Growing urbanization and rising popularity of air travel attributing to more convenience and less travel time is anticipated to increase the demand for aircrafts thereby stimulating aerospace accumulator market over the coming years. As a result of affordable and safer air travel there has been a notable surge in the volume of air passengers which has increased the demand for airplanes. According to Global Market Insights, Inc. report, aerospace accumulator market is projected to surpass USD 8.8 million by 2026.
Various countries across the globe have considerably increased their defense budget for strengthening the national security which is likely to impel the demand for aerospace accumulator. For instance, during FY 2020, the U.S. had observed a growth of more than 7% in the defense budget as compared to that during FY 2018. Additionally, the U.S. government is intending to increase the military budget to over USD 721.5 billion in the FY 2020. Further, technological advancements in accumulator pertaining to components with lower weight components and improved strength will result in increased product demand.
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The overall aerospace accumulator market is typically fragmented into different segments including the product, aircraft type and regional landscape.
In terms of product, bladder accumulator segment is estimated to grow at a CAGR of 3% over the forecast timeframe. These accumulators find extensive use in hydraulic systems of passenger aircrafts for energy storage application. Bladder accumulator features light weight, higher frequencies of charging and discharging, lower maintenance, and improved overall system handling. Furthermore, rising aircraft production along with burgeoning demand for new generation aircrafts will significantly drive the segmental growth.
Considering the aircraft type, business jets segment is expected to mark a substantial growth during the ensuing years on account of increasing globalization and rising multi-national business activities. Geographic expansion of several large organizations has increased the overseas operations which necessitates their employees to travel to several destinations for managing and developing their business ventures. This has indeed laid a positive impact on the segmental growth.
Owing to growing inter-continental business operations, the demand for business jets has significantly increased, which has ultimately prompted the industry players to focus on providing superior product to their clients while enhancing the company’s market position. Citing an instance, in 2020, Embraer inked a deal worth USD 14 billion with one of the global leaders in private jet travel- Flexjet. Under this deal, Embraer had announced the delivery of its recently certified Phenom 300 and Praetor jets, thereby bolstering their enduring partnership.
On the grounds of the regional landscape, Asia Pacific aerospace accumulator market is expected to witness a commendable growth owing to rising number of air passengers in the region. Growing economy, increasing preference for low-cost air carriers coupled with an upsurge in disposable income are some of the pivotal factors contributing to the growth of regional market. Additionally, elevating demand for military and commercial aircrafts from countries such as China and India will positively influence the industry growth.
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Elaborating on the demand of military aircrafts in the region, in 2020, the Indian Air Force had issued a tender to procure 114 jets with an investment of USD 18 billion. On account of this, Lockheed Martin, a leader in the U.S. aerospace industry, offered its F-21 fighter jets claiming its robust functioning and ability to act as a suitable proposition for “Make in India” initiative. This move would allow India to enter a largest ecosystem of fighter planes while also enabling Lockheed Martin to establish a long-term. partnership with Indian aerospace industry.
Prominent market players operating in the industry are focused on developing technologically advanced products in order to improve their offering and gain a competitive edge in the market. Some of the renown names in the market are Senior Aerospace, Eaton Corporation, Triumph Group, Woodward, Haydac Technologies, APPH Group, Parker Hannifin and Valcor Engineering.
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