Increasing number of aircraft orders and shorter aircraft valve replacement cycles are significantly driving the global aircraft valve market. The aircraft demand several valves that operate through the plug and ball mechanism to safeguard fluid discharge in the system for constant fluid flowing operations, and these valves require regular replacements. Therefore, the sales of ball and plug valves are projected be the largest contributor to the aircraft valve market in the coming years. The lifespan of aircraft is measured on the basis of the count of pressurization cycles instead of the year it is being used. An aircraft is pressurized at the time of travel; its equipment, fuselage, wings, and aircraft body are stressed due to huge pressure. The aircraft manufacturers are robustly focusing on designing and manufacturing trouble-free aircraft by installing efficient equipment that can handle the high pressure for a certain period of time. The high-pressure environment impacts the overall life span of the aircraft valves integrated into lubrication systems, air conditioning systems, and many other parts; therefore, these valves demand a regular replacement for the aircraft’s efficient operation. Thus, the shorter replacement cycle of aircraft valves owing to the less wear and tear tolerance of the same is boosting the growth of the aircraft valve market.
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According to the new research report titled “Aircraft Valve Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 6084.9 million by 2027, registering a CAGR of 6.2% from 2020 to 2027.
The Boeing setback from B737 max, and discontinuation of A380 and Boeing 747 program may hinder the market growth. Irrespective of certain limitations, the growing popularity of low cost carriers (LCCs) airline, and narrow body and wide body aircraft is bolstering their demand, thereby propelling the aircraft valve market growth.
The COVID-19 pandemic has been creating challenges for medical institutions, healthcare institutes, manufacturing units, commercial office premises, shopping complexes, and airports worldwide. According to the latest situation report from the World Health Organization (WHO), the US, Brazil, India, Russia, South Africa, Spain, the UK, Germany, and France are among the worst-affected countries due to the outbreak, which was first reported in Wuhan, China, in December 2019. As per the WHO figures on November 9, 2020, ~19.46 million COVID-19 cases have been diagnosed and ~722,285 deaths have been reported across the world. The COVID-19 crisis is affecting the industries worldwide, and the global economy has taken the worst hit in 2020. As the regions such as North America, Europe and APAC comprise a larger density of aircraft manufacturers and component manufacturers, the outbreak has severely affected their production. The lower strength of manufacturing staff and temporary suspension of production facilities have resulted in lesser production quantity. Boeing, the aviation giant in the region, has witnessed a significant fall in orders and production. In addition to Boeing, other aircraft OEMs such as Bombardier, Textron, and Gulfstream have also experienced the adverse impact of the COVID-19 outbreak. The restrictions on workforce employment, disruption in supply chain, and limited volumes of orders have been limiting the global aircraft valve market growth.
Key Findings of Study:
The global aircraft valve market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). North America held the largest share of the market in 2019, followed by Europe and APAC. Further, Europe is projected to witness the highest CAGR during the forecast period. Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in 2020, Safran S.A. signed a strategic agreement with ZF Aviation Technology to offer a turboprop engine for European military applications. Moreover, in 2020, Meggitt PLC expanded its aviation repair capabilities in Singapore, Asia. The newly expanded Services & Support center of the company, in Singapore, received an approval to repair over 80 new parts.
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