NEW YORK, Jan. 11, 2022
- Electric Motor Driven Aircraft Pumps to Capture Over 40% of the Sales Revenue
- Fact.MR's recently published report on the aircraft pumps market offers a comprehensive analysis of the leading segments in terms of material type, technology, pressure, aircraft type, by end user & region. In addition, it provides in-depth information about the market dynamics, including drivers, restraints, latest trends, and growth opportunities.
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: In 2021, the aircraft pumps market was valued at US$ 3.73 billion. In the projection period 2022-2032, sales of aircraft pumps are predicted to approach US$ 6 billion, with a positive CAGR of approximately 5%.
The demand for aircraft pumps is being boosted by an increase in the number of flights, particularly in Asia Pacific and Europe, as well as technical advancements. Moreover, throughout the evaluation period, aircraft manufacturers are eager to adapt electrically powered pumps.
During the peak of the COVID-19 epidemic, sales were negatively impacted as the frequency of domestic and international air travel dropped dramatically. In comparison to 2019, the International Civil Aviation Organization (ICAO) reported a nearly 60% drop in passenger flight traffic in 2020. As limitations were gradually relaxed in the aftermath of lower infection rates, prospects began to improve in 2021.
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Significant expansion in passenger and freight air travel is driving demand for new aircraft, resulting in increased rivalry among manufacturers in terms of performance optimization and maintenance and operational cost reduction.
By 2035, the International Air Transport Association (IATA) expects the number of air travelers to reach 7.2 billion, with Asia Pacific accounting for the majority of the traffic. China is expected to overtake the United States as the world's largest aviation market by 2024, according to IATA. As traditional airplanes are being phased out in favor of more fuel-efficient models, aircraft pump makers are increasingly focused on high-pressure lightweight features.
In the future, aircraft component manufacturers and OEMs will benefit from a rising customer base combined with low operating expenses. Airlines are increasingly choosing lightweight pumps that might help them save money on fuel. Additionally, increased air passenger traffic is resulting in a shorter replacement cycle, which is driving demand for aircraft pumps in the MRO industry.
The construction of new airports and routes throughout Asia Pacific, including China, India, and Australia, is expected to improve air traffic. The procurement of new aircraft is expected to boost the demand for aircraft pumps.
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Established companies in the aviation pump industry continue to consolidate their positions, accounting for around 2/5th of the market share. With the goal of remaining compliant with emissions standards, these players are focusing on technologically innovative and tailored product designs, as well as the creation of extremely efficient and lightweight aircraft pumps.
· In March 2021, Triumph Group and Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) inked a definitive agreement for the formation of a joint venture to overhaul nacelles for the former's next-generation aircraft manufacture and repair plant in Arkansas.
· In June 2021, Eaton completed its acquisition of Cobham Mission Systems, a prominent manufacturer of air-to-air refueling systems, environmental systems, and actuation, principally for defense industries.
Key Players in the Aircraft Pumps Market are
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Fact.MR provides an unbiased analysis of the aircraft pumps market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global aircraft pumps market with a detailed segmentation on the basis of:
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