The aerospace accumulator market is projected to observe tremendous growth over the coming years due to the increasing number of aircraft across the world. In fact, according to the leading aircraft manufacturer Airbus, there are expected to be approximately 48,000 freighters and passenger aircraft in operation across the world by 2038, a two-fold increase from the 23,000 aircrafts that are in operation today. In addition, increasing consumer inclination towards the use of air travel due to its less travel time and better convenience is slated to further complementing the overall market size.
The economic and safer nature of air travel has further given a rise to the number of air passengers in recent years, which is fueling the aforementioned need for more airplanes. In fact, according to the reports by the International Air Transport Association (IATA) the number of people using air transport is expected to double by 2037 to 8.2 billion. While the coronavirus has severely impacted the aviation sector, in terms of long-term growth, the industry outlook is expected to be much more brighter.
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In terms of product, bladder accumulator segment is estimated to grow at a CAGR of 3% over the forecast timeframe. These accumulators find extensive use in hydraulic systems of passenger aircrafts for energy storage application. Bladder accumulator features light weight, higher frequencies of charging and discharging, lower maintenance, and improved overall system handling. Furthermore, rising aircraft production along with burgeoning demand for new generation aircrafts will significantly drive the segmental growth.
Considering the aircraft type, business jets segment is expected to mark a substantial growth during the ensuing years on account of increasing globalization and rising multi-national business activities. Geographic expansion of several large organizations has increased the overseas operations which necessitates their employees to travel to several destinations for managing and developing their business ventures. This has indeed laid a positive impact on the segmental growth.
Owing to growing inter-continental business operations, the demand for business jets has significantly increased, which has ultimately prompted the industry players to focus on providing superior product to their clients while enhancing the company’s market position. Citing an instance, in 2019, Embraer inked a deal worth USD 14 billion with one of the global leaders in private jet travel- Flexjet. Under this deal, Embraer had announced the delivery of its recently certified Phenom 300 and Praetor jets, thereby bolstering their enduring partnership.
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On the grounds of the regional landscape, Asia Pacific aerospace accumulator market is expected to witness a commendable growth owing to rising number of air passengers in the region. Growing economy, increasing preference for low-cost air carriers coupled with an upsurge in disposable income are some of the pivotal factors contributing to the growth of regional market. Additionally, elevating demand for military and commercial aircrafts from countries such as China and India will positively influence the industry growth.
Prominent market players operating in the aerospace accumulator market are focused on developing technologically advanced products in order to improve their offering and gain a competitive edge in the market. Some of the renown names in the market are Senior Aerospace, Eaton Corporation, Triumph Group, Woodward, Haydac Technologies, APPH Group, Parker Hannifin and Valcor Engineering.
Major Key Points from Table of Content:
Chapter 4. Aerospace Accumulator Market, By Product
4.1. Global aerospace accumulator market product insights
4.2. Bladder accumulator
4.2.1. Global market estimates and forecasts, 2016 - 2026
4.2.2. Market estimates and forecast, by region, 2016 - 2026
4.3. Piston accumulator
4.3.1. Global market estimates and forecasts, 2016 - 2026
4.3.2. Market estimates and forecast, by region, 2016 – 2026
4.4. Metal bellow accumulator
4.4.1. Global market estimates and forecasts, 2016 - 2026
4.4.2. Market estimates and forecast, by region, 2016 – 2026
Chapter 5. Aerospace Accumulator Market, By Material
5.1. Global aerospace accumulator market material insights
5.2.1. Global market estimates and forecasts, 2016 - 2026
5.2.2. Market estimates and forecast, by region, 2016 - 2026
5.3.1. Global market estimates and forecasts, 2016 - 2026
5.3.2. Market estimates and forecast, by region, 2016 – 2026
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