Aircraft Pumps Market Size, Share, Trends & Global Analysis, 2023-2028
/EIN News/ -- Chicago, July 16, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Pumps Market size is projected to grow from USD 3.6 billion in 2023 to USD 4.6 billion by 2028, at a CAGR of 4.8% from 2023 to 2028.
The market is driven by various factors, such as increase in aircraft renewals and need for more flexible and light aircraft with improved, lightweight systems and compact pumping systems. They serve critical functions such as fuel transfer, lubrication, and hydraulic power generation, ensuring the safe and reliable operation of various aircraft systems. Aircraft pumps are instrumental in fueling the engines, maintaining hydraulic pressure for flight control systems, and facilitating the circulation of lubricants to vital engine components, playing a pivotal role in the overall performance, safety, and functionality of modern aircraft.
To know about the assumptions considered for the study
Major Aircraft Pumps Companies Include:
- Safran (France),
- Eaton Corporation plc (Ireland),
- Parker-Hannifin Corporation (US),
- Woodward, Inc. (US), and
- Crane Co. (US).
Current Trends in Aircraft Pumps Market:
Current trends include a growing emphasis on lightweight and compact pumping systems to improve fuel efficiency, alongside the integration of smart sensors for real-time monitoring. OEMs are actively researching advanced materials and additive manufacturing techniques to optimize pump design. Major players in this dynamic market include industry leaders such as Honeywell International Inc., Parker Hannifin Corporation, and Eaton Corporation, who are at the forefront of innovation, striving to meet the aviation industry's demands for higher efficiency, reliability, and sustainability in aircraft pumping systems.
Drivers in the Aircraft Pumps Market:
The demand for lightweight and compact pumping systems serves as a crucial driver for the aircraft pumps market. In the aviation industry, the pursuit of increased fuel efficiency and performance improvement is relentless, and these advanced systems contribute significantly by reducing overall aircraft weight, leading to reduced fuel consumption and enhanced operational efficiency. Furthermore, the compact design of these pumping systems addresses the prevalent issue of limited space within modern aircraft, ensuring they can be seamlessly integrated into tight configurations. This synergy of improved fuel efficiency and space utilization makes lightweight and compact pumping systems an indispensable component in the aviation industry, driving their increasing adoption and market growth.
Aircraft Pumps Market Growth By Region:
North America is projected to be the largest regional share of the aircraft pumps market during the forecast period. the region boasts a robust aerospace industry, home to major aircraft manufacturers, such as Boeing and Airbus, who drive substantial demand for advanced pumping systems. Additionally, North America's well-established airline industry continuously seeks cutting-edge technologies to enhance fuel efficiency and operational performance, further propelling the demand for innovative pumps.
North America's leadership in the aircraft pumps market is further reinforced by the substantial presence of well-established aircraft pump manufacturers in the region. Prominent industry players like Honeywell International Inc. and Parker Hannifin Corporation have firmly established themselves in the market. These factors collectively position North America as a dominant player in the aircraft pumps market, poised to maintain a higher market share.
Aircraft Pumps Market By Type:
Based on fuel pump segment, it is expected to be the largest market by value. Aircraft renewals and deliveries are poised to be key drivers in the aircraft pumps market, primarily due to the critical role fuel pumps play in modernizing and expanding airline fleets. As airlines seek to enhance operational efficiency and reduce fuel consumption, they often opt for newer aircraft models featuring advanced fuel-efficient technologies. Consequently, the demand for state-of-the-art fuel pumps compatible with these aircraft rises significantly.
Based on the technology, the electric motor driven segment is projected to be the highest CAGR rate for the aircraft pumps market during the forecast period. The aviation industry's pursuit of electrification and more electric aircraft (MEA) concepts has led to a shift away from traditional hydraulic systems toward electrically driven alternatives. These electric pumps offer precise control, reduced weight, and increased reliability compared to their hydraulic counterparts. Moreover, they align with the industry's drive for fuel efficiency and emissions reduction, making them essential components in electric and hybrid-electric propulsion systems. As MEA concepts gain momentum and electric aircraft become more mainstream, the demand for electric motor-driven aircraft pumps is expected to surge, contributing significantly to the market's growth trajectory.
Based on the aircraft type, the unmanned aerial vehicles segment is projected to grow at the highest CAGR rate for the aircraft pumps market during the forecast period. The Unmanned Aerial Vehicle (UAV) segment is poised for a higher Compound Annual Growth Rate (CAGR) within the aircraft pumps market due to the rapid expansion of UAV applications in both military and civilian sectors. UAVs' critical roles in military operations demand specialized pumping systems for fuel transfer, hydraulic actuation, and cooling, while their civilian applications, including precision agriculture and logistics, require efficient pumps for various functions. As the UAV industry diversifies and continues to innovate, the demand for tailored and lightweight aircraft pumps to meet these unique requirements is expected to surge, making the UAV segment a focal point for substantial growth in the aircraft pumps market.
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