PUNE, India, March 2, 2018 /PRNewswire/ --
According to the market research report "Aircraft Pumps Market by Pressure (500psi, 3000psi, 5000psi, 6500psi) Technology (Engine Driven, Electric Motor Driven, Rat Driven, Air Driven), Type (Fuel, Hydraulic, Lubrication, Cooling), End User, Application, Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated at USD 3.27 Billion in 2017 and is projected to reach USD 4.79 Billion by 2023, at a CAGR of 6.57% during the forecast period. Factors, such as increase in air passenger traffic, increase in aircraft deliveries, and short replacement cycles of aircraft pumps are expected to drive the aircraft pumps market.
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5000 psi to 6500 psi segment, by pressure, projected to grow at the highest CAGR during the forecast period
By pressure, the 5000 psi to 6500 psi segment of the aircraft pumps market is projected to grow at the highest CAGR during the forecast period. Owing to the increasing concerns for a decrease in the weight of aircraft hydraulic systems, demand for high pressure aircraft pumps is increasing as these pumps are light in weight.
Electric motor driven segment, by technology, projected to grow at the highest CAGR during the forecast period
By technology, the electric motor driven segment of the aircraft pumps market is projected to grow at the highest CAGR during the forecast period, as every aircraft needs a standby pump for fluid discharge in the system in case of emergency. These pumps also need to be replaced at regular intervals.
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Air conditioning and cooling pumps segment projected to grow at the highest CAGR during the forecast period
By pump type, the air conditioning and cooling pumps segment of the aircraft pumps market is projected to grow at the highest CAGR during the forecast period. The shorter replacement period of aircraft pumps in commercial aircraft is expected to drive this segment in comparison to the other pump type segments in the aircraft pumps market.
Asia Pacific is projected to grow at the highest CAGR during the forecast period
The Asia Pacific region is one of the fastest-growing markets in the aircraft pumps market due to an increase in the number of flight hours and air passenger traffic. Countries, such as India and China have seen a significant increase in regional air passenger traffic. This increase in air passenger traffic and flight hours is expected to boost the demand for aircraft pumps in the Asia Pacific region during the forecast period.
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Major players in the aircraft pumps market include Parker Hannifin (US), Eaton (Ireland), Honeywell (US), Zodiac Aerospace (France), Woodward (US), AeroControlex (US), and Triumph Group (US).
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