Aircraft Heat Exchanger Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.81 Billion |
| Market Size (2029) | USD 2.85 Billion |
| CAGR (2024 - 2029) | 9.53 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aircraft Heat Exchanger Market Analysis
The Aircraft Heat Exchanger Market size is estimated at USD 1.81 billion in 2024, and is expected to reach USD 2.85 billion by 2029, growing at a CAGR of 9.53% during the forecast period (2024-2029).
- The global aircraft heat exchanger market witnessed unprecedented challenges due to the COVID-19 pandemic. The airlines had faced huge losses due to airport shutdowns, reduced air traffic, and supply chain disruptions that had led to a shortage of raw materials and delayed maintenance, repair, and overhaul operations. Research and development (R&D) of aircraft heat exchangers for military applications had been hampered due to a shortage of labor force. However, the market had showcased a strong recovery post-COVID due to increased aircraft deliveries and rising spending on aircraft maintenance, repair, and overhaul (MRO).
- Aircraft heat exchangers are used in aircraft engines, environmental control systems, and avionics that help to control heat and maintain the temperature of these systems. These are used to cool down hydraulic fluid and are located inside the fuel tank. The heat exchangers are used in all types of aircraft, including fixed-wing and rotary, and in many different aircraft systems.
- Advanced aircraft heat exchangers consist of thin wall thickness components such as tubes and fins to increase their thermodynamic efficiency. These systems are made up of heat-resistant metals such as aluminum, copper, titanium, and others for high-temperature applications. Increasing air traffic, rising expenditure on the procurement of advanced aircraft heat exchangers, and growing aircraft fleets worldwide drive the growth of the market.
Aircraft Heat Exchanger Market Trends
The Fixed-Wing Segment is Anticipated to Grow with the Highest CAGR During the Forecast Period
- The fixed-wing segment is expected to show significant growth during the forecast period. The growth is attributed to the increasing air traffic, rising demand for new aircraft, and growing expenditure on the aviation sector. Commercial aircraft heat exchangers take heat from the engine's oil system to heat cold fuel, which improves fuel efficiency and reduces the possibility of water entrapped in the fuel freezing in components. Thus, increasing commercial aircraft deliveries is projected to drive market growth during the forecast period. According to the International Air Transport Association (IATA), the overall air passenger number will reach 4 billion in 2024. Furthermore, Boeing released its Commercial Market Outlook (CMO) 2022, in which it forecasted that demand for new aircraft will exceed 41,000 units during the 2022-2041 period.
- Additionally, increasing demand for military aircraft and growing expenditure in enhancing air force capabilities is creating demand for advanced aircraft heat exchanger systems. For instance, in January 2023, Aerobraze Engineered Technologies Oklahoma City signed a five-year contract with the US Air Force (USAF) for the remanufacturing of F-16 fighter aircraft regenerative heat exchangers at the Tinker Air Force Base. Thus, growing fixed-wing aircraft deliveries and increasing spending on MRO operations boost the market growth.
Asia-Pacific Will Showcase Highest Growth During the Forecast Period
- Asia-Pacific is projected to show the highest growth during the forecast period. Growing expenditure on the aviation sector and growing demand for new aircraft, especially from China and India, boost the market growth across the region. According to the International Air Transport Association (IATA), China surpassed the US and became the largest aviation market in the world in 2022. Furthermore, China is expected to reach a total of 1.5 billion aviation passengers by 2036.
- Furthermore, growing defense expenditure and procurement of next-generation fighter jets from India, China, and Japan propel the growth of the market. China and India are the second and third largest defense spenders in the world, with a defense budget of USD 293 billion and USD 76.6 billion, respectively. For instance, in February 2022, Bharat Heavy Electricals Limited (BHEL) received a contract from Hindustan Aeronautics Limited (HAL) for the supply of compact heat exchanger sets for 83 LCA Tejas MK1A aircraft. Thus, the growing demand for commercial and military aircraft from Asian countries drives the growth of the market.
Aircraft Heat Exchanger Industry Overview
The aircraft heat exchangers market is semi-consolidated in nature, with few players holding significant shares in the market. Some prominent market players are Safran SA, TAT Technologies Ltd., RTX Corporation, Honeywell International Inc., and Parker Hannifin Corporation.
