DUBLIN--(BUSINESS WIRE)--The "Aircraft Valve Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type, Valve Type, Aircraft Type, and End User" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US$ 4192.4 million in 2019 and is projected to reach US$ 6084.9 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027. The report highlights key factors driving the market growth, and prominent players with their developments in the market.
The general aviation sector in the world is growing exponentially since the last few years due to the constant increase in volumes of orders and deliveries. Rising demand for general aviation aircraft is majorly attributed to rise in the purchase of business and corporate jets in developed, as well as a few developing, countries. The presence of multiple general aviation aircraft manufacturers globally is showcasing the year-on-year growth in orders and deliveries. Presently, various general aviation aircraft original equipment manufacturers (OEMs) are stressing on increasing the flight range and durability of the aircraft models to make flying the aircraft over a longer distance easy for operators. Increase in flying range has fueled intercontinental flying operations in the general aviation aircraft industry. This factor has boosted the procurement of aircraft valves among general aviation aircraft manufacturers and operators, thereby catalyzing the aircraft valve market growth.
The aircraft valve market is segmented on the basis of product type, valve type, aircraft type, end user, and geography. On the basis of product type, the market is segmented into fuel system valves, hydraulic system valves, air conditioning system valves, lubrication systems valves, and others. The lubrication system valves segment is projected register the fastest CAGR in the overall aircraft valve market during the forecast period. On the basis of valve type, the market is segmented into pilot valves, poppet valves, flapper-nozzle valves, and others. The poppet valves segment contributed the largest revenue share to the market in 2019.
The aircraft valve market, by aircraft type, is segmented into fixed-wing and rotary-wing. The fixed-wing segment accounted for a larger market share in 2019. On basis of end user, the market is segmented into OEM and MRO. The OEM segment held the largest market share in 2019. On the basis of geography, the aircraft valve market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share of the market, followed by Europe and APAC, respectively. The market in Europe is projected to grow at the highest CAGR during 2020-2027.
Impact of COVID-19 Pandemic on Aircraft Valve Market
The COVID-19 pandemic has been creating challenges for medical institutions, healthcare institutes, manufacturing units, commercial office premises, shopping complexes, and airports worldwide. As North America, Europe and APAC consist of higher density of aircraft and component manufacturers, the outbreak has severely affected the production of each. The lower number of manufacturing staff and temporary suspension of production facilities have resulted in lesser production quantity. Boeing, the aviation giant in the North American region, has witnessed a significant fall in orders and production, which is one of the key factors restraining the aircraft valve market. Apart from Boeing, other aircraft OEMs such as Bombardier, Textron, and Gulfstream also experienced the similar adverse effect of the pandemic. The restricted workforce, disruption in the supply chain, and limited volumes of orders have sternly limited the aircraft valve market players' growth in 2020.
Reasons to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global aircraft valve market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global aircraft seals market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Constant Growth in Shipment Volumes of General Aviation Aircraft Fleet
- Shorter Replacement Cycles of Aircraft valve
Restraints
- Boeing Setback from B737 Max and Discontinuation of A380 and Boeing 747 Program
Opportunities
- Growing Popularity of Low Cost Carriers (LCCs) Airline and Narrow Body and Wide Body Aircraft
Future Trends
- Reduction in Weight of Valves and Aircraft
Companies Mentioned
- Collins Aerospace, a Raytheon Technologies Corporation Company
- Crissair, Inc.
- Eaton Corporation plc
- Honeywell International Inc.
- ITT Inc.
- Meggitt PLC
- Moog Inc.
- Parker Hannifin Corporation
- Safran S.A
- Triumph Group, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/28hqy2
