Electric Motor Pumps to Procure 40% Market Share for Aircraft Pumps Market: Fact.MR Study
Published : 05 Jan 2022 Industry: Industrial Goods
Fact.MR predicts the global sales of aircraft pumps to surpass US$ 6 Bn by registering a CAGR of 5% in the forecast period 2022-2032. The aviation industry is on the verge of a major shift in propulsion with leading players focusing on electric propulsion technology. Electric aircraft are gaining the interest of stakeholders owing to their benefits, including high efficiency along with reduced fuel and maintenance costs.
Historically, from 2017 to 2021, the sales of aircraft pumps exceeded US$ 3.73 Bn. Due to the onset of the COVID-19 pandemic, travel restrictions around the world increased. This, in turn, affected the demand for aircraft pumps in the initial quarter of the pandemic. As the world is gaining normalcy, the demand for aircraft pumps is expected to retrieve.
The electric aircraft trend is accelerating as OEMs in the aircraft industry are collaborating with suppliers to design new systems and electric propulsion technology. NASA is also investing in research on Electrified Aircraft Propulsion (EPA) to improve emission, fuel efficiency, and noise levels in commercial aircraft. Thus, due to the aforementioned reasons, the demand for aircraft pumps will increase in the assessment period.
Key Takeaways from the Market Study
- By pump type, jet pumps are expected to hold more than 40% market share for aircraft pumps in the sales indicator period.
- By technology, electric motor driven pumps expected to account for more than 40% market share for aircraft pumps.
- Asia Pacific expected to hold 50% market share for aircraft pumps in the assessment period.
- Europe expected to possess more than 30% market share for aircraft pumps in the forecast period.
“Increase in air travel by people across the globe along with pumps that require low maintenance are driving the demand for aircraft pumps.” opines a Fact.MR analyst.
- Cascon has recently rolled out its Series of 300-100 pump models, to provide affordable aerospace solutions for fuel and coolant pumping applications.
- Eaton Corporation plc, Honeywell International Inc., Crane Aerospace & Electronics, Parker Hannifin Corporation, Cascon Inc., Triumph Group, Inc., Crissair, Inc., Zodiac Aerospace, Weldon Pump LLC, and Woodward, Inc are prominent aircraft pumps market players.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global aircraft pumps system market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of type (hydraulic pumps, fuel pumps, lubrication pumps, water & waste, system pumps and air conditioning & cooling pumps), technology (engine driven, electric motor driven, ram air turbine driven and air driven,) pressure (10 PSI to 500 PSI, 500 PSI to 1000 PSI, 3000 PSI to 5000 PSI and 5000 PSI to 6500 PSI), aircraft type (narrow body aircraft, wide body aircraft, regional jet and turboprop) and end user (OEM and aftermarket) across six major regions (North America, Latin America, Europe, Asia Pacific, Middle East and Africa).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial 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 the industrial automation 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.
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Shambhu Nath Jha
Consultant - Industrial Goods and Automotive