Aerospace & Defense Fluid Conveyance Systems Market Size 2021: Latest Industry Trends, Growth, Share, Size and 2024 Forecast Research Report with Top countries Data

Aerospace & Defense Fluid Conveyance Systems Market revenue is estimated to hit USD 22 billion by 2024; according to a new research report by Global Market Insights, Inc. Aerospace & defense fluid conveyance systems market from fuel systems is likely to exhibit growth at around 4% over the next seven years. Rise in disposable income among people coupled with urbanization across the globe has led to an increase in the total number of air passengers globally. Growth in the production of aircraft and commercial planes to meet the robust demand will positively influence aerospace and defense fluid conveyance systems market trends.

Increase in cross border tensions and security concerns has driven investments in the defense sector across several developed and developing nations. Burgeoning need for technological advancements in military aircraft will furthermore magnify industry dynamics over the years.

Development of lightweight materials for more fuel-efficient airplanes will bolster aviation sector growth. Fluid conveyance systems will witness consistent deployment to convey fluids to actuators, valves and for tools in aerospace and defense applications.

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According to the International Air Transport Association, over 3.8 billion air passengers are carried buy present airliners worldwide. Moreover, the IATA registered more than 7% rise as compared to 2015 in air traffic. Surging purchasing power among people along with cheap flying rates is propelling developments in the travel and tourism industry with people traveling for work, leisure or medical purposes.

Over the last few years, low-cost aircraft have gained widespread recognition due to enhanced fuel efficiency, strict carbon emission regulations levied by the government and other internationally recognized entities and surging fuel costs. The use of lightweight yet superior strength materials such as nickel and titanium has driven increasing deployment of aircraft  from various OEM companies to expand the scope of revenue generation.

Mandatory installation of fluid transmission systems in the aircraft to facilitate crucial flight operations is a pivotal factor supporting aerospace and defense fluid conveyance systems market size. By 2024, OEM segment is estimated to account for maximum share of more than USD 14 billion.

Aftermarket is anticipated to showcase rapid growth in the coming years owing to frequent repair and maintenance of the carriers along with safety check-ups that lead to the replacement of parts during a particular time frame. Developments in the Maintenance, Repair and Overhaul (MRO) industry to render reliable, safe and suitable services especially in Asian countries will amplify the adoption of the products.

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Vast applications of such as landing gears, brakes, flight control surfaces, and flaps are largely operated through hydraulics that constantly require a fluid mechanism to achieve superior reliability. Hydraulic fluid conveyance system industry size is projected to account for more than 40% industry share over 2018-2024.

With respect to application, the market is segmented into airframe and engine. Airframe application is subjected to contribute over 60% of market share by the end of 2024. Mounting production of aircrafts during the predicted period will supplement the demand for the product due to its superior application in the airframe to allow impeccable pneumatic performance.

Regionally, North America aerospace and defense fluid conveyance systems market is likely to dominate with more than 50% market share over 2018-2024 due to the presence of various manufacturing units across the region. The existence of many aircraft makers such as Boeing, Airbus, and Bombardier Aerospace and the need for a reliable fluid solution in next-gen aircrafts will bolster the growth in industry.

Key industry players outlining the competitive dynamics of aerospace and defense fluid conveyance systems industry share include Eaton Corporation, Parker, Arrowhead Products and Triumph Group, among various others.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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