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Aircraft Auxiliary Power Unit Market 2024 - By Share, Size, Trend, Demand, Analysis By Top Leading Players And Forecast Till 2033
Aircraft Auxiliary Power Unit Market
According to The Business Research Company's, The aircraft auxiliary power unit market size has grown steadily in recent years. It will grow from $3.35 billion in 2023 to $3.48 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to fuel efficiency requirements, stringent environmental regulations, expansion of air transport networks, rise in regional and low-cost carriers, increased focus on passenger comfort.
The aircraft auxiliary power unit market size is expected to see steady growth in the next few years. It will grow to $4.02 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to modernization of existing fleets, integration of more electric aircraft systems, development of sustainable aviation solutions, growth in urban air mobility (uam), enhanced connectivity and avionics systems, focus on weight reduction. Major trends in the forecast period include advancements in apu technology, increased demand for more fuel-efficient apus, integration of advanced materials, focus on noise reduction, digitalization and connectivity.
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Market Drivers and Trends:
The increasing number of aircraft deliveries is expected to propel the growth of the aircraft auxiliary power unit market going forward. Aircraft deliveries refer to the process of manufacturing, assembly, and delivery of aircraft to customers, which can include airlines, private owners, or military organizations. The APU provides energy to the aircraft's electrical and pneumatic systems, allowing the aircraft to operate independently on the ground or during maintenance work. This reduces the reliance on external power sources and provides greater flexibility for the airline. For instance, in February 2023, according to a report shared by the General Aviation Manufacturers Association (GAMA), a US-based industry trade association representing general aviation aircraft manufacturers and related enterprises, the number of piston aircraft delivered increased by 8.2% to 1,524 in 2022 from 2021 that of turboprop aircraft increased by 10.4% to 582 and business aircraft increased by 7.12% to 712 from 710. Deliveries of aircraft were valued at $22.9 billion in 2022, an increase of almost 5.8% from 2021. Therefore, the increasing number of aircraft deliveries is driving the aircraft auxiliary power unit market.
Technological advancements are the key trends gaining popularity in the aircraft auxiliary power unit market. Major companies operating in the aircraft auxiliary power unit market are focused on developing new technological solutions to strengthen their position in the market. For instance, in September 2022, Ampaire, a US-based hybrid-electric aircraft conversion firm, selected Electric Power (EP) Systems, a US-based provider of energy storage systems, to provide propulsion battery packs for the Eco Caravan aircraft. The nine-passenger Cessna Grand Caravan was upgraded to the hybrid-electric Eco Caravan. The Eco Caravan will incorporate the EPiC energy storage system from EP Systems. Embraer Ipanema, Boeing CAV, NASA X-57, Diamond eDA-40 and Aurora Flight Sciences Pegasus are just a few of the manned and unmanned aircraft that are currently powered by other battery systems from EP Systems.
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Major Key Players of the Market:
Honeywell International Inc.; Hamilton Sundstrand Corporation; Technodinamika; Kinetics Ltd.; Rolls-Royce PLC; AEGIS Power Systems Inc.; Pratt & Whitney Canada Corp.; Safran Power Units SAS; United Technologies Corporation; The Dewey Electronics Corporation; Liebherr-Aerospace Lindenberg GmbH; General Electric Company; BAE Systems plc.; Raytheon Technologies Corporation; BOSA S.A.; JSC NPP Aerosila; PBS Group a. s.; Microturbo; Falck Schmidt Defence Systems A/S; Hartzell Aerospace; Dewey Electronics Corporation; The Marvin Group; AMETEK Airtechnology Group; Behlman Electronics Inc.; Tecknowledgey; UTC Aerospace Systems; Aerospace Turbine Rotables Inc.; AeroVironment Inc.; Airborne Systems North America; Aircraft Electronics Associatio
Aircraft Auxiliary Power Unit Market 2024 Key Insights:
• The aircraft auxiliary power unit market size will grow to $4.02 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.
• Rising Aircraft Deliveries Fuel Expansion In Aircraft Auxiliary Power Unit Market
• Cutting-Edge Technologies Propel Aircraft Auxiliary Power Unit Market Growth
• North America was the largest region in the aircraft auxiliary power unit market in 2023
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