Galley equipment market to grow to US$2.6 billion
The worldwide market for airline galley equipment is expected to reach US$2.6 billion, at a compounded annual growth rate of 4.10% from 2014 to 2020 according to a report by the United Kingdom based MarketsandMarket.
The findings are published in a report called Galley Equipment Market by Galley Type (Single Aisle, Twin Aisle, Custom-Fit), by Galley Inserts (Electric Inserts and Non-Electric Inserts), by Application (Aviation, Marine), by Geography - Forecast 2014 to 2020.
The report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Emerging markets in China and India are also discussed.
Rising demand for the aircraft, increased demand for the lightweight galley equipment, demand for galley customization, and a boost in demand for modular galleys are some of the key factors fueling the growth of the galley equipment market, said the report. Demand for low-cost carriers are one of the factors hampering the growth of the galley equipment market.
The report cites several dominant companies. In 2014, Zodiac Aerospace held dominant positions in the global galley equipment market. Other key players include Bucher Leichtbau AG of Switzerland, Kangli Far East Pte. Ltd. in Singapore ALMACO Group in Finland, and B/E Aerospace In the United States.
The full report is available for purchase on the MarketsandMarkets website.