According to a latest research report by Global Market Insights, Inc. “Fluid Conveyance Systems Market for Aerospace & Defense will cross USD 22 billion by 2024.” Increasing aircraft production and deliveries across the globe will primarily drive the industry growth over the forecast timeframe. Continuous growth in defense sector, especially in emerging economies will led to rising demand for military aircrafts thereby escalating the revenue generation. Rising urbanization in various regions has led to increased air passenger traffic owing to affordable flight rates. This has resulted in growth of aircraft deliveries, positively impacting the fluid conveyance systems market share for aerospace & defense till 2024.
OEMs are likely to dominate the fluid conveyance systems market for aerospace & defense, surpassing USD 14 billion over the forecast timeframe. Their large-scale installation in aircrafts for fluid transmission will primarily support the industry dominance. Substantial aircraft production globally along with continuous efforts of OEMs to install advanced components in aircrafts will further strengthen the industry penetration. Aftermarket will witness substantial growth at over 3.5% from 2018 to 2024. This can be credited to high replacement needs, particularly in ageing aircrafts. The aftermarket players ensure the quality maintenance of these systems, further supporting the industry growth.
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 fluid conveyance systems market share for aerospace & defense 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.
Commercial aircrafts will dominate the fluid conveyance systems market for aerospace & defense with more than 80% share over the forecast timeframe. This can be attributed to their continuously rising production. In addition, substantial production rates of popular aircrafts such as B787, B737, A320 family, A350XWB, etc. will further support the industry dominance. Regional jets will exhibit over 5.5% CAGR till 2024 owing to rising investments in aviation industry coupled with provision of optimized capacity by these jets.
Hydraulic fluid systems is anticipated to showcase dominance with approximately 40% revenue share by 2024. These systems are highly prominent in conducting various critical operations of aircrafts. Provision of the benefits such as cost-effective installation, easy maintenance, and negligible losses will further contribute towards the revenue generation. Fuel systems will witness approximately 4% CAGR from 2018 to 2024 owing to regular innovations to develop enhanced products. Continuous focus from the manufacturers to offer wide product range to fulfil the rising requirements of OEMs will further strengthen the industry penetration.
Ducts will account for more than USD 7 billion in fluid conveyance systems market for aerospace & defense by 2024. Their high usage for transmitting the fluids from the engine to aircraft wings edges will essentially contribute towards the revenue generation. They are also used in applications such as starter systems, engine bleed air, and thermal anti-ice systems, accelerating their demand. Hoses will witness around 4% CAGR from 2018 to 2024 owing to their high flexibility and strength.
Fluid conveyance systems market share for aerospace & defense 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.
North America fluid conveyance systems market for aerospace & defense will dominate the industry will over 50% revenue share over the next seven years. Rising aircraft production coupled with high presence of component manufacturers will support the regional dominance. 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.
GKN Aerospace, Parker Hannifin Corporation, Eaton Corporation, ITT Corporation, Encore Group, Arrowhead Products, and Triumph Group are among prominent players in fluid conveyance systems market for aerospace & defense. 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.