NEWARK, Del, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The aircraft hydraulic system market is projected to reach US$ 12.6 billion by 2024. The sales of aircraft hydraulic systems are expected to witness a strong CAGR of 11.8% from 2024 to 2034. By 2034, the demand for aircraft hydraulic systems is anticipated to reach a valuation of US$ 25.9 billion.
The aircraft hydraulic system market is driven primarily by increased air traffic and a rise in new aircraft deliveries. The demand for improved aviation hydraulic systems on new aircraft encourages the adoption of aircraft hydraulic systems, which reduce weight and lower end-user operating and maintenance costs.
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Growth Stimulators
- Rising interest in using commercial airplanes
- Increasing global air traffic
- OEM aircraft deliveries are increasing
- The expansion of low-cost airlines and the rise in passenger volume
- Hydraulic systems technological developments
Market Constraints for Aircraft Hydraulic Systems
The aviation hydraulic system market struggles with obstacles like stricter regulations, a greater emphasis on fuel efficiency, and an increasing adoption of electric power systems. Market obstacles include the necessity for constant innovation to satisfy changing safety regulations, the possibility of system malfunctions, and the need for lightweight substitutes. Defense budget changes are influenced by the economy and market growth of aviation hydraulic systems, leading to a dynamic environment that challenges long-term growth.
Regional Outlook
- Asia Pacific is a prominent contributor to the global aircraft hydraulic system market due to extensive aerospace production centers in nations like China and Japan.
- As airlines in the region increase their fleets to accommodate the expanding passenger numbers, Asia Pacific's robust economic expansion and rising demand for air travel are boosting the market.
- Defense contractors are looking for dependable and high-performing solutions for various aircraft platforms, which boosts demand for modern aircraft hydraulic systems. The region's concentration on military aviation and defense applications stimulates the demand for aircraft hydraulic systems.
- Europe's focus on environmental sustainability impacts the market, as there is an increasing need for fuel-efficient and environmentally friendly hydraulic systems that comply with strict aviation requirements.
“Due to the growing need for air travel, the airplane hydraulic system market is expected to rise steadily. There are opportunities for aircraft hydraulic system market expansion as the increasing focus on safety regulations and fuel economy spurs innovations.” - Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Key Takeaways
- The reservoirs segment in the product category is likely to accelerate at a CAGR of 11.6% from 2024 to 2034.
- In the fluid type category, the vegetable-based segment is expected to develop at a CAGR of 12.1% between 2024 and 2034.
- The United States aircraft hydraulic system market is projected to surge at a CAGR of 12.1% by 2034.
- The United Kingdom airplane hydraulic system market is likely to develop at a CAGR of 13% through 2024.
- China sales of aircraft hydraulic systems are expected to surge at a CAGR of 12.6% until 2034.
- South Korea aircraft hydraulic system industry is anticipated to boost at a CAGR of 14.0% by 2034.
- Japan aircraft hydraulic system market is expected to exhibit a CAGR of 13.3 by 2034.
Competitive Landscape
Due to the growing need for dependable and effective aircraft hydraulic systems, several aircraft hydraulic system vendors are competing intensely. Moreover, leading aircraft hydraulic system companies consistently prioritize technological innovations, research and development, and strategic alliances to attain a competitive advantage.
Global economic conditions, regulatory changes, and advancements in aeronautical engineering are some of the factors that impact the competitive dynamics of the aircraft hydraulic system industry.
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Vital Aircraft Hydraulic System Manufacturers
- Arkwin Industries, Inc.
- Eaton Corporation plc
- HYCOM
- Liebherr-International Deutschland GmbH
- Moog Inc.
- PARKER HANNIFIN CORP
- Safran S.A.
- Senior plc
- Triumph Group
- Woodward, Inc.
Recent Developments
- AMETEK, Inc. finalized a deal of about US$ 1.9 billion in December 2023 to acquire Paragon Medical, a prominent supplier of highly designed medical components and devices, from affiliates of American Securities LLC.
- Certified Aviation Services, LLC (CAS) declared in February 2021 to acquire a brand-new Series 920 Universal Independent Dual System Hydraulic Test Stand.
Key Segments
By Product:
- Reservoirs
- Pumps
- Valves
- Hydraulic fuses
- Accumulators
- Actuators
- Others
By Fluid Type:
- Vegetable-based
- Mineral-based
- Synthetic-based
By Wing Type:
- Fixed Wing
- Rotary Wing
By End User:
- Airforce
- General Aviation
- Commercial Aviation
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East Asia
- Latin America
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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