Fluid Conveyance Systems Market for Aerospace & Defense 2024 Global Key Players: GKN Aerospace, Parker Hannifin Corporation, Eaton Corporation, ITT Corporation, Encore Group, Arrowhead Products, and Triumph Group.
Asia Pacific will witness 4% CAGR till 2024 owing to proliferating aircraft deliveries. It is attributed to the surging air passenger traffic in developing countries across the region.
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Aerospace & defense fluid conveyance systems market from airframe is likely to capture over 60% share till 2024 owing to high implementation of these systems in applications such as brakes, flight control surfaces, landing gear, etc. Engine is likely to exhibit 4% CAGR from 2018 to 2024 owing to extensive usage of fluid conveyance systems for fluid transmission between the tank and aircraft engine.
Global aerospace & defense fluid conveyance systems market size is anticipated to exceed USD 22 billion over the forecast timeframe. Increasing aircraft production and global commercial plane deliveries will fuel the industry growth. Consistent investment in defense sector particularly in emerging countries has resulted in increase in demand from military aircraft resulting in revenue generation. Up surging air traffic owing to urbanization and affordability has contributed to the superior demand of the aircraft, this in turn, will induce positive impact on aerospace & defense fluid conveyance systems market size till 2024.
OEMs are expected to hold maximum share generating around USD 14 billion by 2024. This can be credited to mandatory installation of the fluid transmission systems in the aircraft for carrying out critical flight operations. Aftermarket is estimated to witness rapid growth over the forecast timeframe. Regular maintenance and safety checkup of aircraft with the replacement of the parts during the specified time duration will contribute to aerospace & defense fluid conveyance systems industry growth. Expansion in MRO industry particularly in the Asian countries will enhance the product penetration
Aerospace & Defense Fluid Conveyance Systems Market, By Aircraft
• Commercial aircraft
• Regional jet
• Business jet
• Military aircraft
Aerospace & Defense Fluid Conveyance Systems Market, By Fluid
Aerospace & Defense Fluid Conveyance Systems Market, By Component
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Hydraulic fluid system market is expected to contribute over 40% industry share during forecast time owing to the wide application in aircraft components supporting aerospace & defense fluid conveyance systems demand. Large hydraulics application including in brakes, landing gears, flight controls surfaces, and flaps are mainly operated through hydraulics which continuously needs a fluid mechanism to attain the highest reliability supporting demand.
Duct components segment is protected to dominate market revenue by generating over USD 7 billion in 2024. This segment will drive industry growth owing to a large application such as fuel tank inerting system, engine bleed air and starter system along with leading aircraft wings edges. Rising demand for improved high-quality ducts are made of titanium and nickel provides high material strength to cater new generation aircraft are instigating aerospace & defense fluid conveyance systems market size.
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The industry is witnessing continuous innovations for fluid conveyance technologies owing to need to develop high thrust turbofan engines. High requirement of conveyance systems in these engines is likely to enhance product sales, instigating immense growth potential to the industry size. However, usage of high quality materials in manufacturing process of these conveyance systems leads to excessive cost, hampering the industry growth till 2024.
Rising demand for energy-efficient engines & lightweight materials are few trends significantly impacting the aerospace & defense fluid conveyance systems market share from 2018 to 2024. The competitors are indulged in developing enhanced products with advanced technologies. For instance, Parker Hannifin has developed one stop system integration that is adopted by major aerospace industry players. Parker had partnered with Boeing 787 and had created a hydraulic equipment module by integrating around 60 components into a single sub system. This technology is created to provide the aircrafts with appropriate hydraulic support and structure.
GKN Aerospace, Parker Hannifin Corporation, Eaton Corporation, ITT Corporation, Encore Group, Arrowhead Products, and Triumph Group are among prominent players in aerospace & defense fluid conveyance systems market. Other key players include Exotic Metal Foaming, Unsion Industries, Stelia Aerospace, Senior Plc, and AIM Aerospace. The competitors are involved in adopting new product offerings as their core strategy to gain competitive edge and expand their portfolio.
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