Oct 19, 2020 4:00 PM ET
iCrowd Newswire – Oct 19, 2020

In a global scenario, commercial airplanes are anticipated to maintain continuous growth over the coming years, irrespective of the numerous challenges the commercial airlines face, which includes uncertain fuel prices and other regulatory changes in various countries. In addition to this, the growing investments in defense aircraft across countries are expected to drive the demand for military aircraft during the forecast period of 2020 to 2027.

The aircraft manufacturing industry is experiencing substantial growth owing to the growing demand for general aviation, commercial, and military aircraft worldwide. The rising disposable incomes in developing countries, along with the presence of top players such as Airbus and Boeing, are some of the factors that are driving the demand for these aircraft.

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Impact of COVID-19 Pandemic on Aviation Life Rafts Market

The recent outbreak of the COVID-19 has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID-19, the aerospace industry was experiencing substantial growth in terms of production, despite huge backlogs among the aircraft manufacturers. However, due to a significant rise in the number of passenger counts in the global aviation industry, there is an increase in aircraft procurement (commercial, general and military). The outbreak of COVID-19 has decimated the demand for aircraft across the end users (general aviation, commercial aviation, and military aviation). This has reflected lesser demand for ancillary products such as aviation life rafts. In addition to procurement of aircraft fleet, several commercial airlines have retired a fair percentage of their widebody jets, which demanded higher volumes of evacuation slides/rafts. This factor is anticipated to showcase slowdown in procurement of life rafts, thereby hampering the growth of the aviation life rafts market. Moreover, the limited manpower at the raft manufacturing units also weakened the production rate, thereby reflecting slowdown in the growth of the aviation life rafts market.

The implementation of stringent regulatory standards on safety equipment Is the significant factor driving the growth of the aviation life rafts market. However, removal of life rafts from aircraft flying within 400 nautical miles from the coast is the major factor that may hinder the growth of the aviation life rafts market. Nevertheless, the implementation of coated fabric for life rafts is anticipated to boost the growth of the aviation life rafts market.

The application of aviation life rafts is not limited to commercial aircraft for rescuing purposes but also has its usage in military aircraft as well. These life rafts have to be approved by the governing body, namely: International Convention for the Safety of Life at Sea (SOLAS), for ensuring the proper functioning in case of any emergency. There are different types of aviation life rafts present in the market, depending on the capacity, such as large-sized life rafts, medium-sized life rafts, and small-sized life rafts.

Strategic Insights

The market players focus on expansion, collaboration, partnerships to compete with the competitors.

  • In 2020, Safran signed a maintenance contract for the emergency flotation system of the US Coast Guard HH-65 helicopter fleet. The 5-year agreement includes the maintenance of the flotation systems of all 98 HH-65 Dauphin helicopters used by the US Coast Guard during their various missions.
  • In 2018, AVI Aviation completed the acquisition of Survival Products, Inc., a prominent manufacturer and service provider of life rafts since 1970.  This acquisition would help AVI Aviation capture emergency equipment sales and service opportunities in the general and business aviation market.

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