Galley Equipment Market (Analysis) worth 6.36 Billion USD by 2020

The report "Galley Equipment Market by Fit (Line Fit, Retro Fit), by Galley Type (Single Aisle, Twin Aisle, Business Aviation), by Galley Inserts (Electric Inserts and Non-Electric Inserts), by Application (Aviation, Marine), by Geography - Global Forecast 2020", is projected to reach USD 6.36 Billion by 2020, at a CAGR of 4.21%. A number of factors, such as increasing demand for ship and aircraft, rise in demand for lightweight galley equipment, demand for galley customization as per customer’s preferences, and increase in demand for modular galleys are expected to drive the growth of the galley equipment market.

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On the basis of type, the galley equipment market has been segmented into single-aisle, twin-aisle, and business general aviation. The single-aisle segment is projected to grow at the fastest CAGR during the forecast period of 2015 to 2020, primarily driven by growing demand for single-aisle aircraft across the globe.

The market for galley equipment has been segmented based on application into aviation and marine. The marine segment dominates the studied market, and is expected to continue its dominance over the next five years, primarily driven by increasing number of marine shipments across the globe. Countries such as Russia, U.S., Japan, China and U.K. are spending huge amount on developing their naval forces. This spending includes addition of new marine vehicles. Increasing government spending on development of naval forces is further expected to drive the galley equipment application in the defense sector.

The APAC region is expected to exhibit the highest growth rate in the galley equipment market during the forecast period from 2015 to 2020. The region has been witnessing strong growth in aviation and maritime industry over the past few years, mainly driven by increasing demand for new aircraft deliveries and increasing marine fleet in the region, which is expected to boost the galley equipment market. This growth can also be attributed to the increase in government spending in developing naval forces, increasing disposable of the population in emerging countries, such as India and China.

Factors such as delay in shipment deliveries may lead to order cancellation of aircraft and the increasing demand for low cost carriers may inhibit the growth of the galley equipment market.

Key players in the galley equipment market include B/E Aerospace (U.S.), Zodiac Aerospace (France), JAMCO Corporation (Japan), and Diehl Stiftung & Co. KG (Germany), and Meili Marine (U.S.), among others. The strategy of supply contracts and agreements accounted for a major share of the total growth strategies adopted by the leading players in the galley equipment market. For instance, Jamco had signed an agreement of Memorandum of Understanding (MoU) with Panasonic Corp. to enhance and promote innovation in product design and functionality for aircraft products, such as seats, galleys and lavatories.

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