Global Galley Equipment Market 2017-2021
About Galley Equipment
The galley is an area in an aircraft or ship, where the food is prepared and cooked. The electric and non-electric equipment used in the galley area is termed as galley equipment. The global galley equipment market is segmented based on its applications into aviation segment and marine segment. The galley equipment market in the marine segment accounts for strong revenue share due to its larger requirements for galley inserts, which are expensive. However, the galley equipment used in the aviation segment is expected to post a higher growth rate as compared to the marine segment.
Technavio’s analysts forecast the global galley equipment market to grow at a CAGR of 4.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global galley equipment market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of new units of galley equipment to aviation and marine end-users.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Galley Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global galley equipment market: B/E Aerospace, JAMCO, Kang Li Far East, Loipart, and Zodiac Aerospace.
Other Prominent Vendors in the market are: GN Espace, Bucher, JEITEK, Diehl Aerosystem, Aerolux, and National Marine Suppliers.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rising demand for customized galley systems. The global galley market has experienced significant growth over the years mainly due to the consistent vendor focus on providing customized services to the commercial aviation and marine segments. Most clients of the galley system vendors have specific requirements as they operate differently and there are no standard designs for galley systems. The customization is mostly based on different parameters, which include compactness design and light weight to reduce the overall load on aircraft and ships. For instance, airlines that provide five-course meals or offer self-service of beverages and snacks need extra space on the counter.”
According to the report, one driver in the market is increasing number of commercial aircraft and ship orders. Galley equipment is an integral part of the interior design system of commercial aircraft and ships. Commercial aircraft and ships often include advanced galley equipment systems. The increase in the number of orders for commercial aircraft and ships is directly influencing the market for galley equipment. In April 2016, MSC Cruises ships company entered an agreement with STX France for the construction of four new class vessels, and the first two of these new ships have to be delivered by the end of 2022.Similarly, MSC Cruises have announced ordering two Meraviglia Plus ships to be delivered in October 2019 and September 2020. Celebrity Cruises has ordered four new ships to be constructed by STX France to be delivered by the end of 2022. APAC is expected to receive over 12,500 new aircraft deliveries by the end of 2034.
Further, the report states that one challenge in the market is growth of LCC airlines. A significant increase in the preference for LCC aircraft around the world poses a threat to the growth prospects of the global galley equipment market. Southeast Asia has seen a considerable growth in the LCC segment. In 2015, the LCC fleet in Southeast Asia added more than 600 aircraft and witnessed over 12% growth in 2015 compared with the previous year. This translates to a 50% growth over 2012 when the number of LCC in the region was around 400. Lion Air, Air Asia, and Wings Air are some of the leading LCC airlines in Southeast Asia. Globally, LCC airlines have different market penetration approaches to increase the revenue. For instance, simplified fleet structure, faster turnaround time, and increasing focus on generating revenues has provided an opportunity to LCC airlines to serve passengers in newer routes. The growing prevalence of no-frills services encourages LCC airlines to minimize the use of galley equipment. LCC airlines confine the use of galley equipment to the most necessary areas, and only airlines that serve high-profile clients prefer better galley equipment.
B/E Aerospace, JAMCO, Kang Li Far East, Loipart, Zodiac Aerospace, GN Espace, Bucher, JEITEK, Diehl Aerosystem, Aerolux, National Marine Suppliers.
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