Dec 04, 2019
Surge in Aircraft Demand from Defense to Create Growth Avenues for Aerospace Filter Manufacturers, Says Fact.MR
by Team Fact.MR
With geopolitical tensions escalating rapidly, demand for military equipment is also ramping up. Countries such as the United States, China, Russia, and India are increasing their total spending on defense. In 2018, the global military expenditure rose to US$ 1.8 trillion, up 2.5% from 2017. Owing to this factor, the global aerospace & defense industry saw record growth in aircraft deliveries. Aerospace filters are used to improve the performance and efficiency of an aircraft and provide clean air to passengers. The global defense sector's investments in buying modern aircrafts within the aviation and aerospace industry, will increase the market growth for aerospace filters in the coming years. Fact.MR, in its latest research, projects that in the end-use category, military aviation will foresee to witness two-fold growth and hit a valuation of US$ 6.6 Bn by the end of 2027.
Key Takeaways of the Global Aerospace Filters Market
- According to Fact.MR, aerospace filters will continue to see extensive use in aircraft engine applications. Owing to this, sales of aviation filters for engine use are expected to account for half of the revenue share by 2027 end
- Aircraft filters sales in cabins and hydraulic systems will continue to display lower CAGRs as compared to engine applications over the forecast duration
- On the defense side, heightened global security threats, and a recovery in global defense budgets is pushing the production of military aircraft, which is expected to see a revenue surplus in the aerospace filters market in the military aircraft category throughout the forecast period
- Increasing aircraft fleet and passenger traffic in the Asia-Pacific region is driving the growth of aerospace filters market. Owing to this, Asia-Pacific will be the dominant region and aerospace filters market in Asia-Pacific will be projected to grow at a positive CAGR of 7.5% over the forecast period
- Due to the increased use of oil and lube filters to make aircrafts more efficient, liquid filters will remain in demand, with revenues expected to rise steadily through 2027
“Aircraft OEMs will continue to put pressure on component suppliers to reduce cost and, offer reliable products which, in turn, will push aerospace filters market players to manufacture cost-effective and technologically sound products.” says Fact.MR analyst.
Market Actors Focus on Cost Reduction & Amplified Production
In terms of technology, performance, and pricing, the leading manufacturers of aerospace filters compete with each other to obtain contracts from prominent aircraft manufacturing companies as well as aircraft component manufacturing companies. The study finds that the top hundred listed aerospace companies experienced record growth (about 8.6% increase in revenues) last year and sustained strong profitability. The aerospace filters market players are engaged in developing their existing products and increasing their business presence in the global market through mergers, acquisition and partnerships. For instance,
- In 2019, Pall Corporation, manufacturer of filtration and purification technology, has completed a certification of Boeing 737, 777, and 757 versions of its microbial and odor-removing advanced cabin air filter.
- In 2018, Freudenberg Filtration Technologies signed a contract to buy Apollo Air Cleaner Co. Ltd., to expand its business reach.
Find More Valuable Insights on Aerospace Filters Market
Fact.MR, in its new offering, provides an unbiased analysis of the global aerospace filters market, presenting historical demand data (2014-2018) and forecast statistics for the period, 2019-2027. The study divulges compelling insights on the aerospace filters market on the basis of product (cabin air filters, avionics filters, hydraulic filters, engine air intake filters, fuel filters, oil & lube filters, and others), filter media (fiberglass, metal mesh, pleated paper, and others), aircraft type (narrow body aircraft, wide body aircraft, regional body aircraft, turboprop, and rotary wing), end-use (commercial aviation, business aviation, and military aviation), sales channel (OEMs, and aftermarket), across seven regions.
>>> To get more information on aerospace filters market, visit- https://www.factmr.com/report/27/aerospace-filter-market
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.