While 2015 was one of the most profitable years for European carriers as a whole, a wide spectrum of fortunes is evident in the relatively large number of failed operators in the region over the last 12 months.

Data collated by Flightglobal shows that 15 of the airlines that ceased operations in 2015 were European. This represents almost three-quarters of the total airline collapses during the year. Another dozen European carriers are among the 34 airlines that temporarily suspended flights in 2015. Seven of the airline failures – including the largest airline casualty, in the guise of Transaero – came from Russia.

Geopolitical developments have continued to hit Russian carriers since the dispute around the Crimea escalated in 2014, which prompted the introduction of sanctions against the country. As economic conditions in Russia have deteriorated, the rouble has plummeted further against the strong US dollar, adding further pain to carriers in the region. While all Russian carriers battled the tough climate, Transaero was the biggest carrier to fall. The privately owned operator had grown rapidly – more than quadrupling in size since 2007 – to carry over 13 million passengers per annum by 2014. But its financial problems mounted, reaching crisis point in the autumn when its proposed acquisition by national carrier Aeroflot broke down. It subsequently ceded operations to other Russian airlines and in October, Russia's federal aviation regular Rosaviatsia finally grounded Transaero. At that point, around 60% of Transaero's 9,500-strong workforce were set to be employed by Aeroflot and a newly created Moscow subsidiary of St Petersburg-based Rossiya.

Other notable casualties in Europe included national carriers Cyprus Airways and Estonian Air, both of which had their last survival options closed down after European Commission rulings ordered them to repay state aid. Both struggling carriers immediately ceased operations after the Commission confirmed the state-aid judgement. The collapse of Cyprus Airways in January 2015, after the Cypriot government failed to attract a new investor, has since prompted a number of carriers – notably Aegean Airlines – to expand to fill some of the Larnaca routes left unserved by the national carrier's demise.

Estonian Air ceased operations in November immediately after it was ordered to pay back over €85 million ($91 million) in funding. That – combined with the collapse earlier in the year of another carrier in the region, Air Lituanica – has boosted Air Baltic's ambitions to become a pan-Baltic carrier.

Air Baltic has lifted its presence in the Estonian capital Tallinn. But local operation Nordic Aviation, set up by the Estonian government to ensure continuity of links to the country in the event of Estonian Air's collapse, is also making a play for the market.

Nordic Aviation is one of a few relatively small start-up European carriers that emerged in 2015. Indeed, that has been a continued theme over recent years in Europe. Only one European carrier established over the last decade has grown to rank among the top 100 biggest carriers – Turkish Airlines' low-cost unit Anadolu Jet – while the listing includes only one European carrier that is not affiliated to a major airline and launched since 2000: Wizz Air. That underlines the challenging market since the financial downturn, where low-cost operator Volotea – which expects to carry 2.5 million passengers – is probably the most prominent non-affiliated new entrant.

IAG chief executive Willie Walsh highlighted that change during the airline group's recent Capital Markets Day event. "We don't see as many new entrants coming into the market, and that's been a structural change that dates back to 2008 and 2009 as well," says Walsh. "I think that reflects the strength of the low-cost carriers in Europe, where most of the white space is occupied now and if you are a new entrant in the European arena, you are going to come head-to-head with a very efficient low-cost carrier in probably everywhere you touch."

Peter Morris, chief economist at Flightglobal consultancy Ascend, notes that in mature markets the conditions that allowed start-ups to thrive – struggling incumbent carriers and green-field opportunities – no longer exist, in part because of the success of those new entrants. "In America, you will be fighting the LCCs and the restructured majors – and they have deep pockets," he says. "Plus, a lot of the territory is taken."

That said, one start-up – albeit with a familiar name – did take to the US skies in 2015. Eastern Air Lines, the Miami-based relaunch of the iconic US airline brand that disappeared in 1991, launched as a new charter carrier in May. In partnership with tour operator Havana Air, it conducted its first flight to the Cuban capital with a leased Boeing 737-800 painted in its predecessor's last livery.

Start-ups, though, continue to thrive in the emerging markets of Asia-Pacific and Latin America. Five all-new start-ups from these two regions – Azul, SpiceJet, Spring Airlines, Volaris and Interjet – have broken into the top 100 biggest carriers since their launch during the last decade.

Asia-Pacific was again a busy region for start-ups in 2015, with 21 new operators recorded by Flightglobal. That includes several carriers affiliated to existing operators, including the launch of Indonesian AirAsia X; NokScoot, the Bangkok-based long-haul low-cost joint venture from Nok Air; and Singapore Airlines' budget unit Scoot and Indian joint venture with Tata Sons, Vistara.

Overall, Flightglobal figures show a roughly equal balance between airline start-ups and failures during the years. It records 58 airline start-ups and 54 operators either ceased or suspended – though the latter includes some airlines that are being integrated into other airlines, such as Finnish carrier Blue1, which has been acquired by CityJet.

[In association with Marsh | Aviation & Aerospace Practice]