Aerospace & Defense Fluid Conveyance Systems Market
Aerospace & defense fluid conveyance systems market to amass hefty returns via aftermarket sales, global industry share to exceed USD 22 billion by 2024
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. In addition, in order to eliminate terrorist activities, which have been increasing rapidly since the last few decades, many countries have been deploying unmanned aerial vehicles and high-speed jets. Aided by changing military strategies and heavy investments in the defense sector, aerospace & defense fluid conveyance systems industry size is anticipated to witness a massive upsurge over 2018-2024.
U.S. Aerospace & Defense Fluid Conveyance Systems Market, By Fluid, 2017 & 2024, (USD Million)
Taking into account the primary need of fluid conveyance systems in aircraft production, leading aircraft manufacturers have been establishing partnerships with fuel system manufacturers. An instance of the aforementioned is GKN Aerospace’s contract signed with General Atomics Aeronautical Systems Inc., in 2017, for developing, designing, and manufacturing fuel conveyance systems. GKN Aerospace, through this development agreement, apparently looked forward to developing fuel systems for UAV (unmanned aerial vehicle) applications. The firm planned to manufacture fuel bladders through a vacuum forming process in conjunction with the latest polyurethane (PU) material that is durable and lightweight. Given that UAVs are prominently used in the defense sector for performing various surveillance and other military tasks, GKN is likely to strengthen its stance in aerospace & defense fluid conveyance systems market through this deal, in addition to encouraging its fellow adversaries to increase their investments in the development of military UAVs.
The surging deployment of aircraft for defense as well as commercial purposes has been creating lucrative opportunities not only for original equipment manufacturers but also for aftermarket product developers. In fact, in order to rake in maximum capital, aircraft companies are signing long-term deals with aftermarket product suppliers. The collaboration of airline companies with aftermarket product distributors is proving rather beneficial for this vertical, in terms of reduced maintenance cost and improved fleet reliability.
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Citing a recent instance justifying the aforementioned statement, in 2016, Emirates signed a 10-year aftermarket agreement with Unison Industries to upgrade the GE90 and GP7200 engine fleets. Emirates back then, could leverage Unison’s expertise in the areas of upgrades, exchange programs, and repairs with mutual goals of the highest quality support. The deal testified that requirement of the aftermarket is vitally important for maintaining fleet services. Indeed, as per estimates, aerospace & defense fluid conveyance systems market size from the aftermarket distribution channel is slated to register a CAGR of 3.5% over 2018-2024.
Elaborating further on the growth strategy scenario in aerospace & defense fluid conveyance systems market, it is noteworthy to mention in 2015, Parker Aerospace signed a long-term deal with Emirates to provide a maintenance package to its Airbus A330/A340 and Boeing 777 engines and aircraft. As per the agreement, Parker will establish its repair facilities and network outstations across the globe to support Emirates, which will emerge to be advantageous for regional companies and local support teams to generate a sufficient inventory pool for fleet maintenance. This in consequence would have a remunerative impact on the overall aerospace & defense fluid conveyance systems industry outlook over the years ahead.
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.
Author Name : Sunil Hebbalkar