Aerospace And Defense Springs Market Size, Share & Trends Analysis Report By Type, By Region And Segment Forecasts, 2019 - 2025
- November 2019 •
- 83 pages •
- Report ID: 5830597 •
- Format: PDF
The global aerospace and defense springs market size is expected to reach USD 377.7 million by 2025 and register a CAGR of 5.2% over the forecast period. Rising demand for commercial aircraft owing to increasing passenger traffic is expected to fuel the market growth. Furthermore, increasing need for fighter jets due to growing security concerns of the nations and increasing border conflicts among Asian countries is also expected to boost the growth of the market over the forecast period.
Springs are small but a crucial part in almost all the major aerospace equipment and some of their major applications are engine controls, aircraft cabin parts, landing mechanism, flow control nozzles, and fuel filtering systems.On the basis of type, the market is segmented into flat spiral/power; coil; and torsion, torque coil, and clutch.
Each spring has its own specific design and application, for instance, constant force flat springs are used to help deploy and retract the main entry door, stairs, and cargo doors while torsion springs are used in rocker switches of the aircraft.
Springs improve the performance of the equipment and also help reduce wear and tear of the system.They play an important role in efficient working of the equipment, leading to fuel saving and also facilitate easy operations of many components, especially where space is a constraint.
This becomes an important factor in the aerospace and defense sector, where a lot of technological devices are to be fitted in less space.
Equipment used in the aerospace sector should have the ability to endure harsh environments.They need components that are durable and sturdy, and require minimal replacements, upgradation, or maintenance, while being highly precise in dimensions.
Springs are highly resistant to pressure, require less maintenance, and have longer work life, which is why they are widely used in aerospace antennas, radar, probes, and satellites that help in navigation and are crucial for the ground service teams.
Further key findings from the report suggest:
• The market is anticipated to reach USD 377.7 million by 2025 and witness a CAGR of 5.2% on account of increasing demand for commercial aircraft and fighter jet
• By type, coil springs segment is anticipated to witness high CAGR over the forecast period ascribing to its application in wide range of components in aerospace and defense sector
• Asia Pacific is anticipated to witness high CAGR over the forecast period owing to expanding aerospace sector and MRO facilities in the region
• The aerospace and defense springs market is fragmented in nature and is dominated by companies such as, Argo Spring Manufacturing Co., Inc.; M. Coil Spring Manufacturing Company; Myers Spring Co. Inc.; Ace Wire Spring & Form Co., Inc.