OEMs are likely to dominate the aerospace & defense fluid conveyance systems market, surpassing USD 14 billion over the forecast timeframe. Their large-scale installation in aircrafts for fluid transmission will primarily support the industry dominance. Substantial aircraft production globally along with continuous efforts of OEMs to install advanced components in aircrafts will further strengthen the industry penetration. Aftermarket will witness substantial growth at over 3.5% from 2018 to 2024. This can be credited to high replacement needs, particularly in ageing aircrafts. The aftermarket players ensure the quality maintenance of these systems, further supporting the industry growth.
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The rising deployment of fleet services for transportation & military operations has been driving aerospace & defense fluid conveyance systems market considerably since the last few years. With increasing disposable incomes and subsequently changing lifestyles, air transportation has lately gained substantial momentum, fueling the need for commercial aircraft.
Rising demand for energy-efficient engines & lightweight materials are few trends significantly impacting the aerospace & defense fluid conveyance systems market share from 2018 to 2024. The competitors are indulged in developing enhanced products with advanced technologies. For instance, Parker Hannifin has developed one stop system integration that is adopted by major aerospace industry players. Parker had partnered with Boeing 787 and had created a hydraulic equipment module by integrating around 60 components into a single sub system. This technology is created to provide the aircrafts with appropriate hydraulic support and structure.
Aerospace & defense fluid conveyance systems market from airframe is likely to capture over 60% share till 2024 owing to high implementation of these systems in applications such as brakes, flight control surfaces, landing gear, etc. Engine is likely to exhibit 4% CAGR from 2018 to 2024 owing to extensive usage of fluid conveyance systems for fluid transmission between the tank and aircraft engine.
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Ducts will account for more than USD 7 billion in aerospace & defense fluid conveyance systems market by 2024. Their high usage for transmitting the fluids from the engine to aircraft wings edges will essentially contribute towards the revenue generation. They are also used in applications such as starter systems, engine bleed air, and thermal anti-ice systems, accelerating their demand. Hoses will witness around 4% CAGR from 2018 to 2024 owing to their high flexibility and strength.
North America aerospace & defense fluid conveyance systems market is anticipated to hold dominance with over 50% market share during forecast time frame owing to major manufacturing companies presence. The strong presence of aircraft manufacturers including Airbus, Boeing and Bombardier Aerospace along with rising demand for a fluid mechanism in next-generation aircraft are boosting industry growth.
GKN Aerospace, Parker Hannifin Corporation, Eaton Corporation, ITT Corporation, Encore Group, Arrowhead Products, and Triumph Group are among prominent players in aerospace & defense fluid conveyance systems market.
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The mutual cooperation between aircraft companies and product suppliers is likely to be one of the major driving forces of aerospace & defense fluid conveyance systems industry. The surging deployment of UAVs for performing military operations will also have a remarkable impact on product demand over the years ahead. Driven by the escalating demand for fleet components and the robust competitive hierarchy, aerospace & defense fluid conveyance systems market share will increase at a CAGR of 3% over 2018-2024.