Presence of Prominent Aircraft Makers to Augment Growth in North America
The global aerospace valves market size was projected to be worth USD 10.42 billion in 2020. The market value will grow from USD 11.02 billion in 2021 to USD 14.68 billion by 2028 at a CAGR of 4.18% during the forecast period. Rise in the procurement of new aircraft owing to rising air travel is propelling the market forward. Growing investments by aircraft fleet owners towards replacing existing valves with newer ones will support the market growth
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List of Key Players Present in the Aerospace Valves Market:
- Eaton Corporation PLC (Ireland)
- Safran SE (France)
- Woodward Inc. (U.S.)
- Triumph Group (U.S.)
- Parker Hannifin Corporation (U.S.)
- Moog Inc. (U.S.)
- Crissair Inc. (U.S.)
- Liebherr (Germany)
- Porvair PLC (U.K.)
Decline in Aircraft Production and Refurbishment amid Pandemic Affected Market Growth
Restrictions on travel and movement of goods, especially cross-border, put tremendous strain on the worldwide aerospace valves market. With a steep decline in commercial as well as business travel amid lockdown restrictions, the product experienced significantly low demand. While many aircraft makers and OEMs halted production activity, refurbishment of existing carriers also declined. These factors, along with supply chain issues and labor shortages, have impacted the market growth worldwide. However, the recovery of the aviation sector will help the market recover in the next few years.
The aerospace valve is a critical component of an aircraft system. It controls the flow of gases and fluids by opening and shutting a path. Depending upon the application and the pressure requirements, different types of valves are used in an aviation system. As commercial airliners and military aircraft fleet owners look to expand the fleet size, there is a growing need for the replacement of existing valves. These factors will drive the demand for aerospace valves over the forthcoming years.
North America is anticipated to dominate aerospace valves market share during 2021-2028. In 2020, the regional market garnered more than USD 4.07 billion. The presence key aircraft companies including Boeing, Triumph Group, Moog, Parker Hannifin, and others will bolster the regional outlook.
In Asia Pacific, the market will witness tremendous growth, driven by the rising number of air passengers in Japan, China, India, and other countries. Meanwhile, the market in Europe will grow on account of modernization of aircraft fleet, rising travel and tourism, and advancing technology.
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Drivers & Restraints
Rising Aircraft Production and Replacement of Existing Valves to Augment Growth
Aerospace valves market growth is garnering momentum with the increasing procurement of new aircraft. Aircraft manufacturers are witnessing monumental demand due to increased orders caused by the rise in air passengers. To meet this demand, aerospace companies are ramping up production. For instance, Airbus aims to boost production of A320 aircraft to around 45 units by the end of 2021.
While, new aircraft production rises, companies are also refurbishing existing carriers with newer systems. These factors are slated to boost the demand for aircraft equipment, including valves.
However, fluctuations in raw material prices could hamper market growth during the forecast period.
Key Industry Development
November 2020 – Triumph Systems & Support received a four-year contract from Lockheed Martin Corporation for the supply of HUA (Hydraulic Utility Actuation) valves for its F-35 aircraft.
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