Market Trends of Aircraft Heat Exchanger Industry
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.
Understand The Key Trends Shaping This Market
Download PDF
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.
Get Analysis on Important Geographic Markets
Download PDF
