With the presence of a large pool of participants, the global galley equipment market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). 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 are some of the key vendors of galley equipment across the world. These players across galley equipment market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the galley equipment market study.
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Citing an instance, in February 2018, Meyer Turku Oy – a Finland-based shipbuilding firm– awarded a contract to ALMACO Group – a key player across Marine & Construction Sectors – for supplying galley equipment to Costa Cruises’ first LNG-driven cruise ships.
As estimated in this report, the global galley equipment market stood at US$ 5.62 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this galley equipment market is expected to reach US$7.50 billion by the end of the forecast period.
Massive Product Use In Aircraft & Ships To Accelerate Market Expansion
“Increasing product demand for the aircraft and ships along with escalating customer preference towards customization of galley equipment for getting comfort as well as ease in ships & airplane is anticipated to boost galley equipment market trends,” says the author of this galley equipment market study. Apart from this, rise in the production of private jets and ships is likely to drive the demand for galley equipment in the years ahead. In addition, rising adoption of advanced light-weight galley equipment is anticipated to drive galley equipment market growth in the years to come.
Massive popularity of low-cost carriers for various commercial and personal purposes is predicted to hinder the growth of galley equipment market. Furthermore, companies in this market face a constant challenge of reducing weight and size of galley equipment.
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Extensive Product Demand From Shipping Sector To Push Regional Dominance
Regionally, North America has been leading the worldwide galley equipment market and is anticipated to continue on the dominant position in the years to come, states the galley equipment market study. The large number of order queues from cruise ships and commercial airline companies to the manufacturers is the main factor behind the dominance of the North America galley equipment market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional galley equipment market.
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