New York, NY, July 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Galley Equipment Market By Fit (Line Fit and Retro Fit), By Galley Inserts (Aviation and Ship galley [Electric Inserts and Non-Electric Inserts]), By Application (Aviation [Single-Aisle, Twin-Aisle, and Business General Aviation], Marine [Defense and Commercial]) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global galley equipment market was valued at around USD 5.62 billion in 2017 and is expected to reach approximately USD 7.50 billion by 2024, growing at a CAGR of around 4.25% between 2018 and 2024.
The galley is the onboard kitchen on an air- and waterborne craft, used for the storage and cooking purposes. The galley equipment market is expected to gain a significant revenue growth owing to the increased costs of the electric and non-electric inserts. The growing number of passengers and prevalence of renovation & retrofitting, which demands customized galley systems, energy-saving control system, and lightweight galley equipment are the number of imperative factors driving the growth of the market. However, the growth of LLC airlines, design limitations in the aircraft or ships, and harmful galley grease are some of the major challenges for the galley equipment market.
Browse through 37 Tables & 17 Figures spread over 110 Pages and in-depth TOC on "Global Galley Equipment Market: By Industry Type, Size, Share, Trends and Forecast, 2017 – 2024”.
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The global galley equipment market is classified on the basis of fit type, galley inserts, and application. Aviation and ship galleys comprise of electric and non-electric inserts. The aviation galley has various non-electric inserts such as trolleys, hoods, canopies, serving pots, buffet/bar counters, stainless steel panel system, trash compactor, and rack/trays. Likewise, electric inserts include stainless steel panel system, coffee makers, food processing equipment, beverage makers, chillers, air chillers, water boilers, wash ware machinery, food warmers, dishwaters, and refrigeration systems are installed as part of galley equipment on commercial aircraft, large aircraft, narrow body aircraft, and wide-body aircraft.
The crucial drivers for the market growth are increasing demand for the aircraft and ships with lightweight equipment. As of now, customer preference is important for the customization of galley equipment as comfort and ease in many ships and aircraft has promoted the demand for state-of-the-art galley equipment. Furthermore, the demand for the private ships and aircraft is increasing and has a direct influence on the demand for galley equipment globally. For instance, Bucher, a company known for its lightweight construction techniques, provides aluminum galley frame structure, which reduces the overall weight of the galley significantly. On the other hand, JAMCO provides an enhanced galley with its weight saving technology to the customers. Moreover, the uses of composite-based materials by galley equipment vendors help to reduce the weight of an aircraft, overall fuel consumption, and lower operating costs.
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North America is anticipated to show substantial growth in the years to come. This growth is mainly due to a large number of order queues from cruise ships and commercial airline companies to the manufacturer. For instance, On January 2018, Carnival Corporation announced that the company is about to launch four new cruise ships in 2018. Additionally, the Carnival Corporation also intends to launch 18 more cruise ships in between 2018 to 2022.
Followed by North America, Europe is also expected to witness significant growth during the forecast period. The factors attributed towards the market growth of this region are the high disposable income of the population and growing trend of private ships and business jets along with the rising capacity of naval and cruise ships. Moreover, the rising fleet size and modernization of defense vessels are the key reasons for the market growth. Due to which, the manufacturer of ships and aircraft are on the rise in terms of corporate profits and extensive economic recovery. These factors have contributed to the increased demand for aircraft and business jets.
Browse the full "Galley Equipment Market By Fit (Line Fit and Retro Fit), By Galley Inserts (Aviation and Ship galley [Electric Inserts and Non-Electric Inserts]), By Application (Aviation [Single-Aisle, Twin-Aisle, and Business General Aviation], Marine [Defense and Commercial]) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/galley-equipment-market
The Asia Pacific region is expected to be the most promising region in the future. The aviation and marine industry will witness strong growth, mainly due to rising demand for new aircraft deliveries and marine fleet in this region; hence, it is expected to fuel the galley equipment market growth. Despite this, the growth of this region is attributed towards some factors such as increasing government spending in the development of naval force and rising disposable income of the population in the emerging economies such as China and India. Latin America and the Middle East & Africa are poised to be the growth engines for the galley equipment market during the forecast period.
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The report also includes detailed profiles of key players such as Zodiac Aerospace, JAMCO Corporation, Diehl Stiftung & Co. KG, Meili Marine, B/E Aerospace, Inc., Diehl Aerospace GmbH, Kang Li Far East Pte. Ltd., Loipart AB, Jeitek Co. Ltd., Bucher Leichtbau AG, Almaco Group, Reinhold & Mahla AG, Diethelm Keller Aviation PTE Ltd., GN Espace, National Marine Suppliers, Jeitek, and R & M Group. The detailed description of players includes parameters such as company overview, financial overview, business strategies and recent developments of the company.
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This report segments the global galley equipment market as follows:
Global Galley Equipment Market: Type Segment Analysis
By Fit
- Line Fit
- Retro Fit
By Insert Type
- Aviation Galleys
- Electric Insert
- Non-Electric Insert
- Ship Galleys
- Electric Insert
- Non-Electric Insert
Global Galley Equipment Market: Application Segment Analysis
- Aviation
- Single-Aisle
- Twin-Aisle
- Business General Aviation
- Marine
- Defense
- Commercial
Global Galley Equipment Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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