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Aircraft Oxygen System Sales to Nearly Double Backed by Burgeoning Need for Replacement of Aging Aircraft
Fact.MR's latest report unveils the landscape of the aircraft oxygen system market for the upcoming decade. The report gives a detailed outlook on the key trends that are driving the market across several segments based on technology, sales channel, application, aircraft type and region. It also identifies dominant players and recent advancements in this market.
NEW YORK , Sept. 6, 2022 /PRNewswire/ -- The global aircraft oxygen system market is estimated to reach a valuation of US$ 9.8 billion by 2032. As of now, the global market for aircraft oxygen system generates revenue of US$ 5.36 billion . According to the report, global sales of aircraft oxygen systems are anticipated to grow at a CAGR of 6.2% through the evaluation period from 2022 to 2032.
Aircraft oxygen system is an essential component of an airplane as they regulate oxygen levels at high altitudes where atmospheric oxygen levels are insufficient. It assists travelers to maintain normal breathing at high altitudes as well as during emergencies.
Increasing demand for air travel is one of the key factors driving the growth in the aircraft oxygen system market. Additionally, massive investments in aviation sector by military, commercial airlines, and aircraft manufacturers such as Boeing is likely to boost consumption of aircraft oxygen systems.
For instance, according to the India Brand Equity Foundation (IBEF), the Indian government is planning to invest around US$ 5.99 billion – US$ 6.41 billion to improve the infrastructure by 2023. This is anticipated to boost the sales of aircraft oxygen system across South Asia over the upcoming decade.
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In addition, the replacement of aging and defective aircraft is another crucial trend that might accelerate the usage of aircraft oxygen systems. Numerous leading airlines are consistently upgrading their fleets to get rid of these aging aircraft. Backed by these aforementioned factors, demand in the market is predicted to gain tailwinds over the forecast period.
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The global aircraft oxygen system market is extremely competitive as several big companies are competing to establish market dominance. The entry of new market players is also restricted by high investment costs. However, new entrants can still enter this market, by raising fresh investments if they introduce innovative products that become the norm in this market.
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In the latest study, Fact.MR offers a detailed study of the aircraft oxygen system market for the forecast period of 2022 to 2032. This study also highlights primary drivers pushing the sales of aircraft oxygen systems through in-depth segmentation given below:
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