The report "Aerospace Valves Market by Valves (Fuel, Hydraulic, Air Conditioning, Pneumatic), Material (Steel, Aluminum, Titanium), Mechanism (Poppet, Pilot, Flapper-Nozzle, Ball and Plug, Baffle), End User (OEM, Aftermarket), Aviation - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to be USD 3.71 Billion in 2018 and is projected to reach USD 4.84 Billion by 2023, at a CAGR of 5.44% during the forecast period.
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Factors such as an increase in passenger traffic, rise in aircraft deliveries, and short replacement cycles of aerospace valves are expected to drive the aerospace valves market.
Aerospace hydraulic system valves segment is projected to witness the highest growth during the forecast period.
Based on valves, the aerospace hydraulic system valves segment of the aerospace valves market is projected to witness the highest growth during the forecast period. This can be attributed to the increasing concern for decreasing the weight of aircraft hydraulic systems demand for high pressure, and lightweight aerospace valves are increasing.
Poppet valves mechanism segment is projected to witness the highest growth during the forecast period.
Based on mechanism, the poppet valve segment of the aerospace valves market is projected to witness the highest growth during the forecast period, as every aircraft needs poppet valves for fluid discharge, and for controlling timing and quantity of the fluid in the system. These valves also need to be replaced at regular intervals of time.
Aftermarket end user segment is expected to grow at the higher CAGR during the forecast period.
Based on end user, the aftermarket segment of the aerospace valves market is projected to grow at the highest CAGR during the forecast period. The short replacement period of aerospace valves in commercial aircraft is expected to drive this segment, as the replacement period for aerospace valves is not more than 3 to 4 years and these valves cannot be repaired or refurbished. This is the prime reason for the growth of the aerospace valves aftermarket.
Asia Pacific aerospace valves market is projected to witness the highest growth during the forecast period.
The Asia Pacific region is one of the fastest growing aerospace valves market due to an increase in the number of flight hours and passenger traffic. Countries such as India and China have seen a tremendous increase in the regional passenger traffic, as growing economy and the disposable income of consumers in these countries is continuously increasing, which is leading to the rise in passenger traffic. This increase in passenger traffic and flight hours are expected to drive the demand for aerospace valves in the Asia Pacific region during the forecast period.
Major players in the aerospace valves market include Parker Hannifin Corporation (US), Eaton (Ireland), Honeywell (US), Zodiac Aerospace (France), Woodward (US), AeroControlex (US), and Triumph Group (US).
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