According to a research report “Market for aircraft pumps by type (hydraulic pumps, fuel pumps, lubrication and purification pumps, water and wastewater pumps, air conditioning and refrigeration pumps), pressure, end use (OEM, spare parts market), technology, aircraft type and region – Forecast until 2026“, published by MarketsandMarkets, the size of the global aircraft pump market is expected to grow from $ 3.3 billion in 2021 to $ 4.5 billion in 2026, with a CAGR of 6.3% between 2021 and 2026. The market is driven by several factors, such as increased aircraft renewals and the need for more flexible and lighter aircraft with improved lightweight systems and compact pumping systems.
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Increased demand for aircraft renovations and deliveries will drive demand in the fuel pump segment
The fuel pump segment is expected to be the most important market by value. The growth of the fuel pumps segment of the aircraft pumps market can be attributed to the increase in aircraft renewals as a short-term goal for the commercial aircraft industry. In the short term, the COVID-19 shock has shifted its focus to replacement after a decade of growth bias. The current recession is expected to lead to the replacement of many older aircraft.
The upper 3,000 psi segment is projected to have a higher CAGR during the forecast period
Depending on the pressure, the segment above 3,000 psi is expected to be the highest CAGR rate in the aircraft pump market during the forecast period. The growth of the more than 3,000 psi segment of the aircraft pumps market can be attributed to low-weight high-pressure hydraulic pumps that reduce aircraft weight, especially for military applications.
The electric motor-driven segment is projected to experience a higher CAGR during the forecast period
Based on the technology, the electric motor-driven segment is expected to be the highest CAGR rate in the aircraft pump market during the forecast period. This growth can be attributed to various applications of electric motor driven pumps. Auxiliary fuel pumps, hydraulic systems of different types of aircraft, water and wastewater systems and air conditioning and cooling systems can be operated with an electric motor.
The unmanned aerial vehicle segment is expected to witness the highest CAGR during the forecast period
Depending on the type of aircraft, the unmanned aerial vehicle segment is expected to grow at the highest CAGR rate in the aircraft pumps market during the forecast period. UAVs are commonly referred to as drones and are best known for their widespread use in various military missions such as border surveillance. They are also used to map, topograph, and determine the weather conditions of a specific area. Some remotely piloted UAVs are designed to function as floating ammunition for defense forces.
The OEM segment is expected to be the highest CAGR during the forecast period
Depending on the end use, the OEM segment is expected to grow at the highest CAGR rate in the aircraft pump market during the forecast period. OEM manufacturers are responsible for installing pumps on an aircraft during the assembly stage and then making them available for delivery to aircraft manufacturers. Over the years, there has been a significant increase in demand for different types of aircraft in different regions. According to Airbus, in 2019 it delivered 863 commercial aircraft to 99 customers.
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The US market is expected to contribute the largest share from 2021 to 2026
North America is expected to be the largest regional share of the aircraft pump market during the forecast period. The key factor responsible for North America, which leads the aircraft pumps market due to the rapid growth of technologically advanced pumps in the region. In North America, rising orders and supplies of aircraft are encouraging aircraft pump manufacturers to increase their sales year after year. The growing demand for commercial aircraft and the presence of some of the major agents operating in the market, such as Parker-Hannifin Corporation (USA), Woodward, Inc. (USA) and Crane Co. (USA) and Collins Aerospace (USA) are expected to lead the aircraft pump market in North America. These players focus on R&D to increase their product lines and use technologically advanced systems, subsystems and other components for the manufacture of aircraft pumps.
The aircraft pump market includes Safran (France), Eaton Corporation plc (Ireland), Parker-Hannifin Corporation (USA), Woodward, Inc. (USA) and Crane Co. (USA). These players have expanded their business to several countries: North America, Europe, Asia Pacific, Middle East, Africa and Latin America. COVID-19 has also affected its businesses. Industry experts believe COVID-19 could affect aircraft bomb production and services by 7-10% globally by 2020.
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Sr. Aashish Mehra
MarketsandMarkets ™ INC.
630 Dundee Road
Northbrook, IL 60062
USA: + 1-888-600-6441