The global aerospace valves market size was projected to be worth USD 10.42 billion in 2020. The market value will grow from USD 11.02 billion in 2021 to USD 14.68 billion by 2028 at a CAGR of 4.18% during the forecast period. Rise in the procurement of new aircraft owing to rising air travel is propelling the market forward. Growing investments by aircraft fleet owners towards replacing existing valves with newer ones will support the market growth, states Fortune Business Insights™ in its report titled “Aerospace Valves Market, 2021-2028”.

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Aerospace valve is a critical component of an aircraft system. It controls the flow of gases and fluids by opening and shutting a path. Depending upon the application and the pressure requirements, different types of valves are used in an aviation system. As commercial airliners and military aircraft fleet owners look to expand fleet size, there is growing need for the replacement of existing valves. These factors will drive the demand for aerospace valves over the forthcoming years.

List of Key Players Present in the Aerospace Valves Market

• Eaton Corporation PLC (Ireland)

• Safran SE (France)

• Woodward Inc. (U.S.)

• Triumph Group (U.S.)

• Parker Hannifin Corporation (U.S.)

• Moog Inc. (U.S.)

• Crissair Inc. (U.S.)

• Liebherr (Germany)

• Porvair PLC (U.K.)

Market Segments

Based on type, the market is classified into ball valve, butterfly valve, gate valve, rotary valve, and others.

By aircraft type, the market is segmented into military aircraft, commercial aircraft, business aircraft, general aviation aircraft, and helicopters.

In terms of application, the market is divided into hydraulic system, fuel system, lubrication system, pneumatic system, and others.

On the basis of end-use, the market is bifurcated into OEM and aftermarket.

Geographically, the market is split into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.  

Report Coverage

The report offers:

• Major growth drivers, restraints, opportunities, and potential challenges for the market.

• Comprehensive insights into the global as well as regional developments.

• List of key industry players.

• Major strategies adopted by the market players.

• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints

Rising Aircraft Production and Replacement of Existing Valves to Augment Growth    

Aerospace valves market growth is garnering momentum with the increasing procurement of new aircraft. Aircraft manufacturers are witnessing monumental demand due to increased orders caused by the rise in air passengers. To meet this demand, aerospace companies are ramping up production. For instance, Airbus aims to boost production of A320 aircraft to around 45 units by the end of 2021.

While, new aircraft production rises, companies are also refurbishing existing carriers with newer systems. These factors are slated to boost the demand for aircraft equipment, including valves.

However, fluctuations in raw material prices could hamper market growth during the forecast period.

Regional Insights

Presence of Prominent Aircraft Makers to Augment Growth in North America     

North America is anticipated to dominate aerospace valves market share during 2021-2028. In 2020, the regional market garnered more than USD 4.07 billion. The presence key aircraft companies including Boeing, Triumph Group, Moog, Parker Hannifin, and others will bolster the regional outlook.

In Asia Pacific, the market will witness tremendous growth, driven by the rising number of air passengers in Japan, China, India, and other countries. Meanwhile, the market in Europe will grow on account of modernization of aircraft fleet, rising travel and tourism, and advancing technology.  

Industry Development

November 2020 – Triumph Systems & Support received a four-year contract from Lockheed Martin Corporation for the supply of HUA (Hydraulic Utility Actuation) valves for its F-35 aircraft.