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 aircraft 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 aircraft are gaining the interest of stakeholders owing to their benefits, including high efficiency along with reduced fuel and maintenance costs.
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The electric aircraft trend is accelerating as OEMs in the 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 Aircraft 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 in the development of narrow-body aircraft for long-haul flights. Further, long-range narrow-body aircraft are replacing wide-body aircraft 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 aircraft.
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APEJ to Hold Pole Position in Aircraft Pumps Market
Air traffic boost is likely to come from the Asia Pacific including China, India, and Australia through the development of new airports and new routes. The investment in the purchase of new aircraft 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, the upgradation of existing aircraft is leading to the demand for new components including pumps and motors.
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 an increase in demand for air services and a rise in aircraft production globally, the value of motors, pumps, actuators, and other aircraft components has also increased, thereby, benefiting OEMs and component manufacturers.
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Growing aircraft fleet and short replacement cycle across the globe are fueling aircraft pump market growth. Researchers are also focusing on developing sustainable alternatives to jet fuel and aviation gasoline to power aircraft. This is driving the aerospace industry towards More Electric Aircraft (MEA) that uses electrical power for a non-propulsion aircraft systems. The biggest advantage of MEA is providing higher efficiency with reduced fuel consumption. Industry experts also see the 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 the increasing the level of capacity along with strong operational and logistics to support demand for new aircraft.
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 a CAGR of 7.2% in terms of volume between 2019 and 2027.
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