CHICAGO, Sept. 26, 2023 /PRNewswire/ -- The global aircraft pumps market size is projected to grow from USD 3.6 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 4.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. The market is driven by various factors, such as increase in aircraft renewals and need for more flexible and light aircraft, increasing air travel demand, technological advancements, aircraft fleet modernization, rising defense spending.
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Browse in-depth TOC on "Aircraft Pumps Market"
770 – Tables
51 – Figures
378 – Pages
Aircraft Pumps Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 3.6 billion |
Estimated Value by 2028 | $ 4.6 billion |
Growth Rate | Poised to grow at a CAGR of 4.8% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Pressure, End Use and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Legal and regulatory barriers |
Key Market Opportunities | Newer technologies in pumps and pumping systems to enhance pumping efficiencies |
Key Market Drivers | Need for more flexible and light aircraft with improved light-weighted systems and compact pumping systems |
Increasing in demand for aircraft renewals and deliveries will drive the demand for fuel pump segment.
The fuel pump segment is expected to be the largest market by value due to its critical role in ensuring safe and efficient aircraft operation. As the aviation industry increasingly prioritizes fuel efficiency, the demand for advanced fuel pump systems that precisely deliver fuel while minimizing waste is growing. The adoption of next-generation, fuel-efficient aircraft further underscores the importance of fuel pumps. These pumps not only boost aircraft performance but also align with environmental sustainability objectives by reducing fuel consumption and emissions.
The above 3,000 psi segment is projected to witness a higher CAGR during the forecast period.
Based on pressure, the above 3,000 psi segment is projected to be the highest CAGR rate for the aircraft pumps market during the forecast period. These high-pressure pumps play a pivotal role in critical applications, including advanced flight control systems and landing gear, where precise and dependable performance is essential. Their capacity to withstand extreme pressures, combined with their adaptability across various aircraft systems, positions them as indispensable components in ensuring both aircraft safety and operational efficiency.
The electric motor driven segment is projected to witness a higher CAGR during the forecast period.
Based on the technology, the electric motor driven segment is projected to be the highest CAGR rate for the aircraft pumps market during the forecast period. These pumps offer exceptional efficiency, precise control, and reduced maintenance requirements, making them ideal for modern aircraft systems. Their ability to align with lightweight and environmentally friendly aircraft designs further fuels demand. As the aviation industry increasingly prioritizes efficiency and sustainability, electric motor-driven pumps are expected to experience significant growth, emerging as leaders in the market.
The Unmanned Aerial Vehicles segment is projected to witness the highest CAGR during the forecast period.
Based on the aircraft type, the unmanned aerial vehicles segment is projected to grow at the highest CAGR rate for the aircraft pumps market during the forecast period. Unmanned Aerial Vehicles (UAVs) are positioned to lead the aircraft pumps market due to their expanding applications across various sectors. UAVs rely on specialized pumps for critical functions, including surveillance, agriculture, and defense. As UAV technology continues to diversify and evolve, the demand for tailored pumps for these lightweight and versatile aircraft is on the rise.
The OEM segment is projected to witness the highest CAGR during the forecast period.
Based on the end use, the OEM segment is projected to grow at the highest CAGR rate for the aircraft pumps market during the forecast period. Original Equipment Manufacturers (OEMs) are poised to lead the aircraft pumps market due to their essential role in supplying pumps as standard components in newly manufactured aircraft. As global air travel demand grows and aircraft manufacturers continue to produce next-generation, more fuel-efficient, and technologically advanced aircraft, the demand for reliable, high-performance aircraft pumps supplied directly by OEMs is on the rise. These pumps are designed to seamlessly integrate with the aircraft's systems, ensuring optimal performance and safety, making the OEM segment a pivotal driver in the aircraft pumps market.
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The Asia-Pacific market is projected to witness the highest CAGR from 2023 to 2028
Asia-Pacific is projected to witness the highest CAGR rate for the aircraft pumps industry during the forecast period. Rapid economic growth in the region has led to an increased demand for air travel, necessitating more aircraft and aircraft components, including pumps. Emerging aviation hubs and manufacturing centers in countries like China and India are actively investing in their aerospace industries, further driving demand. Growing defense budgets, technological advancements, and market liberalization are also contributing to the region's accelerated growth in the aircraft pumps market.
The aircraft pumps companies includes major players Safran (France), Eaton Corporation plc (Ireland), Parker-Hannifin Corporation (US), Woodward, Inc. (US), and Crane Co. (US). These players have spread their business across various countries including North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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