Global Market Insights, Inc. has announced the addition of the “Aerospace & Defense Fluid Conveyance Systems Market Trend, Forecast, Growth & Competitive Tracking - Global Industry Insights 2018 to 2024"report to their offering.
Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- Aerospace & Defense Fluid Conveyance Systems Market is estimated to grow at over 3% CAGR with USD 22 billion by 2024.
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.
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In this regard, it is quite imperative to take note of the high-grade products that are being launched by major aerospace & defense fluid conveyance systems market participants. For instance, in 2014, Eaton Corporation had presented a cutting-edge corrosion-resistant plating that significantly outperforms all the other prevailing technologies in the industry. The plating technology, named as Dura-Kote, apparently enables Eaton's fluid conveyance system to be rated up to a commendable 1,000 hours of corrosion resistance. The technology has further complied with American Society for Testing and Materials (ASTM) B117 salt spray requirements and has even exceeded Society of Automotive Engineers (SAE) J514 standards.
North America aerospace & defense fluid conveyance systems market 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.
Aerospace & defense fluid conveyance system market has garnered immense recognition across the ever-evolving global aviation sector. Owing to the rapid pace of globalization, the volume of air travel and air freight transportation has expanded at an unprecedented scale. This has necessitated the major firms partaking in aviation vertical to focus on ramping up the manufacturing of aircrafts – a factor that has favorably influenced the aerospace & defense fluid conveyance system industry share. In addition to this, the growing need of developing advanced engines and other progressive aircraft components has invariably translated into regular advancements in fluid conveyance technology.
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Citing a recent instance justifying the aforementioned statement, in 2016, Emirates signed a 10-year aftermarket agreement with Unison Industries to upgrade the GE90 and GP7200 engine fleets. Emirates back then, could leverage Unison's expertise in the areas of upgrades, exchange programs, and repairs with mutual goals of the highest quality support. The deal testified that requirement of the aftermarket is vitally important for maintaining fleet services. Indeed, as per estimates, aerospace & defense fluid conveyance systems market size from the aftermarket distribution channel is slated to register a CAGR of 3.5% over 2018-2024.
Elaborating further, the unveiling of Dura-Kote plating technology has been widely appreciated across the aerospace & defense fluid conveyance systems industry, given that it provides three times more protection compared to earlier plating technologies. Apparently, the launch of such advanced technologies has eventually provided a commendable boost to this business sphere. With the competitive landscape of aerospace & defense fluid conveyance system market being swamped by biggies along the likes of Encore Group, Parker Hannifin Corporation, Triumph Group, GKN Aerospace, and ITT Corporation, technological progressions and product upgradation seem rather imminent.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.