CHICAGO, July 28, 2021 /PRNewswire/ — According to the new market research report “Aerospace Valves Market by Aircraft Type, End Use (OEM, Aftermarket), Type, Application (Fuel System, Hydraulic System, Environment Control System, Pneumatic System, Lubrication System, Water & Wastewater System) Material, Region – Forecast to 2026″, published by MarketsandMarkets™, the market size is projected to grow from USD 11.4 billion in 2021 to USD 14.0 billion by 2026, at a CAGR of 4.1% from 2021 to 2026. The market is driven by various factors, such as increase in global aircraft fleet size, short replacement cycle of aerospace valves and growing demand for Unmanned Aerial Vehicles.
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The aerospace valves market includes major players like Eaton Corporation PLC (Ireland), Safran (France), Woodward, Inc. (US), Triumph Group (US), and Parker Hannifin Corporation (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 has affected aerospace valves production and services by 7–10% globally in 2020.
The Environment Control System is projected to witness the largest revenue during the forecast period.
Based on application, the environment control segment is expected to be the largest market by value. The growth of the environment control system segment of the aerospace valves market can be attributed to the many sub-systems it comprises of such as air supply, thermal control, cabin pressurization, avionics cooling, smoke detection and fire suppression. Aerospace valves are also used in other important systems such as pneumatic system, hydraulic system, fuel system. Aerospace valves used in the lubrication system keeps the oil pressure in check, whereas in water and wastewater system, valves allow the flow of potable water to the water distribution system that is then used by passengers and crew onboard.
The butterfly valves segment is projected to witness a higher CAGR during the forecast period
Based on type, the Butterfly Valves segment is projected to be the highest CAGR for the aerospace valves market during the forecast period. The growth of the butterfly valves segment of the aerospace valves market can be attributed to the extensive usage in various applications due to their compact size, less space requirements, and ease of use. These are used commonly in fuel system and pneumatic system of aircrafts.
The stainless-steel segment is projected to witness the highest revenue during the forecast period.
Based on material, the stainless-steel segment is projected to have the highest share of revenue in the aerospace valves market. The extensive use of stainless steel for manufacturing aerospace valves can be attributed to its properties and advantages such as easy availability, low cost, resistance to heat and good strength. It is used in high applications where there is a higher chance of corrosion, high operating temperature.
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577 – Tables
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The fixed wing aircraft segment is projected to witness the highest revenue during the forecast period.
Based on the aircraft type, the fixed wing aircraft segment is projected to have the highest revenue in the aerospace valves market during the forecast period. Fixed wing aircraft segment consists of commercial aviation, business and general aviation and military aviation. The fixed wing segment consists of the greatest number of aircrafts in terms of absolute numbers. However, the Unmanned Aerial Vehicles segment is projected to have the highest CAGR in the aerospace valves market.
The OEM segment is projected to witness the highest CAGR during the forecast period.
Based on the end use, the OEM segment is projected to grow at the highest CAGR for the aerospace valves market during the forecast period. OEMs are responsible for the installation of aerospace valves in an aircraft during the assembly stage and are then made available for delivery to aircraft manufacturers. Over the years, there has been a significant rise in the demand for different aircraft types across regions. According to Airbus, it delivered 863 commercial aircraft to 99 customers in 2019. The aftermarket segment is projected to have more revenue in the aerospace valves market.
The North America market is projected to contribute the largest share from 2021 to 2026.
North America is projected to be the largest regional share of the aerospace valves market during the forecast period. The key factor responsible for North America, leading the aerospace valves market owing to the presence of a large number of aerospace valves manufacturers in the region. Also, the region has been witnessing a rise in the newer aircrafts getting delivered. In North America, the rise in aircraft orders and supplies is encouraging manufacturers of aerospace valves to increase their sales year on year. The increasing demand for commercial aircraft and the presence of some of the leading players operating in the market, such as Honeywell International, Triumph Group, Woodward, Inc, Collins Aerospace, Parker Hannifin Corporation, are expected to drive the aerospace valves market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing aerospace valves.
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