Aerospace & Defense Fluid Conveyance Systems Market to Witness Growth Acceleration During 2018-2024
Aided primarily by the worldwide evolution across major industrial sectors, the global aerospace & defense fluid conveyance systems market is estimated to exhibit exponential growth in the many years to come. Fluid conveyance systems, known to serve the needs of the aerospace and defense sector with a wide range of fluid delivery options, are highly crucial components that support aircraft and other vehicles by transferring fuel from the tank to the engines.
Selbyville, DE -- (SBWire) -- 11/02/2018 --Market Study Report Add New Global Aerospace & Defense Fluid Conveyance Systems Market 2018 by Manufacturers, Countries, Type and Application, Forecast to 2024 to its research database. This research study is segmented on the bases of applications, technology, geography and types.
The expansion in commercial air transport is another factor responsible for the growth of the aerospace & defense fluid conveyance systems market. According to the International Air Transport Association (IATA), the number of passengers travelling by air is estimated to increase from 3.8 billion in 2016 to 7.2 billion by 2035, with Asia-Pacific region forecast to be the biggest regional contributor. Such a high demand for air travel will enable increased aircraft deliveries, which will be a prominent driver of the aerospace & defense fluid conveyance systems market in the coming years.
Global aerospace & defense fluid conveyance systems Market is anticipated to exceed USD 22 billion over the forecast timeframe. Increasing aircraft production and global commercial plane deliveries will fuel the industry growth. Consistent investment in defense sector particularly in emerging countries has resulted in increase in demand from military aircraft resulting in revenue generation. Market till 2024.
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Major prominent companies include Triumph Group, GKN Aerospace, Hannifin Corporation, Parker, AIM Aerospace, Eaton Corporation, Arrowhead Products and Encore Group. Other key players in aerospace & defense fluid conveyance systems are ITT Corporation, Senior Plc, Unison Industries, Exotic Metal Foaming, Stelia Aerospace. These companies are offering the technological advance product range to comply with other several parts in maintaining better fluid supply in operation.
The continuous growth in the military sector and the rising demand for fighter aircraft are certain to help drive the growth of aerospace & defense fluid conveyance systems market. Recently, it had been predicted that Turkey's defense and aerospace industry exports would exceed USD 2 billion for 2018. The Turkish defense industry is presently working on developing indigenous engines for their T625 and ATAK helicopters, while an engine development project for light armored vehicles is also in progress. Such instances in the defense sector are expected to proliferate the defense fluid conveyance systems market size.
International Air Transport Association has registered more than 3.8 billion air passengers carried by currents airliner across the world. In addition, IATA noted over 7% rise as compared to 2015. Rising disposable income across the world, less expensive flight rates and growing traveling and tourism industry growth fueling aerospace & defense fluid conveyance systems market penetration.
Low-cost carriers are gaining strong attention from last few years owing to high fuel efficiency, stringent regulation on carbon emission, rising fuel price are key factors stimulating aerospace & defense fluid conveyance systems demand. Low weight but high strength materials include titanium and nickel are generating strong product deployment from most of OEM companies for better revenue generation during the forecast period.
OEMs are expected to hold maximum share generating around USD 14 billion by 2024. This can be credited to mandatory installation of the fluid transmission systems in the aircraft for carrying out critical flight operations. Aftermarket is estimated to witness rapid growth over the forecast timeframe. Regular maintenance and safety checkup of aircraft with the replacement of the parts during the specified time duration will contribute to aerospace & defense fluid conveyance systems industry growth. Expansion in MRO industry particularly in the Asian countries will enhance the product penetration.
Airframe application segment is likely to contribute more than 60% of market share by 2024. Increasing aircraft production during forecast time frame will fuel aerospace & defense fluid conveyance systems demand owing to large application in the airframe to provide flawless pneumatic performance.
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Hydraulic fluid system market is expected to contribute over 40% industry share during forecast time owing to the wide application in aircraft components supporting aerospace & defense fluid conveyance systems demand. Large hydraulics application including in brakes, landing gears, flight controls surfaces, and flaps are mainly operated through hydraulics which continuously needs a fluid mechanism to attain the highest reliability supporting demand.
Duct components segment is protected to dominate market revenue by generating over USD 7 billion in 2024. This segment will drive industry growth owing to a large application such as fuel tank inerting system, engine bleed air and starter system along with leading aircraft wings edges. Rising demand for improved high-quality ducts are made of titanium and nickel provides high material strength to cater new generation aircraft are instigating aerospace & defense fluid conveyance systems Market.
North America aerospace & defense fluid conveyance systems market is anticipated to hold dominance with over 50% market share during forecast time frame owing to major manufacturing companies presence. The strong presence of aircraft manufacturers including Airbus, Boeing and Bombardier Aerospace along with rising demand for a fluid mechanism in next-generation aircraft are boosting industry growth.
Complete report for 2018-2024 on Aerospace & Defense Fluid Conveyance Systems market is now available at https://www.marketstudyreport.com/reports/aerospace-defense-fluid-conveyance-systems-market
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