Decision makers in the transportation industry know how difficult it can be to create galleys that are efficient, long-lasting, and compact. This challenge created the need for innovative suppliers. Perhaps it’s no wonder that the galley equipment market is expected to expand rapidly in the coming years.
In 2015, experts valued the market at $5.17 billion. By 2022, that number is expected to be at $6.8 billion with a CAGR of 5.1 percent. That kind of growth is no accident. While many factors contribute to the expansion of this industry, these are the three primary influences:
- High demand for durability
- Increased need for modular, customizable equipment
- A significant rise in water and air craft manufacturing and retrofitting
Buyers Need Long-Lasting Equipment
Companies with ships and airplanes continue to look for ways to save money. Many businesses have discovered that high-quality, durable galley equipment can lower costs in the long run. After all, galleys are often forced to run efficiently in harsh conditions. Instead of paying to repair or replace broken equipment, companies can use that cash where they need it.
As such, companies like Cospolich have risen to the challenge to create durable equipment without sacrificing functionality. As the demand for such equipment continues to grow, so will the market.
Customization is Key
Today’s galley customers don’t just need equipment to weigh less; they need to be able to customize it to fit their needs. With so many ship and aircraft models, businesses need to know they can make a galley that meets each model’s requirements. The increased demand for modular and customizable systems will continue to drive the industry’s growth.
More Manufacturing and Retrofitting
The Asia-Pacific area of the world is greatly responsible for the projected development of the galley equipment market. This region has seen incredible growth in both aviation and marine travel in the past few years. As this trend continues, more ships and airplanes will need galley equipment.
In addition to the manufacturing of new carriers, retrofitting old models has increased demand for better galley equipment. In fact, the original market report states, “the retro fit segment commands the overall market, and is anticipated to exhibit a similar trend over the forecast period.”
As more air and water craft need durable, customizable equipment, the market will continue to expand. Cospolich will continue to innovate and meet market demands. Our equipment is easy to adapt. Learn more about how Cospolich can help your business.