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Aircraft Hydraulic System Global Market Projected to Reach $4.34 Billion By 2028 with CAGR of 13.5%
Aircraft Hydraulic System Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Aircraft Hydraulic System industry. This report on Aircraft Hydraulic System market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The aircraft hydraulic system market size has grown rapidly in recent years. It will grow from $2.29 billion in 2023 to $2.61 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to growth in commercial aviation, military aircraft modernization, aging aircraft fleet, aircraft safety regulations, emerging markets. The aircraft hydraulic system market size is expected to see rapid growth in the next few years. It will grow to $4.34 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%.
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Key Market Players:
Parker Hannifin Corporation, Dynex/Rivett Inc., Liebherr-International AG, Woodward Inc., Triumph Group Inc., Moog Inc.,The Progressive Corporation are prominent players in the Aircraft Hydraulic System industry.
Market Drivers:
An increase in the usage of larger commercial aircraft is expected to propel the growth of the aircraft hydraulic system market going forward. The term 'larger-sized commercial aircraft' refers to aircraft that carry 12,500 pounds. Aircraft hydraulics help to achieve the essential consistency for large-scale aircraft and also lower the cooling cost and increase the load handling capacity. For instance, according to the Bureau of Transportation, a US-based department of transportation, in May 2021, the U.S. airlines carried 607% more scheduled service passengers than in May 2020, and large airlines' passenger travel has increased from 8 million in 2020 to 56.6 million in 2021.
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Market segments for Aircraft Hydraulic System include:
1) By Type: Open-Center, Closed-Center
2) By Component: Reservoirs, Pumps, Valves, Hydraulic Fuses, Accumulators, Actuators, Other Components
3) By Fluid Type: Vegetable-Based, Petroleum-Based, Synthetic-Based
4) By Wing Type: Fixed-Wing, Rotary Wing
5) By End User: Air force, Commercial and General Aviation
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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