The rising deployment of fleet services for transportation & military operations has been driving aerospace & defense fluid conveyance systems market considerably since the last few years. With increasing disposable incomes and subsequently changing lifestyles, air transportation has lately gained substantial momentum, fueling the need for commercial aircraft.
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 aerospace & defense fluid conveyance systems market share till 2024.
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OEMs are likely to dominate the aerospace & defense fluid conveyance systems market, 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.
Rising demand for energy-efficient engines & lightweight materials are few trends significantly impacting the aerospace & defense fluid conveyance systems market share 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.
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Commercial aircrafts will dominate the aerospace & defense fluid conveyance systems market 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.
Ducts will account for more than USD 7 billion in aerospace & defense fluid conveyance systems market 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.
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Aerospace & defense fluid conveyance systems market 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.
GKN Aerospace, Parker Hannifin Corporation, Eaton Corporation, ITT Corporation, Encore Group, Arrowhead Products, and Triumph Group are among prominent players in aerospace & defense fluid conveyance systems market. 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.
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