts filtration of oxygen in aircraft oxygen systems. Aircraft oxygen systems integrated with OBOGS can carry out essential procedures such as quality control and oxygen monitoring to ensure the appropriate working of aircraft oxygen systems. Leading manufacturers are boosting its R&D activities to develop more innovative features of aircraft oxygen systems to ultimately establish a stronger position in the aircraft oxygen system market.
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Market players are incorporating technological advancements to develop aircraft oxygen systems with advanced features such as robust operation, high sensitivity, and efficient mounting. These trends are expected to make a significant impact on the future growth prospects of the aircraft oxygen system market in the upcoming years.
Stringent Regulatory Framework Impacts Growth Prospects of the Aircraft Oxygen System Market
As oxygen is a highly inflammable gas, emergency oxygen systems such as aircraft oxygen systems can pose a fire hazard to the aircraft. Market players in the aircraft oxygen system market need to conform to the certification and standardization requirements set by governing bodies is several regions. For example, the European Commission declared the Commission Regulation (EU) No 748/2012 to establish a set of rules for the environmental certification and airworthiness of the aircraft and products related to the aircraft, such as aircraft oxygen systems. In addition, other regulations are incorporated in the European Union such as Commission Regulation (EU) No 69/2014 to ensure the operational suitability of various aircraft systems, including aircraft oxygen systems.
The stringency of these regulations leads to creating more challenges in the manufacturing of aircraft oxygen systems that are compliant with these regulations. It can also lead to the heightened manufacturing costs of aircraft oxygen systems, making it difficult for market players to maintain competitive prices. Thereby, the implementation of such regulations and standards can restrain the growth of the aircraft oxygen system market.
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