Aerospace Accumulator Market Size
Aerospace Accumulator Market size was worth USD 8.6 million in 2019 and will grow at more than 3.8% from 2020 to 2026.
Growing fleet size of aircraft is likely to propel the industry demand. Growing air passenger traffic along with changing consumer behavior towards air transport is flourishing the demand for new generation and new commercial aircrafts that will drive the aerospace accumulator industry growth. As per the International Air Transport Association (IATA), air traffic worldwide will be doubled by 2037. It can be attributed to the global airline industry’s eastward movement.
Airbus, which is one of the world’s leading aircraft producers, has mentioned that at least 37,400 new planes will be needed by 2038 to service carry passengers. Tough government rules related to specifications and application rules are expected to restrain the market penetration. The COVID-19 pandemic has taken a huge hit on the production of aircraft all over the world. Partially functioning manufacturing plants, insufficient skilled labors, mobility and foreign trade restrictions have slowed the production of aircraft. This has led to sluggish demand, more production backlog, and postponed new aircraft deliveries.
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Aerospace Accumulator Market Report Attributes
Report Attribute Details
Base Year 2019
Aerospace Accumulator Market Size in 2019 8.57 Million (USD)
Forecast Period 2020 to 2026
Forecast Period 2020 to 2026 CAGR 3.8%
2026 Value Projection 8.87 Million (USD)
Historical Data for 2016 to 2019
No. of Pages 200
Tables, Charts & Figures 229
Segments included\tProduct, Material, Aircraft, Region
Growth Drivers\t
Growing production of commercial aircraft
Growing defense spending
Presence of high concentration of aircraft manufacturers in North America
Spreading demand for next generation aircrafts
Pitfalls & Challenges\t
High regulations
COVID-19 led supply chain disruption
What are the growth opportunities in this market?
Aerospace Accumulator Market Analysis
Metal bellow aerospace accumulator market made approximately USD 6.2 million in revenue in the year 2019 and is expected to grow at 3.5% CAGR until 2026. Metal below accumulators are of low spring rate and exhibit better performance than bladder and piston accumulators. It offers a hermetic sealing between charged gas and hydraulic fluid, thereby reducing the leakage.
The teflon guide provides zero friction, hence facilitating quick movement of bellows within the housing. In addition, the accumulators have low maintenance and long life. It has great media resistance with a wide range of temperatures, making it more efficient in aggressive environments. Increasing demand for wide body aircraft will cause high growth potential in the industry scenario.
Steel segment shall retain over 60% of aerospace accumulator market share by the year 2026. Stainless steel has exceptional corrosion resistance and is thus the material of choice. It further has mechanical characteristics and better resistance to heat, that leads to strength retention under high temperatures. Nevertheless, greater use of composite materials for accumulators due to improved performance, durability, and lower weight shall restrain steel segment growth.
Find out more about the most important segments driving this market
In 2019, revenue from commercial aircraft segment was more than USD 4.5 million attributed to increasing commercial aircraft demand. Air traffic across the globe has grown manifolds over the past decade. Low-cost air carriers’ emergence, preference towards air transport, increased disposable income of middle-class citizens in emerging economies, are some of the drivers increasing the air traffic. These trends are having a favorable impact on commercial aircraft demand.
Learn more about the prominent segments dominating this market
North America aerospace accumulator market had a share of over 45% in 2019 due to presence of robustly developed aerospace industry within the region. The major players involved in the region are Bombardier, the Boeing Company, Lockheed Martin Corporation, Northrop Grumman, United Technologies Corporation, Raytheon Company, GE Aviation, and General Dynamics Corporation.
The United States is the world’s biggest aircraft-producing nation, and its share is more than 35% of world aircraft production. The nation possesses approximately one-third of world commercial aircraft production share. The state-of-the-art manufacturing units all over the country complemented aerospace industry expansion during the past couple of decades. In addition, concentrated research & development initiatives combined with increased military spending will support regional aerospace accumulator demand.
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Aerospace Accumulator Market Share
The aerospace accumulator industry is very competitive, and technology plays a crucial role in strengthening industry share. The major players operating in the product space are
- Parker Hannifin
- Valcor Engineering Corporation
- Senior Metal Bellows
- Eaton Corporation
- Arkwin Industries
- Haydac Technologies
- Bosch Rexroth
- Triumph Group
- Flexial Corporation
- Ametek Inc.
- TECHNETICS GROUP
- APPH Group
Industry players are focusing on research & development for technological advancements to gain competitive advantage over other companies.
