The global aerospace accumulator market is expected to register a market value of US$ 9.1 million in 2023 and is expected to accumulate a market value of US$ 12.9 million by registering a CAGR of 3.5% in the forecast period 2023 to 2033. The market registered a CAGR of 2.3% in the historical period 2018 to 2022. Factors such as an increase in the level of passenger traffic, as well as rise in the rate of aircraft production, are expected to boost the market growth over the analysis period.
As per Future Market Insights market research and competitive intelligence provider, the global market value for Aerospace Accumulator has flourished. One of the major factors that is expected to boost the market growth includes the continually increasing demand for aircraft, to ensure smoother operation of aircraft hydraulic systems. The aerospace industry is witnessing a surge in demand for aircraft due to the increasing air passenger traffic and cargo transportation needs.
Increasing focus on fuel efficiency is another major factor that is likely to accelerate the growth of the aerospace accumulator market during the forecast period. The aviation industry is increasingly focusing on reducing fuel consumption and emissions. These devices can help to reduce the weight of the aircraft and increase fuel efficiency, leading to lower operating costs and reduced environmental impact.
Additionally, advancements in technology have led to the development of lightweight, high-performance aerospace accumulators that offer superior performance and reliability. These innovations have led to the development of new types of accumulators that are more efficient and reliable, making them an attractive choice for aircraft manufacturers. Also, the advent of electric aircraft is expected to create lucrative avenues for the aerospace accumulator market. Electric aircraft require reliable energy storage systems, and accumulators can play a crucial role in ensuring the smooth operation of these systems.
Furthermore, the market is also expected to benefit from the rising military spending on aircraft and related systems. Military aircraft require high-performance accumulators that can operate in extreme environments and withstand high levels of stress and pressure.
Besides, the rising air traffic in emerging economies is anticipated to escalate the market growth in the forthcoming years. Many countries are investing heavily in the aviation sector to support economic growth, and this is expected to boost the demand for aircraft and related components, including aerospace accumulators.
On the regional end, the Aerospace Accumulator market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing demand for commercial and military aircraft, the growing adoption of electric aircraft, increasing focus on fuel efficiency, and technological advancements in the region. As the aerospace industry in North America continues to grow, the demand for high-quality aerospace accumulators is expected to remain strong, creating new opportunities for manufacturers and suppliers in the region.
On the other hand, the Aerospace Accumulator market in the Asia Pacific is expected to account for a significant share over the forecast period, attributed to factors such as the increasing demand for commercial aircraft, growing adoption of electric aircraft, rising military spending, increasing focus on fuel efficiency, and technological advancements in the region.
Recent developments in technology, mergers, and acquisitions, and partnerships within the companies involved in the designing of Aerospace Accumulator are expected to create lucrative opportunities for market growth over the analysis period.
For instance, in February 2023, Hedley Hydraulics announced to be certified as a Parker Accumulator Service Centre (ASC). Hedley Hydraulics Ltd. is the only certified Parker ASC in the North of the United Kingdom. The company has a proven track record of supporting customers with accumulators. The accumulator services include accumulator repair, testing and re-certification and pre-charging, planned accumulator maintenance, audits, scheduled inspections, and replacements, among others.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 9.1 million |
| Projected Market Value in 2033 | US$ 12.9 million |
| Growth Rate (2023 to 2033) | 3.5% CAGR |
Demand for accumulators will witness a steady recovery in the short term, with an optimistic growth outlook in the long run.
Due to the COVID-19 pandemic, the industry faced challenges and it affected the demand for aerospace accumulators. Surge demand from the aerospace industry due to the rise in passenger and cargo transportation, thereby augmenting the need for aerospace accumulators over the forecast period.
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Automotive grade inductors makers are concentrating on developing high-performance inductors that can resist harsh temperatures, have wide band electrical noise, and improve vehicle efficiency.
When the system pressure falls below the compressed gas pressure, this high-pressure gas drives hydraulic fluid into the accumulator's fluid pot.
In addition, changing preferences for air travel, urbanisation, rising middle-class disposable income in emerging markets, and a change in lifestyle all benefit the aerospace accumulator market.
Furthermore, rising commercial aircraft demand provides market participants with a profitable opportunity over the anticipated period.
One of the factors fuelling the growth of the aerospace accumulator market is the increase in air passenger travel around the world.
The market is rising due to an increase in aircraft manufacturing due to fleet replacement, a growing demand for aircraft designed for specific missions, and technological improvement.
The market is also influenced by an increase in collaboration efforts among major companies for the development of aerospace products.
Because of the healthy tourism economy, the aviation industry will see significant expansion due to increased demand for commercial aircraft.
The tourism business has been responsible for considerable economic growth, which has resulted in significant expansion potential for the aviation industry and the aerospace accumulator.
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North America is estimated to be one of the prominent region globally. The USA market is set to account for substantial share in global market during the assessment period 2021 to 2031.
USA rules the aviation accumulators market because of the presence of grounded aeronautic trade and unmistakable players, research and improvement exercises, and flood in military use in the area
Further, expanding protection and military financial plans across the globe are relied upon to fuel the development of safeguarding airplane armada size, which would contribute fundamentally toward the business extension before the finish of the evaluation period.
The COVID-19 crisis has had significant impact on many European countries, resulting in a drop in economic activity.
However, in aerospace industry, Europe is home to number of aircraft manufacturers, making the region a major producer of aerospace accumulator.
In recent years, demand for accumulators has increased dramatically in Europe, and this trend is expected to continue in the next years.
These are due to market players' strategic development in order to improve their market presence in the region.
Furthermore, because aircraft production is expanding, emerging countries such as Germany and France have become key markets. These factors are expected to create positive prospects for the market growth in the region.
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Some of the leading manufacturers and suppliers of aerospace accumulators includes
Aerospace accumulator is supplied by several leading manufacturers and suppliers under long-term contracts with end-users. Furthermore, manufacturers are focusing on expanding their manufacturing facilities in Europe and North America to meet the region’s growing demand.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Aerospace Accumulator Market
