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Aircraft Pumps Global Market Set to Skyrocket to $6.03 Billion By 2032 with an Impressive CAGR 9.9% | Eaton Corporation plc, Woodward Inc., Crissair Inc., Triumph Group Inc., Moog Inc.
Aircraft Pumps Global Market
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According to The Business Research Company's, The aircraft pumps market size has grown rapidly in recent years. It will grow from $3.75 billion in 2023 to $4.14 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. 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 pumps market size is expected to see strong growth in the next few years. It will grow to $6.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to electric aircraft development, air travel recovery, rising defense budgets, trade and geopolitical factors, increasing tourism activities. Major trends in the forecast period include lightweight materials and design, sustainable and green technologies, digitalization and iot integration, increased reliability and redundancy, pump health monitoring.
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Market Drivers and Trends:
An increase in air passenger traffic will propel the growth of the aircraft pumps market. The increase in air passengers is due to rising GDP, disposable income, and living standards. Additionally, the prolonged lockdown during the COVID-19 outbreak has led to an upsurge in both business and leisure travel. As air travel increases, there is a rise in demand for aircraft. The aircraft pumps are an integral part of the aircraft that help in the flow of fluids and gases for the proper functioning of the aircraft. According to a report published in May 2022 by International Civil Aviation Organization (ICAO), a UN agency and a global forum for civil aviation, the number of passengers carried by air climbed by 65% from January to April 2022 as compared to January to April 2021, while the number of aircraft flight departures rose by 30%. Hence, an increase in air passengers and air travel will lead to a growth in the aircraft pumps market.
Partnerships and collaboration are key trends in the aircraft pumps market. Companies are entering into a partnership with aircraft pumps manufacturer to expand their market and leverage each other's resources. For instance, in July 2021, McFarlane Aviation, a US-based engineering and manufacturing company specializing in aircraft components, partnered with C J Aviation. Through this partnership, C J Aviation will improve its access to a bigger market and speed up the development and FAA certification of new products for C J's product line with the assistance of McFarlane's technical and manufacturing teams. C J Aviation is a US-based manufacturer and distributor of fuel pumps, smoke pumps, and hydraulic pumps.
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Major Key Players of the Market:
Eaton Corporation plc, Parker Hannifin Corporation, Woodward Inc., Honeywell International Inc., Crissair Inc., Triumph Group Inc., Moog Inc., Arkwin Industries Inc., Beaver Aerospace & Defense Inc., Liebherr Group, GKN Aerospace, Raytheon Technologies Corporation, Safran S.A., Meggitt PLC, Crane Co., Zodiac Aerospace, AeroControlex Group, Pall Corporation, Donaldson Inc., CLARCOR Inc., Freudenberg & Co. KG, UTC Aerospace Systems, ITT Aerospace Controls, Circor Aerospace & Defense, Aeromax Industries Inc., Aerofit Inc., Collins Aerospace, Aeromaoz Ltd.
Aircraft Pumps Market 2024 Key Insights:
• The aircraft pumps market size is expected to see strong growth in the next few years. It will grow to $6.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Rising Air Passenger Traffic As A Growth Driver For The Aircraft Pumps Market
• Collaborative Partnerships For Market Expansion And Resource Synergy
• North America was the largest region in the aircraft pumps market in 2023
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