Aircraft Pumps Market: Introduction
Aircraft pumps provide operational capability to various aircraft components. The operation of brakes, flight control surface, landing gear and flaps are largely accomplished with hydraulic systems, aircraft pumps and power systems. Aircraft pumps are a major part of the hydraulic system. The utilisation of aircraft pumps varies depending upon the complexities and type of aircraft. Small aircrafts require fluid systems only for the manual operation of the wheel brakes, whereas large transport aircrafts have large and more complex systems, owing to which they require aircraft pumps with higher capacity.
To attain the necessary reliability and redundancy, the hydraulic system consists of various subsystems. Each subsystem consists of a heat exchanger, accumulator, power-generating device (aircraft pumps) reservoir, filtering system, etc. The hydraulic systems of aircraft pumps possess numerous advantages such as power sources for the operation of various aircraft systems & subsystems, light weight, simplification of inspection, ease of installation and low maintenance requirements. Moreover, aircraft pumps are highly efficient systems as their usage results in negligible loss due to the fluid friction of hydraulic operations.
Aircraft Pumps Market: Dynamics
The growth of the aircraft pumps market can be mainly attributed to an increase in the aircraft fleet and new orders owing to growth in the number of air routes as well as an increase in the demand for passenger travel. According to the International Air Transport Association, passenger traffic is rising by more than 6% every year. Passenger traffic is increasing day-by-day across the globe, with an establishment of more than 700 routes for better connectivity. This growth in passenger traffic is expected to drive the aircraft market, which will, in turn, drive the aircraft pumps market over the forecast period. Other factors boosting the aircraft pumps market include the increasing preference for air travel by the general population, the growing disposable income of the working-class population as well as the migration of people from rural to urban areas & abroad in search of employment. These factors have increased the demand for air travelling significantly, which is expected to continue over the forecast period.
Furthermore, the aviation industry has always been under the scanner of regulating authorities and is required to adhere to various guidelines issued by them related to aircraft pumps. These regulations have compelled the manufacturers of aircraft pumps to develop products that are compatible with the present standard.
On the other hand, factors such as the high cost of the manufacturing setup and strict standards & guidelines from regulating authorities are some of the factors expected to hamper the growth of the aircraft pumps market over the forecast period. However, the current trend to use better technology equipment for improved results is expected to contribute to the growth of the demand for aircraft pumps during the forecast period.
Aircraft Pumps Market: Segmentation
Aircraft Pumps Market: Regional Outlook
Europe, followed by North America, holds a major share of the global aircraft pumps market owing to the presence of a large aircraft fleet in this region. The Asia Pacific region is projected to exhibit high growth in the aircraft pumps market owing to the presence of emerging economies such as China, India and South Korea. The rest of the world is estimated to account for a relatively smaller share of the aircraft pumps market
Aircraft Pumps Market: Market Participants
Examples of some of the market participants operating across the value chain of the global aircraft pumps market are:
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