The key players in the market are focusing on the development of advanced aircraft heat exchangers for different types of aircraft. Growing expenditure on research and development and the introduction of new aircraft heat exchangers will create better opportunities in the coming years. For instance, General Atomics Aeronautical Systems Inc. (GA-ASI) is working in collaboration with Conflux Technology on the design and development of a new Fuel Oil Heat Exchanger (FOHE) for the MQ-9B. GA-ASI is manufacturing enhanced thermal solutions for its MQ-9B SkyGuardian and SeaGuardian remotely-piloted aircraft
Aircraft Heat Exchanger Market Leaders
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Honeywell International Inc.
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TAT Technologies Ltd.
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Parker Hannifin Corporation
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RTX Corporation
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Safran SA
*Disclaimer: Major Players sorted in no particular order
Aircraft Heat Exchanger Market News
- January 2023: Aerobraze Engineered Technologies was awarded a five-year contract by the USAF for the remanufacturing of F-16 fighter aircraft regenerative heat exchangers at the Tinker Air Force Base.
- October 2022: Limco Airepair, a wholly owned subsidiary of TAT Technologies Ltd., specializes in maintenance, repair, and overhaul (MRO) services for heat transfer components and OEM production of heat transfer solutions. The company signed a contract with Collins Aerospace to provide MRO services for Boeing B777 thermal components.
- February 2022: Saudia Aerospace Engineering Industries (SAEI) and Liebherr-Aerospace renewed their current component service agreement and signed a new General Term Agreement for heat exchanger services. Under the agreement, SAEI handles heat exchanger tests or cleaning on behalf of Liebherr-Aerospace for all equipment operating across the Middle East region.
Aircraft Heat Exchanger Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Plate-Fin
5.1.2 Flat Tube
5.2 Platform
5.2.1 Fixed-Wing
5.2.2 Rotary-Wing
5.2.3 Unmanned Aerial Vehicles (UAVs)
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 South Africa
5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Safran SA
6.1.2 RTX Corporation
6.1.3 TAT Technologies Ltd.
6.1.4 Honeywell International Inc.
6.1.5 Parker Hannifin Corporation
6.1.6 Triumph Group
6.1.7 Wall Colmonoy Corporation
6.1.8 Boyd Corporation
6.1.9 IHI Corporation
6.1.10 AMETEK, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Aircraft Heat Exchanger Industry Segmentation
A heat exchanger is a system used to transfer heat between a source and a working fluid. Heat exchangers are used in both heating and cooling processes. Aircraft heat exchangers are used in aircraft engines and environment control systems.
The aircraft heat exchanger market is segmented by type, platform, and geography. By Type, the market is segmented into plate-fin and flat tube. By platform, the market is segmented into fixed-wing, rotary-wing, and unmanned aerial vehicles (UAVs). The report also covers the market sizes and forecasts for the aircraft heat exchanger market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
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| Plate-Fin | |
| Flat Tube |
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| Fixed-Wing | |
| Rotary-Wing | |
| Unmanned Aerial Vehicles (UAVs) |
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Aircraft Heat Exchanger Market Research Faqs
How big is the Aircraft Heat Exchanger Market?
The Aircraft Heat Exchanger Market size is expected to reach USD 1.81 billion in 2024 and grow at a CAGR of 9.53% to reach USD 2.85 billion by 2029.
What is the current Aircraft Heat Exchanger Market size?
In 2024, the Aircraft Heat Exchanger Market size is expected to reach USD 1.81 billion.
Who are the key players in Aircraft Heat Exchanger Market?
Honeywell International Inc., TAT Technologies Ltd., Parker Hannifin Corporation, RTX Corporation and Safran SA are the major companies operating in the Aircraft Heat Exchanger Market.
Which is the fastest growing region in Aircraft Heat Exchanger Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aircraft Heat Exchanger Market?
In 2024, the North America accounts for the largest market share in Aircraft Heat Exchanger Market.
What years does this Aircraft Heat Exchanger Market cover, and what was the market size in 2023?
In 2023, the Aircraft Heat Exchanger Market size was estimated at USD 1.64 billion. The report covers the Aircraft Heat Exchanger Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aircraft Heat Exchanger Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aircraft Heat Exchanger Industry Report
Statistics for the 2024 Aircraft Heat Exchanger market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aircraft Heat Exchanger analysis includes a market forecast outlook to for 2024 to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
