PUBLISHER: The Business Research Company | PRODUCT CODE: 1426381
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426381
Aerospace fluid conveyance systems comprise a complex network of pipes, hoses, and components that are essential for transporting liquids and gases within aircraft. These systems play a critical role in various aircraft functions, including the distribution of fuel, hydraulic fluid, and coolant. Their proper operation is vital for maintaining aircraft performance, safety, and overall efficiency.
The key products within aerospace fluid conveyance systems include hoses, low-pressure ducts, and high-pressure ducts. Hoses are flexible tubes or pipes designed to transport liquids, gases, or other substances between different points. These systems are utilized in different types of aircraft, such as commercial aircraft, regional aircraft, helicopters, and others. Various materials, including nickel and alloys, titanium and alloys, stainless steel and alloys, and composites, are used in the manufacturing of these systems. Aerospace fluid conveyance systems find applications in fuel, air, and hydraulic systems, serving general aviation, civil aviation, and military aircraft.
The aerospace fluid conveyance systems market research report is one of a series of new reports from The Business Research Company that provides aerospace fluid conveyance systems market statistics, including aerospace fluid conveyance systems industry global market size, regional shares, competitors with a aerospace fluid conveyance systems market share, detailed aerospace fluid conveyance systems market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace fluid conveyance systems industry. This aerospace fluid conveyance systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aerospace fluid conveyance systems market size has grown rapidly in recent years. It will grow from $2.98 billion in 2023 to $3.32 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth observed in the historic period of aerospace fluid conveyance systems can be attributed to several factors. Notably, there was an increase in aircraft production, driven by the growing demand for air travel and military modernization programs. Stringent safety regulations and initiatives for fuel efficiency further contributed to the expansion of the aerospace fluid conveyance systems market. Additionally, the globalization of aerospace supply chains played a role in supporting the industry's growth.
The aerospace fluid conveyance systems market size is expected to see strong growth in the next few years. It will grow to $4.85 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The forecasted growth in the aerospace fluid conveyance systems sector can be attributed to various factors anticipated in the coming years. Sustainable aviation initiatives are expected to drive innovation and demand, aligning with the industry's commitment to environmental responsibility. The rise of urban air mobility is likely to contribute to increased requirements for efficient fluid conveyance systems. Furthermore, the global expansion of air cargo operations and growing defense budgets are key factors expected to fuel the market. The adoption of additive manufacturing is also a notable trend that may impact the industry, fostering advancements and modular system customization. Additionally, the integration of smart technologies, automation, and robotics in manufacturing processes is expected to shape the future landscape of aerospace fluid conveyance systems.
The escalating demand for air cargo transportation is anticipated to serve as a significant driver propelling the growth of the aerospace fluid conveyance systems market. Air cargo transportation involves the movement of goods, products, or cargo via aircraft, and the aerospace fluid conveyance systems play a pivotal role in ensuring the safe and efficient operation of cargo aircraft. These systems and their components facilitate the transmission of fluids, gases, and power to critical systems and equipment, thereby ensuring the smooth and reliable transportation of goods by air. As indicated by the International Air Transport Association (IATA) in December 2021, aviation cargo volumes exhibited an annual increase of 18.7% in 2021 compared to 2020, accompanied by a 13.8% rise in available cargo ton-kilometers (ACTKs). Consequently, the heightened demand for commercial aircraft stands as a driving force behind the growth of the aerospace fluid conveyance systems market.
The surge in the utilization of unmanned aerial vehicles (UAVs) across various industries is poised to significantly propel the growth trajectory of the aerospace fluid conveyance systems market in the foreseeable future. UAVs, automated aerial aircraft operated remotely or autonomously, are increasingly employed in diverse applications across industries. Aerospace fluid conveyance systems play a critical role in ensuring the reliable and efficient functioning of UAVs, contributing to enhanced performance, safety, and mission capabilities. For instance, data from the Federal Aviation Administration (FAA) in December 2021 revealed approximately 1.37 million new drone operators registered with the FAA. Moreover, within that same year, an average of approximately 10,300 new owner registrations per month was recorded. Hence, the escalating utilization of unmanned aerial vehicles (UAVs) across multiple industries stands as a driving force fueling the aerospace fluid conveyance systems market.
