The Aircraft Valves Market: Highlights
The Aircraft Valves Market is likely to witness an impressive CAGR of 5.6% during the forecast period. The unprecedented growth in aircraft orders from the airlines owing to surging air passenger traffic is the prime factor driving the aircraft valves market. Boeing anticipated that there would be the total deliveries of 40,410 commercial aircraft worth US$ 6.24 trillion in the marketplace during 2018-2037. Asia-Pacific and Europe would be the biggest demand generators with a combined share of 64.7% of the total commercial aircraft deliveries during 2018-2037. An expected healthy CAGR of 4.7% in air passenger traffic during 2018-2037 will chiefly drive the demand for valves in the commercial aircraft industry.
Aircraft Valves Market - Insights by Aircraft Type:
The market is segmented as commercial aircraft, general aviation, and military aircraft. Commercial aircraft includes narrow-body aircraft, wide-body aircraft, very large body aircraft, and regional aircraft. General aviation includes business jets, piston aircraft, and business helicopters, whereas military aircraft includes fighter and transporter aircraft, and military helicopters. Commercial aircraft is likely to remain the growth engine of the market over the next five years. The aircraft segment is also likely to witness the highest growth during the same period
Aircraft Valves Market - Insights by Mechanism Type:
The market is segmented as poppet valves, pilot valves, flapper-nozzle valves, ball & plug valves, baffle valves, and others. The poppet valve is likely to be the growth engine of the market over the next five years, driven by its usages in managing, controlling, and discharging fluids across the systems used in an aircraft coupled with its low lifespan.
Aircraft Valves Market - Insights by End-User Type:
The market has been segmented as OE and aftermarket. The OE-sales segment is likely to remain the larger segment of the market over the next five years, driven by a continuous increase in the deliveries of the commercial aircraft. The aftermarket segment is going to depict a higher growth in the coming five years, owing to the upsurge in passenger air traffic, which leads to extended flight hours leading to short replacement cycles. Valves need to be replaced more frequently in the aircraft due to low lifespan usually 3 to 5 years, depending upon applications, valve types, material, etc.
Aircraft Valves Market - Insights by Region:
North America is expected to remain the largest market for aircraft valves during the forecast period. The region is the world’s manufacturing capital of the aircraft industry with the presence of many large-to small-sized aircraft manufacturers, tier players, aircraft valve manufacturers, distributors, and raw material suppliers. The region is the early innovator and introduces the latest technologies addressing the existing as well as future requirements then these technologies are gradually transmitted to other parts of the world like China and India. Asia-Pacific is likely to depict the highest growth during the forecast period with China, Japan, and India being the key sources of growth.
Some of the major aircraft valve manufacturers are Honeywell International Inc. , Parker Hannifin Corporation, Eaton Corporation Plc, Woodward, Inc. , Zodiac Aerospace, Triumph Group, Inc. , Crissair, Inc. , ITT Aerospace Controls, The Liebherr Group, United Technologies Corporation, Meggitt PLC, Circor International, Inc. , and Crane Aerospace & Electronics. Execution of M&A activities, aircraft OEMs push to develop valves indigenously, regional expansion, and formation of long-term contracts are some of the major trends shaping the competitive landscapes of the market.