Wilmington, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Aerospace Valves Market by Type (Butterfly Valve, Ball Valve, Rotary Valve and Others), Material (Steel, Titanium, Aluminum and Others), and Aircraft Type (Commercial Aircraft, General Aviation Aircraft, Business Aircraft and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the aerospace valves market was valued at $12.3 billion in 2023, and is estimated to reach $18.5 billion by 2033, growing at a CAGR of 4.2% from 2024 to 2033.
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Prime determinants of growth
The global aerospace valves market is experiencing growth due to several factors such as a increasing demand for fuel-efficient aircrafts, technological advancement, growth in defense budget. However, high manufacturing cost, stringent regulatory requirements hinder market growth to some extent. Moreover, expansion of commercial aviation, and development of unmanned aerial vehicles offers remunerative opportunities for the expansion of the global aerospace valves market.
Segment Highlights
In aerospace applications, the selection of valves depends on factors such as the type of fluid being controlled, pressure and temperature requirements, space constraints, and operational considerations. A butterfly valve is a type of quarter-turn valve that uses a circular disc to control the flow of fluid through a pipe or duct. The disc is positioned in the center of the pipe and pivots on a spindle perpendicular to the flow when the valve is operated. Butterfly valves are commonly used in aerospace applications where precise control of fluid flow is required. They are valued for their lightweight construction and ability to provide quick and efficient flow regulation.
As air travel continues to grow globally, driven by factors such as rising disposable incomes, urbanization, and tourism, there's a corresponding increase in demand for aircraft. This, in turn, fuels the demand for aerospace valves, which are essential components in aircraft systems. A ball valve is another type of quarter-turn valve that uses a hollow, perforated, and pivoting ball to control the flow of fluids. The ball has a hole or port through the middle, which aligns with the flow path when open and blocks flow when closed. Ball valves are widely used in aerospace systems due to their reliability, tight shut-off capability, and compact design. They are often preferred in applications where rapid operation and minimal fluid resistance are critical.
Ongoing advancements in aircraft design, materials, and technology lead to the development of more sophisticated and efficient aerospace systems. Newer aircraft models often incorporate advanced valve technologies to improve performance, reliability, and safety.
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Regional Outlook
North America, particularly the United States, is a major hub for aerospace manufacturing and innovation. The presence of leading aerospace companies, extensive military spending, and a robust commercial aviation sector drive significant demand for aerospace valves.
Players:
- Honeywell Aerospace
- Parker-Hannifin Corporation
- Eaton Corporation
- Crane Aerospace & Electronics
- Woodward, Inc.
- Meggitt PLC
- Moog Inc.
- Triumph Group, Inc.
- Curtiss-Wright Corporation
- Liebherr Aerospace
The report provides a detailed analysis of these key players in the global aerospace valves. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
- In October 2022, Triumph Group, Inc. announced that secured an agreement with Lockheed Martin to manufacture the brake valve assembly for the F-16 Fighting Falcon aircraft. This production will take place at Triumph's facility in Valencia, California.
- In September 2022, Parker-Hannifin Corporation announced that it has completed the acquisition of Meggitt PLC, an aerospace and defense components manufacturer based in Coventry, UK. The acquisition was valued at approximately £6.3 billion. This strategy is expected to significantly bolster Parker’s ability to provide a comprehensive range of solutions for aircraft and aeroengine components and systems.
- In June 2020, Triumph Group, Inc. announced that its Triumph Systems & Support division was awarded a four-year contract to supply hydraulic utility actuation (HUA) valves for the F-35 aircraft. This new agreement builds upon a previous two-year contract with Lockheed Martin, making Triumph Group the exclusive provider for these specific valves
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