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Aerospace Accumulator Market Size

Report ID: GMI2344
Published Date: Jul 2020
Report Format: PDF

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Aerospace Accumulator Market Size

Aerospace Accumulator Market size valued at USD 8.6 million in 2019 and will witness growth at over 3.8% from 2020 to 2026. Rising aircraft fleet size is expected to drive the industry demand. Increasing air passenger traffic coupled with shifting consumer preference toward air travel is prospering the demand for new commercial and new generation aircrafts which will propel the aerospace accumulator industry growth. According to the International Air Transport Association (IATA), the air traffic across the globe will be doubled by 2037. It can be ascribed to the eastward shift of the global airline industry.

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Airbus, one of the leading worldwide aircraft manufacturers, has stated that minimum 37,400 new aircraft will be required by 2038 to cater to accommodate passengers. Stringent government regulations pertaining to specifications and application guidelines are likely to limit the market penetration. The ongoing COVID-19 pandemic has significantly impacted the aircraft manufacturing across the world. Partially operating manufacturing facilities, lack of skilled labors, restrictions on mobility and international trades have hampered the aircraft production. This has resulted in slower demand, increased production backlog, and deferred deliveries of new aircraft.

Aerospace Accumulator Market Report Attributes
Report Attribute	Details
Base Year:	2019
Aerospace Accumulator Market Size in 2019:	8.57 Million (USD)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	3.8%
2026 Value Projection:	8.87 Million (USD)
Historical Data for:	2016 to 2019
No. of Pages:	200
Tables, Charts & Figures:	229
Segments covered:	Product, Material, Aircraft, Region
Growth Drivers:	Rising commercial aircraft production Increasing military expenditure Presence of large number of aircraft manufacturers in North America Proliferating demand for next generation aircrafts
Pitfalls & Challenges:	Stringent regulations Supply chain disruption due to COVID-19

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Authors: Suraj Gujar, Partha Paul

Frequently Asked Questions (FAQ) :

The market size of aerospace accumulator was surpassed USD 8.6 million in 2019.

The industry share of aerospace accumulator is projected to grow at 3.8% CAGR during 2020-2026.

Metal bellow aerospace accumulator market held USD 6.2 million revenue in 2019 and may exhibit 3.5% CAGR through 2026, owing the fact that these products deliver superior performance and have a low spring rate.

The fact that stainless steel has superior heat resistance, excellent mechanical properties, and high corrosion resistance will increase its demand. Steel may hold over 60% market share by 2026.

Commercial aircrafts will gain momentum in this business. In 2019, commercial segment held USD 4.5 million owing to emergence of low-cost air carriers, growing disposable incomes, and shifting preference toward air travel.

These products may gain hefty traction in North America, driven by the presence of well-established aerospace industry vendors. North America held over 45% market share in 2019 and will depict substantial growth, especially with U.S. accounting for 35% of global aircraft production.

The COVID-19 pandemic has led to closures of production facilities, lack of labor, and restrictions on international travel, which will majorly impact market growth.