Aerospace Valves Market is projected to grow to USD 4.84 Billion by 2023

The aerospace valves market is projected to grow from an estimated USD 3.71 Billion in 2018 to USD 4.84 Billion by 2023, at a CAGR of 5.44% during the forecast period.

This growth can be attributed to the increasing aircraft orders as a result of the rise in air passenger traffic across the globe. The growth in passenger traffic is resulting in increased flight hours of aircraft, which is leading to short replacement cycles, a key factor driving the demand for aerospace valves from the Maintenance, Repair and Overhaul (MRO) companies. Airliners are opting for lightweight valves, which would reduce aircraft weight and improve fuel efficiency.

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Based on valves, the aerospace valves market has been segmented into aerospace fuel system valves, aerospace hydraulic system valves, aerospace air conditioning system valves, aerospace ice & rain protection system valves, pneumatic system valves, water and waste system valves, and aerospace lubrication system valves. Valves help in pressurizing various fluids such as fuel, hydraulic oils, lubricating oils and water, and transferring these fluids to different aircraft components that help in the better performance of an aircraft.

Based on mechanism, the aerospace valves market has been segmented into poppet valves, pilot valves, flapper-nozzle valves, ball and plug valves, baffle valves, and others. The ball and plug valves segment is expected to grow at the highest CAGR during the forecast period. Air conditioning & cooling valves are used in environment control management systems in an aircraft.

Based on end user, the aerospace valves market has been segmented into OEM and aftermarket. The aftermarket segment is expected to grow at the highest CAGR during the forecast period. According to the International Air Transport Association (IATA) report, Revenue Passenger Kilometers (RPKs) increased by 6.5% in 2015 as compared to 2014. This rise in air traffic has led to an increase in demand for aerospace valves in the commercial segment, majorly in the Asia Pacific region.

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The geographical analysis of the aerospace valves market includes regions such as North America, Europe, Asia Pacific, and the Rest of the World (RoW). The North America region accounted for the largest share of the aerospace valves market in 2016. Several countries such as Brazil, Argentina, Saudi Arabia, and the UAE, among others, are increasing their military and commercial aircraft fleets. However, the Asia Pacific aerospace valves market is projected to grow at the highest CAGR during the forecast period due to the increase in passenger traffic and military aircraft in countries such as India, China, and Russia, among other countries, from the region

The existing backlogs of aircraft deliveries act as a restraint in the growth of the aerospace valves market. The limited manufacturing capacity of major aircraft manufacturing companies has resulted in a large backlog of aircraft deliveries.

Products offered by various companies in the aerospace valves market have been listed in the report. The recent developments section of the report includes recent and important developments by various companies between 2009 and 2016. Major companies profiled in the report include Parker Hannifin Corporation (US), Eaton (Ireland), Honeywell (US), Zodiac Aerospace (France), Woodward (US), and AeroControlex (US), among others. Agreements and acquisitions accounted for a major share of the total growth strategies adopted by the leading players in the aerospace valves market. These strategies have enabled companies to strengthen their position in the aerospace valves market.

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