The aircraft pumps market is projected to grow from an estimated USD 3.27 Billion in 2017 to USD 4.79 Billion by 2023, at a CAGR of 6.57% during the forecast period. This growth can be attributed to the increasing aircraft orders, as a result of increasing air passenger traffic across the globe.
This report provides an analysis of the aircraft pumps market from 2017 to 2023. It discusses the industry and technological trends prevailing in the market.
Furthermore, the report analyzes factors that may drive or restrain the growth of the market in the coming years. The aircraft pumps market is projected to grow at a CAGR of 6.57% globally during the forecast period from 2017 to 2023.
The Asia Pacific region is expected to be the fastest-growing market during the forecast period, owing to an increase in regional air passenger traffic. The aircraft pumps market is expected to grow in various application segments due to the increase in aircraft deliveries in regions such as the Asia Pacific and North America.
Airlines around the world are also focusing on the regular in-time replacement of aircraft pumps for optimum fuel efficiency and efficient aircraft operation, which would lead to the greater durability of aircraft components, such as engines, fuel systems, and hydraulic systems, among others.
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The major drivers influencing the growth of the aircraft pumps market include a rise in air passenger traffic across the world, increasing aircraft deliveries across the Asia Pacific region, and shorter replacement cycle of aircraft pumps.
Based on application, the aircraft pumps market has been segmented into commercial, military, and general. The military application is expected to be the fastest-growing segment of the market, due to the increasing number of military aircraft fleet worldwide.
Based on pressure, the aircraft pumps market has been segmented into pressure ranges, such as 10 psi to 500 psi, 500 psi to 3000 psi, 3000 psi to 5000 psi, and 5000 psi to 6500 psi. The pumps help in pressurizing various fluids, such as fuels, hydraulic oils, lubricating oils, and water and transferring these fluids to different aircraft components that help towards the better performance of aircraft.
Aircraft pumps, based on technology, have been segmented into Electric Driven Pumps (EDPs), Electric Motor Driven Pumps (EMPs), Ram Air Turbine (RAT) driven pumps, and Air Driven Pumps (ADPs). The EMPs segment is projected to grow at the highest CAGR during the forecast period.
EMPs are used as standby units in case of emergency when engine driven pumps stop working.
Aircraft pumps, based on type, have been segmented into fuel pumps, lubrication pumps, water & waste system pumps, and air conditioning & cooling pumps. The air conditioning & cooling pumps segment is expected to grow at the highest CAGR in the aircraft pumps market.
Aircraft pumps, based on end user, have been segmented into OEM and aftermarket. The aftermarket segment is projected to grow at the highest CAGR in the aircraft pumps market.
According to the International Air Transport Association (IATA) report, Revenue Passenger Kilometers (RPKs) increased by 6.5% in 2015 as compared to 2014. This rise in air passenger traffic is expected to lead to an increase in the demand for aircraft pumps in the commercial segment, majorly in the Asia Pacific region.
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