30-Apr-2021 | Market Research Store
Findings from the report “Aerospace & Defense Fluid Conveyance Systems Market By Aircraft (Commercial Aircraft, Regional Jet, Business Jet, Military Aircraft, and Helicopter), By Fluid (Fuel, Pneumatic, and Hydraulic), By Component (Hoses, Couplings, Ducts, and Seals), By Distribution Channel (OEM and Aftermarket), and By Application (Engine and Airframe): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global demand for aerospace & defense fluid conveyance systems market in 2019 was approximately USD 18.1 Billion. The market is expected to grow at a CAGR of 3.2% and is anticipated to reach around USD 22.6 Billion by 2026.
Fluid conveyance systems disperse and control fluids or liquids in high and low temperature and pressure areas in rotary and fixed-wing aircraft for military and civil applications. Low-pressure ducting, hoses, high-pressure ducting, tubing, and other parts make up the fluid conveyance system.
The growing air traffic is expected to drive the global aerospace & defense fluid conveyance systems market. Due to advancements in airport facilities as well as growing consumer demand, there has been a rise in air traffic passengers globally in the last few years. The increase in disposable income coupled with the increasing middle class has also contributed significantly to the growing demand. Globally, the commercial aircraft fleet is constantly expanding, particularly in the Asia-Pacific region, to meet rising demand. Furthermore, airlines are renewing their older aircraft fleets and replacing them with new facilities and technology, as the refreshed fleet would operate for almost the next 30 years. Based on the data published by IATA and SGI Aviation, before 2015, more than 27,000 passenger aircraft were in use around the world, with an average age of 12.6 years. Furthermore, with an average age of about 25 years, about half of all aircraft are still in service. These statistics indicate a high demand for maintenance operations, which will increase the revenue generated by aerospace & defense fluid conveyance systems over the study period.
COVID-19 is putting a lot of strain on the aviation industry. Governments all over the world had halted air traffic to prevent the transmission of the novel coronavirus. When combined with the high operating expenses that airlines face on a daily basis, this ensures there is no money flowing in. COVID-19 has wreaked havoc on the aviation industry. Repatriation policies are another aspect that puts pressure on aviation industry players. Airlines had been commissioned by their governments to accommodate stranded residents in order to return them to their homes. Another part of aviation that would be harmed by COVID-19 is airport maintenance and routine activities. Airport officials are running out of cash reserves due to a loss of sales from concessions, parking, and duty-free. The United States recently passed a bill to provide financial assistance to keep airports operational. Pharmaceuticals, safety gear such as face masks, and medical supplies are transported via commercial routes. The majority of businesses are nearing the end of their cash balances, which would have a significant effect on recovery rates after COVID-19. Although COVID-19 pathogens spread across the workforce, plant capacity can be affected unless appropriate preventative measures are taken. The lockdown also hindered the supply chain and logistics, preventing the supply of finished goods and the procurement of raw materials. Since the majority of the production workforce works in on-site roles that cannot be handled remotely, the aerospace & defense fluid conveyance systems industry may be particularly vulnerable. The US, United Kingdom, Italy, India, and China have adopted incentive programmes in order to reduce COVID-19's impact on the aviation industry. Aerospace tape manufacturers face operational difficulties which result in less material demand.
The global aerospace & defense fluid conveyance systems market is segmented as aircraft, fluid, component, distribution channel, application, and region. By aircraft, the global market is bifurcated into regional jet, military aircraft, commercial aircraft, business jet, and helicopter. Commercial aircraft category in the aircraft segmentation dominated the segment in 2019 and is anticipated to continue its dominance in the forecast period due to increasing demand for aircrafts such as A320, B737, B787, and A350XWB. By fluid, the global market is bifurcated into hydraulic, pneumatic, and fuel. Hydraulic category in the fluid segmentation dominated the segment in 2019 and is anticipated to continue its dominance in the forecast period attributed to its ability to carry out critical flight operations. By component, the global market is bifurcated into couplings, seals, hoses, and ducts. By distribution channel, the global market is bifurcated into the aftermarket and OEM. By application, the global market is bifurcated into the airframe and engine. Geographically, the global aerospace & defense fluid conveyance systems market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Browse the full “Aerospace & Defense Fluid Conveyance Systems Market By Aircraft (Commercial Aircraft, Regional Jet, Business Jet, Military Aircraft, and Helicopter), By Fluid (Fuel, Pneumatic, and Hydraulic), By Component (Hoses, Couplings, Ducts, and Seals), By Distribution Channel (OEM, and Aftermarket), By Application (Engine, and Airframe): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.marketresearchstore.com/market-insights/aerospace-defense-fluid-conveyance-systems-market-828590
North America region dominated the global aerospace & defense fluid conveyance systems market in 2019 and is anticipated to continue its dominance in the upcoming years. This is due to the growing business and commercial aviation industry in the country, which has the largest demand for aerospace and defense aircraft in the world. Furthermore, due to small profit margins and increasing fuel costs, the area is anticipated to see growing demands for fuel-efficient aircraft over the forecast period. The mature North American industry is being driven by a high replacement rate, mostly for regional aircraft. The need to upgrade or substitute obsolete planes with fuel-efficient planes is expected to boost the market growth in this region.
The Asia Pacific aerospace & defense fluid conveyance systems market is expected to expand at a significant rate. The increased focus on the development of aircraft manufacturing facilities in the Asia Pacific region has contributed to the region's development. Government policies that encourage investment and a rising defense budget are fueling the market's development. The market's growth is projected to be fueled by the region's expanded commercial and military aircraft demand and acquisition programmes. The Boeing Company and the Commercial Aircraft Corporation of China, for example, formed a joint venture in December 2018 to develop the first 737 aircraft in China.
The Europe aerospace & defense fluid conveyance systems industry trailed that of North America in 2019, and it is predicted to expand at a healthy rate in the coming years. A professional workforce with experience in the design and construction of complex aerospace structures is needed by the industry. Engineering experience in European countries is projected to fuel regional demand growth over the forecast period. Furthermore, due to the high concentration of aerospace OEMs and related product manufacturers in the area, demand for aerospace & defense fluid conveyance systems has increased. Latest aircraft manufacturing developments, such as the addition of more appealing cabin designs, improved consumer safety, and fuel efficiency, all contribute to the region's expansion.
Some of the key players in the aerospace & defense fluid conveyance systems market are Arrowhead Products Corporation, Encore Group, Flexfab Horizons International, ITT Corporation, Parker Hannifin Corporation, Senior plc, Triumph Group Inc., United Flexible, AIM Aerospace, Eaton Corporation, Exotic Metals Forming LLC, GKN plc, Meggitt PLC, PFW Aerospace AG, Stelia Aerospace, Unison Industries, and Zodiac Aerospace among others.
This report segments the aerospace & defense fluid conveyance systems market as follows:
Global Aerospace & Defense Fluid Conveyance Systems Market: By Aircraft Segmentation Analysis
Global Aerospace & Defense Fluid Conveyance Systems Market: By Fluid Segmentation Analysis
Global Aerospace & Defense Fluid Conveyance Systems Market: By Component Segmentation Analysis
Global Aerospace & Defense Fluid Conveyance Systems Market: By Distribution Channel Segmentation Analysis
Global Aerospace & Defense Fluid Conveyance Systems Market: By Application Segmentation Analysis
Global Aerospace & Defense Fluid Conveyance Systems Market: Regional Segmentation Analysis
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