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Global Aircraft Hydraulic System Market Comprehensive Study: Forecasted Market Size And Growth Rate
Aircraft Hydraulic System Market
The Business Research Company offers in-depth market insights through Aircraft Hydraulic System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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%. The growth in the forecast period can be attributed to electric aircraft development, air travel recovery, rising defense budgets, trade and geopolitical factors. Major trends in the forecast period include electrification and hybridization, sustainable hydraulic systems, iot and predictive maintenance, smart sensors, additive manufacturing.
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Market Segmentation:
The main types of aircraft hydraulic systems are open-center and closed-center. The open-center aircraft hydraulic system is used to pump and circulate the fluid from the reservoir to the selector valves and back to the reservoir. It refers to an open center system that helps in fluid flow and has no pressure in the system when the actuating mechanisms are idle. This system may work for any number of subsystems. The various components include reservoirs, pumps, valves, hydraulic fuses, accumulators, actuators, and others. The several fluid types involved are vegetable-based, petroleum-based, and synthetic-based, which have various wing types such as fixed-wing and rotary-wing. They are used by various end-users, such as the air force, commercial and general aviation.
Major Driver - Rising Demand For Larger Commercial Aircraft Boosts Aircraft Hydraulic System Market
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. Therefore, the increase in usage of larger commercial aircraft is driving the growth of the aircraft hydraulic system market.
Competitive Landscape:
Major companies operating in the aircraft hydraulic system market include Parker Hannifin Corporation, Dynex/Rivett Inc., Liebherr-International AG, Woodward Inc., Triumph Group Inc., Moog Inc., Arkwin Industries Inc., Safran S.A., Hycom Engineering Pvt. Ltd., Senior plc, Honeywell International Inc., Eaton Corporation, United Technologies Corp., Nabtesco Corporation, SKF Group, Curtiss-Wright Corporation, Sitec Aerospace GmbH, GKN Aerospace, Abaco Systems Ltd., Claverham Ltd., Circle Seal Controls Inc., Electromech Technologies LLC, Oerlikon Corporation AG, Young & Franklin Inc., AGI Industries Pvt. Ltd., Argo-Hytos Group, Alta Group, Roper Technologies Inc., Sierra Nevada Corporation, Tactair Fluid Controls Inc.
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Top Trend - Technological Advancements Elevate Performance In The Aircraft Hydraulic System Market
Technological advancements have emerged as the key trend gaining popularity in the aircraft hydraulic system market. Major companies operating in the market are introducing new technologies to sustain their position in the market. For instance, Greene Tweed, a US-based high-performance seal manufacturer, announced the launch of its new L-Cap seal for hydraulic applications in aerospace. The new L-Cap seal is said to surpass industry standards for performance and durability due to the use of proprietary Avalon PTFE, Arlon PEEK, and elastomer materials. This guarantees a long service life, minimal fluid leakage, and excellent performance over a wide temperature range. Greene Tweed's L-Cap seal, used in crucial flight actuation systems, offers superior fluid sealing in hydraulic cylinders even at very high pressures.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aircraft Hydraulic System Market Characteristics
3. Aircraft Hydraulic System Market Trends And Strategies
4. Aircraft Hydraulic System Market - Macro Economic Scenario
5. Aircraft Hydraulic System Market Size And Growth
…..
27. Aircraft Hydraulic System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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