The anticipated presence of economic instabilities is forecasted to act as a limiting factor in the growth trajectory of the aerospace fluid conveyance systems market. Uncertainties in the economic landscape tend to trigger reduced business investments and hesitancy in purchasing decisions, impacting expenditures on aerospace projects, including the acquisition of new aircraft or the retrofitting of existing ones. Consequently, such conditions are likely to lead to a decrease in demand for aerospace fluid conveyance systems, with manufacturers and airlines scaling back their investments. As outlined by the International Monetary Fund (IMF) in April 2023, a projected slowdown in global economic expansion is expected, with an anticipated decline in global growth from 3.4% in 2022 to 2.8% in 2023. Additionally, advanced economies are forecasted to experience a considerable deceleration in growth, declining from 2.7% in 2022 to 1.3% in 2023. Hence, economic instabilities are foreseen as hindrances that may impede the growth prospects of the aerospace fluid conveyance systems market in the upcoming period.
Leading companies operating within the aerospace fluid conveyance systems market are strategically concentrating on the development of innovative convoluted hoses, such as the 2030T-V70CON, in an effort to secure a competitive advantage in the market. The 2030T-V70CON represents a flexible convoluted hose featuring a spiral or helical pattern of folds or convolutions on the inside, enabling it to bend and flex without kinking or collapsing. For instance, in November 2021, Parker-Hannifin Corporation, a prominent US-based provider specializing in motion and control technologies, introduced the 2030T-V70CON, a novel convoluted Polytetrafluoroethylene (PTFE) hose. This hose exhibits reduced susceptibility to stress-induced cracking or flexing compared to metal hoses or other fluoroplastic hoses when utilized in chemical transfer, high-temperature hydraulics, and various hose applications. The hose boasts eight inside diameters ranging from 6 mm to 25 mm. Fully qualified, the 2030T-V70CON hose demonstrates commendable chemical resistance, withstanding temperatures between -70°C and +230°C, thereby catering to a broad spectrum of extreme applications. It is an ideal choice for diverse and demanding duties requiring resistance to aggressive media.
In September 2022, Parker-Hannifin Corporation, a renowned provider of motion and control technologies based in the United States, successfully acquired Meggitt PLC for a sum of $7.93 billion. This strategic acquisition is geared towards empowering Parker-Hannifin to broaden its portfolio offerings, bolster its existing capabilities, and foster long-term growth prospects. Meggitt PLC, the acquired entity, operates as a UK-based manufacturer specializing in aerospace and defense components, which notably includes expertise in aerospace fluid conveyance systems.
Major companies operating in the aerospace fluid conveyance systems market report are General Electric Company, Lockheed Martin Corporation, AIM Industries Inc., Safran SA, Eaton Corporation PLC, TE Connectivity Ltd., SKF AB, Arconic Corporation, Precision Castparts Corp, TransDigm Group Incorporated, GKN Aerospace Services Limited, Crane Co, Smiths Group PLC, ITT Corporation, Woodward Inc., Stelia Aerospace, Triumph Group Inc., Senior PLC, Kaman Corporation, PFW Aerospace GmbH, Arrowhead Products Corporation, SEKISUI Aerospace Inc., Hutchinson S.A., Titeflex Corporation, Flexfab LLC, CFM S.r.l., Seginus Aerospace LLC, Amcraft Manufacturing Inc.
North America was the largest region in the aerospace fluid conveyance systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace fluid conveyance systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the aerospace fluid conveyance systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The aerospace fluid conveyance systems market consists of sales of valves, pumps, fittings, and connectors. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Aerospace Fluid Conveyance Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aerospace fluid conveyance systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aerospace fluid conveyance systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aerospace fluid conveyance systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.