The aircraft strut market is anticipated to expand at a lower CAGR of 6.6% between 2022 and 2032, reaching a value of US$ 8.5 Billion by 2032. The market holds US$ 3.9 Billion in 2022.
Aircraft struts are a significant component in the assembly of an aircraft. The aircraft is surging traffic daily with more than one trip covered by a single aircraft across the globe, increasing the sales of aircraft strut.
An increasing number of new aircraft fabrication orders in both progressive economies is anticipated to drive the aircraft strut market growth in the future. The increasing number of various low-cost carriers owing to the high air traffic is another vital factor that is projected to augur well for the global market.
Developments like the oleo-pneumatic strut are commonly used as a type of shock absorber. It is mainly utilized on the largest cargo airplanes across the globe. It provides a rough-field landing capacity and helps in cushioning the airframe from the impacts of taxing, expanding the aircraft strut market size.
“Higher air traffic compliance and an increasing number of accidents during the flight landings are pushing the manufacturers to invest huge amounts in adopting these aircraft struts. This involves each component of the shock absorber struts. The market’s future looks promising as the technology is changing with artificial intelligence and machine learning.” says a Future Market Insights analyst.
- The high demand for commercial aircraft in the U.S. and Canada, stoked by destination expansion plans, and aircraft fleet modernization activities, is anticipated to boost the North American aircraft strut market share in the upcoming years.
- High air traffic in developing countries such as India and China, attributed to the rising disposable income and availability of discounts on online ticket booking platforms, is projected to augment the regional market.
- New manufacturing units around the Asia Pacific region, with the German companies setting up their production units in Asian nations, are set to impact the global aircraft strut market.
Market competitors are focusing on innovations related to multiple metal use while increasing the core strength of the shock absorber. This enhances the strength value in the market. The global market is highly fragmented with the presence of the above-mentioned key players. The majority of these players are striving to expand their portfolios by launching cutting-edge products.
Recent Market Development
- Birken Manufacturing has introduced its new set of aircraft landing gears involving enjet aero Bloomfield that works as a brilliant shock absorber.
- Completing 60 years of service, Circor Aerospace Has added new products and services related to aviation, revising its aircraft strut, and making it stronger.
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
These insights are based on a report on Aircraft Strut Market by Future Market Insights