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Aerospace Oxygen System Global Market 2024 - Growth Opportunities, Top Countries, Future Trends, Revenue And Outlook 2033
Aerospace Oxygen System Global Market
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According to The Business Research Company's, The aerospace oxygen system market size has grown strongly in recent years. It will grow from $5.11 billion in 2023 to $5.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to safety regulations and standards, growth in commercial aviation, military aircraft modernization, long-haul flights and extended operations, focus on aircraft cabin pressurization.
The aerospace oxygen system market size is expected to see strong growth in the next few years. It will grow to $7.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing air travel demand post-pandemic, expansion of air ambulance and medical flights, emphasis on lightweight and efficient systems, integration with next-generation aircraft. Major trends in the forecast period include use of advanced materials, retrofitting and upgradation services, global expansion in aviation, development of portable oxygen solutions, focus on environmental sustainability.
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Market Drivers and Trends:
The increase in air traffic is expected to propel the growth of the aerospace oxygen system market going forward. Air traffic refers to aircraft movement through the airspace, including take-off, landing, and navigation of planes, helicopters, and other aerial vehicles. Aerospace oxygen systems are necessary for air traffic operations in high-altitude flights or military missions. These systems allow workers, including pilots, crew members, and specialist operators, to work efficiently and safely at high altitudes where the oxygen concentration is too low for regular breathing. For instance, in March 2023, according to a report published by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines transported 194 million more passengers than in 2021, a 30% increase year on year. From January to December 2022, US airlines handled 853 million passengers (unadjusted), up from 658 million in 2021 and 388 million in 2020. Therefore, the increase in air traffic is driving the growth of the aerospace oxygen system market.
Major companies operating in the aerospace oxygen system market are introducing advanced products incorporated with technologies such as pulse technology to increase their profitability in the market. Pulse oximetry is a technology used in medical and aerospace applications to measure the oxygen saturation of a person's blood. For instance, in May 2023, Collins Aerospace, a US-based aerospace and defense technology provider launched OXYJUMP NG system. The OXYJUMP NG system enhances mission capabilities by offering an extended gliding distance, ensuring safer jumps with a significant reduction in size and weight compared to older systems. Utilizing Collins' oxygen pulse technology, it provides a compact and lightweight solution that automatically adjusts oxygen levels for longer mission profiles. Designed for allied armed forces, the system prioritizes stealth, readiness, and safety, while ensuring user comfort and ease of use through automatic operation and an ergonomically designed mask.
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Major Key Players of the Market:
Honeywell International Inc., Air Liquide S.A., Safran S.A., Eaton Corporation, Rockwell Collins Inc., Parker Hannifin Corporation., Air Products and Chemicals Inc., Diehl Stiftung & Co. K.G., B/E Aerospace, Zodiac Aerospace, Gentex Corporation, Meggitt PLC., JAMCO Corporation, SAE International, Adams Rite Aerospace Inc., BOC Ltd, Essex Industries Inc., HRD Aero Systems Inc, AERO Specialties Inc., East/West Industries Inc., Mountain High Equipment & Supply Co, Ventura Aerospace, CASP Aerospace, Precise Flight Inc., Aerox Aviation Oxygen Systems Inc., GLB Flight Products Ltd,Life Support International Inc., Aviall Inc., AeroMedix Inc., Cobham Limited.
Aerospace Oxygen System Market 2024 Key Insights:
• The aerospace oxygen system market size is expected to see strong growth in the next few years. It will grow to $7.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Surging Air Traffic Propels Growth In Aerospace Oxygen System Market
• Advancements In Aerospace Oxygen Systems
• North America was the largest region in the aerospace oxygen system market in 2023
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