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Aircraft Oxygen Systems Market Report 2024 - Aircraft Oxygen Systems Market Size, Trends, And Opportunities
Aircraft Oxygen Systems Market
According to The Business Research Company's, The aircraft oxygen systems market size has grown strongly in recent years. It will grow from $5.33 billion in 2023 to $5.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to aviation safety regulations, industry collaboration and research, emergency preparedness focus, passenger safety emphasis, global air travel expansion..
The aircraft oxygen systems market size is expected to see strong growth in the next few years. It will grow to $7.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rise in long-haul flights, shift towards sustainable solutions, innovative oxygen storage solutions, health crisis preparedness, aircraft fleet expansion.. Major trends in the forecast period include enhanced safety regulations, aircraft fleet modernization, shift to lightweight materials, product innovation, technological advancement.
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Market Drivers and Trends:
The increasing number of people traveling by aircraft is expected to boost the growth of the aircraft oxygen systems market going forward. People traveling by aircraft, also known as air passengers, refers to a person or business involved primarily in the transportation of people by aircraft on both domestic and international routes. Increasing the number of passengers flying can help airplane oxygen systems increase due to economies of scale. When more people fly, there is a higher demand for oxygen systems. With more people flying, airlines will have a greater incentive to improve their oxygen systems, benefiting both the airline business and customers. For instance, in March 2022, according to the International Air Transport Association (IATA), a Canada-based trade association that supports airline activity and helps formulate industry policy and standards, there will be 4.0 billion air passengers worldwide in 2024 (including multi-sector connecting flights as one passenger), reaching pre-COVID-19 levels (103% of the amount for 2019). The total number of travelers in 2021 was 47% higher than in the prior years, and in 2022, 83% are anticipated, followed by 94% in 2023, 103% in 2024, and 111% in 2025. Therefore, the increasing number of people traveling by aircraft is driving the growth of the aircraft oxygen systems market.
Advancements in oxygen storage systems are a key trend gaining popularity in the oxygen storage system market. Major companies operating in the oxygen storage system market are involved in developing new and improved advanced oxygen storage systems for various industries to sustain their position in the market. In February 2023, Adamant Composites Ltd., a Greece-based high-tech industrial products and services company for space, aerospace, defense, and energy storage, announced a collaboration with HyImpulse, a Germany-based private space launch company, for the development and testing of a number of liner-less CFRP liquid oxygen (LOX) compatible tanks for small space launch vehicles. These tanks are significantly lighter and cheaper to produce than aluminum tanks because of the use of Toray thermoset uni-directional prepregs. The composite maintains its integrity during the abrupt thermal contraction brought on by the rapid propellant filling at cryogenic temperatures.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Aviation Oxygen Systems Inc.; Adams Rite Aerospace Inc.; Cobham Limited; Diehl Stiftung & Co. KG; Essex Industries Inc.; Precise Flight Inc.; Technodinamika JSC; Safran S.A.; Air Liquide S.A.; Aerox Aviation Oxygen Systems; B/E Aerospace Inc.; BASA Aviation Ltd.; East/West Industries Inc.; RTX Corporation; Ventura Aerospace Inc.; AVOX System Inc.; Meggitt plc; Rostec State Corporation; Worthington Industries Inc.; AerCap Holdings N.V.; Avolon; Air Lease Corporation; SMBC Aviation Capital; BOC Aviation; Puritan Bennett Corporation; 3M Company; Securaplane Technologies Inc.; Teledyne Technologies Incorporated; WestAir Gases & Equipment Inc.; Tyco International plc
Aircraft Oxygen Systems Market 2024 Key Insights:
• The aircraft oxygen systems market will grow to $7.37 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Surging Air Travel Propels Aircraft Oxygen Systems Market Growth
• Innovative Oxygen Storage Solutions With Advancements In Oxygen Storage Systems Market
• North America was the largest region in the aircraft oxygen systems market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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