Aerospace and defense fluid conveyance systems market valuation to hit USD 22 billion by 2024, 5 trends to watch out for:
Date: 2018-05-15   Author: Saipriya Iyer  Category: #market

Aerospace and defense fluid conveyance systems market valuation to hit USD 22 billion by 2024, 5 trends to watch out for:

Fluid conveyance systems market for aerospace and defense is anticipated to register a CAGR of 3% over 2018-2024, as reported by Global Market Insights, Inc. The growth apparently, will be driven by the extensive demand for energy-efficient engines and the lightweight materials in the aviation sector.

Five trends predominant in aerospace and defense fluid conveyance systems market:

  • Hydraulic systems are anticipated to amass the maximum share of aerospace and defense fluid conveyance systems market by 2024. Powered by the ability of these systems to ensure inconsequential losses due to fluid friction and carry out critical flight operations, hydraulic systems will capture 40% of the industry share by 2024.
  • OEMs will dominate aerospace and defense fluid conveyance systems industry over 2018-2024, accounting for USD 14 billion of the revenue by 2024. The growth can reportedly be attributed to the large-scale installation of these systems in aircrafts.
  • Commercial aircrafts will emerge as a dominant aircraft segment, holding over 80% of the industry share by 2024. The growth can be credited to the massive production of these aircrafts and the rising demand for aircraft such as A350XWB, B737, A320, and B787.
  • North America will account for over 50% of the overall aerospace and defense fluid conveyance systems market share by 2024, emerging as the dominant region owing to the extensive aircraft production in the country.
  • Airframe dominated the aerospace and defense fluid conveyance systems market in 2017 and is likely to continue the same with over 60% revenue share till 2024.
  • Powered by the massive deployment of fluid conveyance systems in brakes, landing gears, and flight control surface, airframes will account for 60% of aerospace and defense fluid conveyance systems market share by 2024.

Innovative product offering is a pivotal strategy adopted by prominent aerospace and defense fluid conveyance market players such as Encore Group, ITT Corporation, Parker Hannifin Corporation, Unison Industries, and Eaton Corporation to retain their position across this vertical.



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Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

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