Aerospace Valves Market To Reach USD 6 Billion By 2027 | CAGR 5.4% - Forencis Research

Aerospace Valves Market Size, Share, Trends, Growth, Analysis, Research

Global Aerospace Valves Market: Key Highlights

  • According to the new market research report Aerospace Valves Market by Valve Type (Check, Gate, Plug, Pressure-Control), by Material (Metallic, Non-metallic), by Aircraft Type (Commercial, Military), by End-User (OEM, MRO), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global aerospace valves market is estimated to reach USD 6 Billion by 2027 at a CAGR of around 5.4% during the review period.
  • Rising number of passenger fleet on the backdrop of international tourism and business trips is a key factor driving the demand for aircraft manufacturing
  • According to the Federal Aviation Administration (FAA), more than 77,000 components and equipment operate rigorously in the aerospace industry. This is expected to result in high demand for valves in MRO for the proper functioning of aircraft during long flight hours.
  • However, fluctuations in raw material prices remain a major restraining factor for the growth of the aerospace valves market

Aerospace Valves Market

Global Aerospace Valves Market: Key Market Dynamics

  • Increased international tourism and business trips due to the high disposable income of the consumers resulting in high passenger fleet.
  • According to the US Department of Transportation, Bureau of Transportation Statistics, the number of passengers flown by air carriers increased by 4.8%, thus reaching 1 billion in 2018.
  • Volatility in raw material prices remains a major threat to the market growth
  • Inclination towards the use of lightweight materials for valve production is a megatrend followed in the market
  • With the upcoming mega-events such as EXPO 2020 and FIFA World Cup 2022, air travel is expected to increase. This is projected to fuel the demand for aerospace valves in OEM as well as MRO.

Global Aerospace Valves Market: Regional Overview

  • North America

The aerospace valves market in the North American region is projected to witness high demand due to the high production of aircraft in the region.

The US aerospace industry is the largest across the globe and contributed to around USD 374 billion of the country’s GDP in 2018. In the same year, the aerospace and defense exports of the country were USD 151 billion, which was an increase of 5.81% as compared to 2017. Moreover, extensive R&D spending in the aerospace & defense industry is likely to propel the demand for aerospace valves in the coming years.

  • Europe

Owing to the rapid growth of the aerospace & defense industry in Europe, the demand for aerospace valves is expected to increase. According to the Aerospace & Defense Industries Association of Europe, the total turnover stood at USD 281.67 billion in 2018. The country invested USD 21.76 billion in aerospace & defense R&D.

Global Aerospace Valves Market: Key Players Overview

  • Honeywell International Inc.:

Honeywell International Inc. is a US-based company engaged in the invention and commercialization of technologies for overcoming the challenges across energy, safety, security, productivity, and global urbanization. It operates through major business segments, i.e., aerospace, Honeywell building technologies, performance materials and technologies, and safety and productivity solutions. In January 2018, the company came into agreement with a metal additive manufacturing company, Sintavia, to manufacture aerospace components. These components include gas turbine auxiliary power units (APUs), turboshaft engines, turbofan engines, and engine control valves, among others.

  • Eaton:

Eaton is a diversified power management company, which provides energy-efficient solutions for electrical, hydraulic, and mechanical power. It operates through the following segments: electrical products, electrical systems and services, hydraulics, aerospace, vehicle, and eMobility.  The company has a global reach with its services in around 175 countries. In June 2019, the company announced the use of additive manufacturing to supply the aluminum housing and valve for the ram air valve assembly on Aerospace Industrial Development Corporation’s advanced jet trainer.

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Published : 2020-01-28