Product ID: SQMIG20A2118
Report ID:
SQMIG20A2118 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
60 |
Figures:
75
Aircraft Hydraulic System Market size was valued at USD 8.72 billion in 2021 and is poised to grow from USD 9.7 billion in 2022 to USD 22.68 billion by 2030, at a CAGR of 11.2% during the forecast period (2023-2030).
The global aircraft hydraulic system market is currently witnessing robust growth, driven by various factors that continue to shape the aviation industry. Presently, the market is characterized by a surge in aircraft production and fleet expansion, both in the commercial and defense sectors.
The growing demand for fuel-efficient aircraft with advanced flight control systems has further propelled the adoption of hydraulic systems, as they play a crucial role in ensuring the seamless operation of critical flight controls.
Additionally, the increasing focus on enhancing aircraft performance, safety, and operational reliability has led to the integration of technologically advanced hydraulic systems, contributing to market expansion. The rise in air passenger traffic across regions has led to the proliferation of new airline companies and the modernization of existing fleets, creating lucrative opportunities for hydraulic system manufacturers.
Moreover, the incorporation of lightweight materials and innovative designs has led to the development of more compact and energy-efficient hydraulic components, augmenting their application in various aircraft systems.
Despite the promising growth prospects, the market also faces challenges such as the high maintenance costs associated with hydraulic systems and the trend towards the adoption of electric-based alternatives.
However, ongoing research and development efforts to address these concerns are anticipated to foster the continued growth of the global aircraft hydraulic system market in the present scenario.
US Aircraft Hydraulic System Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG20A2118