The global aircraft pumps market size is expected to reach USD 5.56 billion by 2028 according to a new study by Polaris Market Research. The report “Aircraft Pumps Market Share, Size, Trends, Industry Analysis Report, By Aircraft Type (Fixed Wing, Rotary Wing, Unmanned Aerial Vehicles); By Type; By Technology; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market for aircraft pumps is driven by advancements in new technologies for efficient and eco-friendly alternatives for traditional pumps. The developing and developed economies contribute to the air travel industry shift owing to the increasing disposable income and ease of ticket booking for commercial flights due to the growing digitization. Increasing demand for air travel has created a industry potential for new airplane manufacturing and supply which aids the demand for components segments and subsegments across the globe.
The market is estimated to register significant growth in the coming years accounted for the rise in commercial aviation, aerospace, and general aviation sectors. Several nations are emphasizing on better tourism policies for economic development which fuel the air travel industry and further drive the industry for airplane pump.
Governments in various nations are strengthening the air pollution policies to reduce carbon emission due to which several manufacturers are shifting towards electric motor driven technology over the traditional one. It creates promising future opportunities for the industry growth in the forecast period for electric motor driven segment.
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Asia Pacific is expected to show significant industry advancement over the forecast period owing to the surge in commercial air travel in the countries such as China and India. Europe is anticipated to register substantial growth in the airplane pump industry considering the noticeable investment made by major industry players in the region and growing tourism in the region.
Parker Hannifin Corporation (US), Eaton Corporation plc (Ireland), Safran (France), Woodward (US), and crane (US) are the key market players. Companies are focusing on mergers, acquisitions, and product development for competitive advantages. On February 2021, Eton an Ireland base company sign an agreement to acquire a leading air-to-air refuelling system manufacturer, Cobham Mission Systems.
Polaris Market Research has segmented the aircraft pumps market report on the basis of type, technology, aircraft type, and region:
Aircraft Pump, Type Outlook (Revenue - USD Million, 2016 - 2028)
Aircraft Pump, Technology Outlook (Revenue - USD Million, 2016 - 2028)
Aircraft Pump, Aircraft Type Outlook (Revenue - USD Million, 2016 - 2028)
Aircraft Pump, by Regional Outlook (Revenue - USD Million, 2016 - 2028)