According to The Insight Partners, Latest research report on “Aircraft Heat Exchanger Market Size, Revenue, Global Analysis and Forecast to 2027”, the market was valued at US$ 1.43 Bn in 2018 and is expected to reach US$ 2.54 Bn by 2027 with a CAGR growth rate of 6.7% in the forecast period from 2019 to 2027. The report includes the key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
The major factors driving the aircraft heat exchanger market growth include competitive economic conditions that captivate the manufacturers to scale up their production cost-effectively. This leads to the rise in demand for the implementation of heat exchanger in the aviation sector. The aircraft industry is experiencing considerable demand for various technologically advanced equipment. The inclination curve of air travel is continuously climbing across geographies forcing the manufacturers of aircraft to provide an increased number of aircrafts such as fixed-wing and rotary-wing.
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On a global scenario, commercial air passenger is expected to maintain a continuous growth over the years, irrespective of numerous challenges faced by the commercial airlines such as aviation fuel price, and other monetary changes in various countries. However, these challenges are succeeded by the growth of several passengers across the world. In the aviation sector across the globe, the quest for advanced technology, robust systems, and rugged products are ever rising. The technological advancements in the field of aircraft are positively accepted by the developed countries as well as developing regions. The procurement of technologically advanced aircraft has bolstered over the years, flourishing the aircraft component manufacturing market.
Some of the key players operating in the global aircraft heat exchanger market that are profiled in this research study include Boyd Corporation, Honeywell International Inc., Jamco Corporation, Liebherr Group, Meggitt Plc, Tat Technologies Ltd., Triumph Group, Inc., Collins Aerospace, Wall Colmonoy, And Woodward, Inc.
The global aircraft heat exchanger market has been segmented based on type, type of aircraft, application, and geography. Based on the type, the aircraft heat exchanger market is bifurcated into flat tube and plate-fin. Based on type of aircraft, the aircraft heat exchanger market is segmented into the fixed-wing and rotary-wing. Heat exchangers are widely used in aircraft applications both for heating and cooling. The size and type of heat exchanger used can be customized to suit a process depending on the type of fluid, density, its phase, viscosity, temperature, chemical composition, pressures, and various other thermodynamic properties. Flat tube heat exchangers and plate-fin heat exchangers are two types of heat exchangers found on both the types of aircraft. They are used to cool auxiliary power units, gearboxes, hydraulics, and more. The defense forces are swiftly growing their fixed-wing and rotary-wing transport aircraft fleets. The growth in the production of commercial aircraft globally is anticipated to drive the aircraft heat exchanger market.
By application, the engine segment is estimated to dominate the market in 2018 and is also growing at a high CAGR. Heat exchanger plays a vital role in dealing with the heat to limit load size and to improve engine performance. It utilizes engine fluids to transmit excess heat from the engine heat sinks such as pumps, bearings, accessory gearbox, generators, constant speed drive, and power gearbox. Hence, these factors are expected to drive the market in the coming years.
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In 2018, North America accounted for the largest market share, growing at a CAGR of 6.4%
According to International Air Transport Association (IATA), the North American commercial aviation industry is expected to witness a surge in a number of air travelers at a growth rate of 2.3%, and the same is anticipated to carry passenger count of 1.2 Billion by 2036. The majority of air travelers is expected from the US market. Globalization and immigration are some of the factors which have positively impacted inbound and outbound air passenger traffic of the region. An ever-growing outlook on the air travels in the domestic as well as international arena positively impacts on the aerospace industry as well as on aircraft heat exchanger market demand.
Moreover, the US is a leading manufacturer of general aviation equipment such as small aircraft, helicopters, and business jets. The US’s aerospace industry observed a shift in manufacturing investment. The country currently accounts for nearly 40% of global aircraft production, which is the highest as compared to other countries across the globe. Some of the world’s largest manufacturers of aircraft, namely Boeing and Airbus, have their manufacturing bases established in the US. The presence of a huge number of aircraft manufacturers are significantly creating the demand for aircraft heat exchanger.
In 2018, the fixed-wing segment by type was expected to dominate the aircraft heat exchanger market. The existence of enormous fleet size in the commercial aviation sector and the military aviation sector has boosted the need for up-gradation of avionics and other components in the older aircraft. This factor has positively impacted on the growth of AIDs in fixed-wing aircraft. In addition, according to the International Air Transport Association (IATA), the commercial aviation passenger number is expected to rise to 7.2 Bn by 2035 as compared to 3.8 Bn in 2016.
France holds the largest share in the Europe aircraft heat exchanger market. The aviation industry is among the key contributor to the French GDP. The Airbus exports, in particular, contribute largely to the economic growth of the country. The total number of air passengers in France accounted for around 125 Million in 2016, and the same is expected to rise to around 170 Million by 2036, as per IATA. The major airlines in the country include; Air France, Aigle Azur, and ASL Airlines France, among others. These factors are boosting the aircraft heat exchanger market in France over the years and are also expected to continue fueling the growth of the market in the future.
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