Aerospace Pressure Gauge Market - Growth, Trends, And Forecasts (2023 - 2028)

The aerospace pressure gauge market is expected to grow at a CAGR of more than 3% during the forecast period.

The global aviation sector faced unmatched challenges due to the COVID-19 pandemic. The pandemic significantly affected the aviation sector, resulting in a drastic reduction in passenger traffic, which negatively affected demand for new aircraft. According to the International Civil Aviation Organization (ICAO) report, global airports have seen a 28.4% decline in global passenger traffic volumes for the first quarter of 2020. The aviation sector has witnessed significant recovery post-COVID-19 due to reduced restrictions and increased air traffic, which resulted in the growing demand for aircraft components.

Rising demand for new aircraft due to the growing number of air travelers creates demand for aircraft parts and components, which drives the market's growth. In an aircraft, the number of instruments informs the pilot about the aircraft's condition and flight situations through measuring pressure. The pressure-sensing instruments are installed in the flight group and the engine group. These components can be either remote sensing or direct reading. These are the most critical instruments on the aircraft and accurately inform the pilot to maintain safe operations.

An increase in demand for new aircraft and growing investment in aircraft modernization programs drive market growth. There are different types of pressure gauges, such as fuel pressure gauges, hydraulic pressure gauges, manifold pressure gauges, oil pressure gauges, and others used in an aircraft. An aircraft fuel pressure gauge is a device that measures and reports the quantity of fuel remaining in a vehicle's tank(s). thus, the growing expansion of the aviation sector will drive market growth in the coming years.

Aerospace Pressure Gauge Market Trends

Digital Pressure Gauge Will Showcase Significant Growth During the Forecast Period

The digital pressure gauges segment is estimated to have remarkable growth during the forecast period. These are used to convert the pressure to an electronic signal. The gauge shows the pressure using a digital display, furthermore, the signal can be used to control equipment. Newbow Aerospace launched an innovative range of digital tyre pressure checking gauges that are calibrated to an accuracy of +/-0.4% FS. Thus, growing investments in developing such innovative products propel market growth.

Furthermore, growing air traffic, rising investment in aircraft systems modernization, and growing spending on research and development in aviation boost the market growth. According to the International Air Transport Association report, the aviation sector witnessed a strong recovery after the pandemic. The overall number of air passengers will reach 4.0 billion by 2024. The report stated that in 2021, the numbers were 47% of 2019 levels. This leads to the growing number of airports which creates demand for such aircraft systems and components

Asia Pacific is Projected to Show Highest Growth During the Forecast Period

Asia-Pacific is projected to show remarkable growth during the forecast period. The growth is due to a rising number of air passengers, a growing number of airports, and increasing expenditure on the aviation sector from emerging economies such as China and India. In Asia-Pacific, major countries like China, India, Japan, and Singapore are planning to construct new airports and expand the existing airports. An increasing number of airports leads to rising demand for aircraft components, thus driving the growth of the market.

In February 2020, the Indian government announced that 100 new airports would be built by 2024. This will create demand for various aerospace components such as pressure gauges, temperature gauges, sensors, and other systems. Furthermore, in June 2022, the Union Civil Aviation Minister of India announced that the country will have 33 additional cargo terminals by 2024-2025. Thus, rising disposable income, rapid urbanization, and growing investment in constructing new airports will improve the opportunities to accommodate a higher number of aircraft and consequently lead to a huge demand for aerospace parts and systems, driving the market's growth.

Aerospace Pressure Gauge Market Competitor Analysis

The market of aerospace pressure gauges is fragmented in nature and is characterized by several suppliers who provide various types of pressure gauges. However, some of the prominent players in the aerospace pressure gauge market are UMA Instruments, Ahlers Aerospace, Inc., Alcor Inc., Davtron Inc., L3Harris Technologies, Inc., and others. With the growing competition in the industry, the key OEMs are focusing on the development of innovative solutions for the aviation sector.

October 2022: Parker Meggitt launched a long-range wireless tire pressure gauge for aviation, iPRESS. It will be available for a range of Beechcraft and Cessna products in the coming days. The new gauge will deliver an enhanced user experience while verifying inflation pressure through the use of a Wireless Tire Pressure Sensor (WTPS) and a new tire pressure status feature. Thus, rising investment in innovative technologies and increased spending on research and development from key players will boost market growth during the forecast period

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