Market Trends of Aircraft Thrust Reverser Actuation Systems Industry
Business Jets Segment to Witness Significant Growth During the Forecast Period
- An increase in the number of high-net-worth individuals (HNWIs) has triggered the growth of business aviation in the past decade. Besides, the advent of fractional ownership programs and the rising demand for air charter services have also resulted in higher demand for business jets.
- Moreover, the growing profitability of air charter operations has also attracted airlines to operate charter services while also encouraging the entry of new market players in the business aviation sector. For instance, in January 2023, the Norwegian carrier Flyr announced its plans to start operating charter services from May 2023.
- Some of the prominent business jets in the market are Boeing Business Jet B777X, Boeing B787 Dreamliner, Bombardier Global 7500, Cessna Citation Longitude, Cessna Citation Sovereign, Dassault Flacon 8X, Dassault Falcon 7X, Embraer Phenom 300F, Gulfstream G500, Gulfstream G650, etc.
- The Gulfstream G550 and Gulfstream G500 aircraft have target-type thrust reversers offered by Safran SA and are powered by two Rolls-Royce plc's BR710 engines. Both aircraft have hydraulic thrust reverser actuation systems. Woodward Inc. offers thrust reverser actuation systems for the Gulfstream G450 and Gulfstream G500/550 aircraft. On the other hand, the Falcon 7X has three engines, but the thrust reverser is provided in the center engine and has a hydraulic actuation system. Falcon 7X entered service in 2007, and as of December 2022, this airplane is being operated in over 40 countries.
- Furthermore, Smiths Aerospace was initially selected to provide the hydraulic thrust reverser actuation system. In August 2022, Bombardier Inc. announced receiving an order for the Challenger 3500 business jet from Air Corporate SRL for charter services. This is the first order for the aircraft from the Europe region since its launch.
- Thus, an increase in disposable resources of HNWIs, the proliferation of fractional ownership programs, and the rising demand for air charter services are anticipated to have a positive outlook on the market and drive the market towards growth during the forecast period.
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Asia Pacific to Witness Rapid Growth During the Forecast Period
- The Chinese air passenger traffic has grown multi folds during the last decade. China is even envisioned to surpass the United States and become the largest aviation market. The constant development of airport infrastructure and expansion of air networks has driven the demand for new aircraft to service new routes.
- On the other hand, India is also projected to witness high domestic air passenger traffic, which would encourage airlines to adopt ambitious expansion plans resulting in a steep recovery of the Indian aviation sector during the forecast period. New aircraft orders from airlines render a high-growth scenario in the country.
- During the first half of 2022, the Japanese aviation industry continued to recover in line with other domestic markets, but global recovery lagged significantly compared to other countries in the region. The major markets in the rest of Asia-Pacific include Australia, South Korea, Singapore, Malaysia, Thailand, and Indonesia, among others. The positive economic conditions and the support of the government are some of the prime factors supporting the affordability and demand for aircraft thrust reverser actuation systems in the region.
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