Fact.MR’s latest study estimates global aircraft pump sales to surpass 1.2 million units in 2019. Gains are likely to be driven by broader trends influencing the aviation industry, notably growing demand for new aircrafts in the wake of surging air traffic.
The aviation industry is on the verge of a major shift in propulsion with leading players focusing on electric propulsion technology. Electric aircrafts are gaining interest of stakeholders owing to their benefits, including high-efficiency along with reduced fuel and maintenance cost.
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The electric aircraft trend is accelerating as OEMs in aircraft industry are collaborating with suppliers to design new systems and electric propulsion technology. NASA is also investing in research on Electrified Aircraft Propulsion (EPA) to improve emission, fuel-efficiency, and noise levels in commercial aircraft.
Narrow Body Aircrafts to Witness Robust Growth in Coming Years
The Fact.MR study expects narrow body aircraft sales to grow significantly in the coming years, with sales envisaged to exceed 700 thousand units in 2019. Growth in commercial air transportation has ushered the development of narrow body aircrafts for long-haul flights. Further, long range narrow body aircrafts are replacing wide body aircrafts owing to the benefit of flying on niche routes and flying in off-peak hours.
With the rise in demand from low-cost carriers operating on short routes, manufacturers are focusing on deploying efficient engines, pumps, and motors, along with superior aerodynamic qualities leading to higher efficiency and better performance in narrow body aircrafts.
APEJ to Hold Pole Position in Aircraft Pumps Market
Air traffic boost is likely to come from Asia Pacific including China, India, and Australia through development of new airports and new routes. The investment in purchase of new aircrafts is likely to provide an impetus to the aircraft pumps market. According to Fact.MR’s study, aircraft pump sales in APEJ are likely to surpass 400 thousand units in 2019. With the increase in regional air passenger traffic, demand for aircraft is growing significantly in China and India, thereby, driving demand for aircraft pumps. Meanwhile, upgradation of existing aircrafts is leading to the demand for new components including pumps and motors.
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Sales of aircraft pumps are also likely to increase in Europe owing to the high rate of tourism and companies investing a huge amount in aircraft manufacturing. Recently, with increase in demand for air services and rise in aircraft production globally, the value of motors, pumps, actuators and other aircraft components have also increased, thereby, benefiting OEMs and component manufacturers.
Growing aircraft fleet and short replacement cycle across the globe is fueling aircraft pumps market growth. Researchers are also focusing on developing sustainable alternatives to jet fuel and aviation gasoline to power aircrafts. This is driving aerospace industry towards More Electric Aircraft (MEA) that uses electrical power for non-propulsion aircraft system. The biggest advantage of MEA is providing higher efficiency with reduced fuel consumption. Industry experts also see MEA concept for the aircraft industry to achieve improvements in terms of maintenance, aircraft lifecycle cost, and weight.
With Significant demand in air transportation, aircraft component manufacturers are focusing on increasing level of capacity along with strong operational and logistics to support demand for new aircrafts.
The Fact.MR report tracks the aircraft pumps market for the forecast period 2019-2027. According to the report, the aircraft pumps market is expected to register CAGR of 7.2% in terms of volume between 2019 and 2027.
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