Northbrook, IL -- (SBWire) -- 11/05/2021 --The global aircraft pumps market size is projected to grow from USD 3.3 billion in 2021 to USD 4.5 billion by 2026, at a CAGR of 6.3% from 2021 to 2026. The market is driven by various factors, such as increase in aircraft renewals and need for more flexible and light aircraft with improved, lightweight systems and compact pumping systems.
Increasing demand for aircraft renewals and deliveries will drive the demand for fuel pump segment
The fuel pump segment is expected to be the largest market by value. The growth of the fuel pump 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 near term, the COVID-19 shock has shifted the focus to replacement after a decade of growth bias. The current downturn is expected to lead to the replacement of many older airplanes.
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The above 3,000 psi segment is projected to witness a higher CAGR during the forecast period
Based on pressure, the above 3,000 psi segment is projected to be the highest CAGR rate for the aircraft pumps market during the forecast period. The growth of the above 3,000 psi segment of the aircraft pumps market can be attributed to the low-weight, high-pressure hydraulic pumps enabling weight reduction of the aircraft especially for military applications.
The electric motor driven segment is projected to witness a higher CAGR during the forecast period
Based on the technology, the electric motor driven segment is projected to be the highest CAGR rate for the aircraft pumps market during the forecast period. This growth can be attributed to various applications of electric motor driven pumps. Auxiliary boost fuel pumps, hydraulic systems in different aircraft types, water and wastewater systems, and air conditioning and cooling systems can all be driven with an electric motor.
The Unmanned Aerial Vehicles segment is projected to witness the highest CAGR during the forecast period
Based on the aircraft type, the unmanned aerial vehicles segment is projected to grow at the highest CAGR rate for the aircraft pumps market during the forecast period. UAVs are commonly termed drones and are mostly known for their wide usage in various military missions such as border surveillance. They are also used for mapping, surveying, and determining weather conditions of a specific area. Certain remotely piloted UAVs are designed to operate as loitering munition for defense forces.
The OEM segment is projected to witness the highest CAGR during the forecast period
Based on the end use, the OEM segment is projected to grow at the highest CAGR rate for the aircraft pumps market during the forecast period. OEMs are responsible for the installation of pumps in an aircraft during the assembly stage and are then made available for delivery to aircraft manufacturers. Over the years, there has been a significant rise in the demand for different aircraft types across regions. According to Airbus, it delivered 863 commercial aircraft to 99 customers in 2019.
The North America market is projected to contribute the largest share from 2021 to 2026
North America is projected to be the largest regional share of the aircraft pumps market during the forecast period. The key factor responsible for North America, leading the aircraft pumps market owing to the rapid growth of the technologically advanced pumps in the region. In North America, the rise in aircraft orders and supplies is encouraging manufacturers of aircraft pumps to increase their sales year on year. The increasing demand for commercial aircraft and the presence of some of the leading players operating in the market, such as Parker-Hannifin Corporation (US), Woodward, Inc. (US), and Crane Co. (US), and Collins Aerospace (US), are expected to drive the aircraft pumps market in North America. These players are focusing on R&D to increase their product lines and using technologically advanced systems, subsystems, and other components for manufacturing aircraft pumps.
The aircraft pumps market is dominated by a few globally established players such as Safran (France), Eaton Corporation plc (Ireland), Parker-Hannifin Corporation (US), Woodward, Inc. (US), and Crane Co. (US).
Aircraft Pumps Market to Witness the Highest Growth in North America Region