The global aircraft valve market was valued at US$ 4192.4 million in 2019 and is projected to reach US$ 6084.9 million by 2027; it is expected to grow at a CAGR of 6.2% during 2020–2027.
The positive growth outlook of the global aviation industry and the surging number of air passengers across developing regions are the key factors boosting the demand for aircraft valves.In addition, the growing need of frequent replacement of aircraft valves would fuel the future demand for these valves in the future.
Despite the positive growth outlook, the ongoing COVID-19 outbreak and recent Boeing 737 max incidence, and halt in deliveries restricted the growth of the global aircraft valve market in 2020, and the similar conditions would continue in 2021.
The COVID-19 pandemic has been creating challenges for medical institutions, healthcare institutes, manufacturing units, commercial office premises, shopping complexes, and airports worldwide.According to the latest situation report from the World Health Organization (WHO), the US, Brazil, India, Russia, South Africa, Spain, the UK, Germany, and France are among the worst-affected countries due to the outbreak, which was first reported in Wuhan, China, in December 2019.
As per the WHO figures on November 9, 2020, ~19.46 million COVID-19 cases have been diagnosed and ~722,285 deaths have been reported across the world. The COVID-19 crisis is affecting the industries worldwide, and the global economy has taken the worst hit in 2020. As the regions such as North America, Europe and APAC comprise a larger density of aircraft manufacturers and component manufacturers, the outbreak has severely affected their production. The lower strength of manufacturing staff and temporary suspension of production facilities have resulted in lesser production quantity. Boeing, the aviation giant in the region, has witnessed a significant fall in orders and production. In addition to Boeing, other aircraft OEMs such as Bombardier, Textron, and Gulfstream have also experienced the adverse impact of the COVID-19 outbreak. The restrictions on workforce employment, disruption in supply chain, and limited volumes of orders have been limiting the global aircraft valve market growth. The aircraft valve market is segmented on the basis of product type, valve type, aircraft type, end user, and geography.Based on product type, the aircraft valve market is segmented into fuel system valves, hydraulic system valves, air conditioning system valves, lubrication systems valves, and others.
The lubrication system valves segment is projected to register the fastest CAGR during the forecast period.On the basis of valve type, the aircraft valve market is segmented into pilot valves, poppet valves, flapper-nozzle valves, and others.
The poppet valves segment accounted for the largest market share in 2019.Based on aircraft type, the aircraft valve market is segmented into fixed-wing and rotary-wing.
The fixed-wing segment contributed a larger market share in 2019. On basis of end user, the market is segmented into OEM and MRO. The OEM segment held the largest market share in 2019. On the basis of geography, the aircraft valve market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share of the market, followed by Europe and APAC, respectively. The market in Europe is projected to grow at the fastest CAGR during 2020–2027.
Overall size of the aircraft valve market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the aircraft valve market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants including valuation experts, research analysts, and key opinion leaders, specializing in the aircraft valve market. Collins Aerospace, a Raytheon Technologies Corporation Company; Crissair, Inc.; Eaton Corporation plc; Honeywell International Inc.; ITT Inc.; Meggitt PLC; Moog Inc.; Parker Hannifin Corporation; Safran S.A; and Triumph Group, Inc. are among the key players profiled during this market study.
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