Aircraft pumps market to grow to $6.0 billion globally by 2033 due to demand increase.
From GlobeNewswire: 2024-08-12 01:03:00
Allied Market Research published a report indicating the aircraft pumps market reached $3.5 billion in 2023, with an estimated growth to $6.0 billion by 2033 at a CAGR of 5.6% from 2024 to 2033. The growth is driven by the demand for business and general aviation, specifically business jets and private aircraft popular among executives and affluent customers seeking private air travel benefits.
Fuel pumps are in high demand due to increasing air traffic, fleet expansion, and the necessity for fuel-efficient aircraft. Modernized fleets require efficient and reliable fuel pumps to meet environmental regulations and improve performance. Additionally, the growth of business and general aviation sectors, alongside military aircraft investments, further amplifies demand for fuel pumps.
The commercial aviation sector leads in demand for aircraft pumps due to global air travel growth, necessitating fleet expansion and modernization. Airlines are investing in fuel-efficient aircraft requiring advanced pumps for fuel, hydraulic, and lubrication systems, meeting environmental and performance standards. Passenger and cargo flight growth, coupled with technological advances, drive demand for durable pumps.
North America is set to maintain dominance in aircraft pump demand by 2033, with increasing air travel, fleet modernization, and technological advancements driving the market. The region focuses on aviation innovation, including the development of electric and hybrid-electric aircraft, increasing specialized pump demand. Stringent safety regulations and MRO services further boost high-performance pump demand.
Key players in the global aircraft pumps market include CLARCOR Inc., Eaton, Zodiac Aerospace, and others, adopting strategies like new product launches and collaborations to maintain market dominance. The detailed report by Allied Market Research provides valuable insights into business performance, operating segments, and strategic moves of market players to showcase the competitive landscape.
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