According to the new research report published by The Insight Partners, titled “Air Management System Market is expected to grow from US$ 5,607.19 mil
According to the new research report published by The Insight Partners, titled “Air Management System Market is expected to grow from US$ 5,607.19 million in 2021 to US$ 8,804.88 million by 2028; it is estimated to register a CAGR of 6.7% during the forecast period.
North America dominated the air management system market in 2020 with the largest share. The market in North America is distributed across the US, Canada, and Mexico. In 2020, the US held the largest share in the regional market, i.e., 72%, followed by Canada and Mexico, respectively. Due to high living standards in North America, airplanes are the most preferred means of transport for domestic and international travel. The region has a presence of major aircraft OEMs, as well as aircraft component manufacturers, which is propelling the growth of the North American air management systems market. Moreover, the presence of a large number of air management system market players is another major factor aiding the growth of the market in this region.
According to Boeing Commercial Market Outlook (CMO) 2021–2040, the total number of existing aircraft fleets in 2019 was 25,900, and it is expected to reach 43,610 by 2040. As per Airbus Global Market Forecast for 2021–2040, the commercial aircraft fleet is expected to reach around 39,020 units of new aircraft by 2040, rising from 22,950 recorded at the beginning of 2021. However, the emergence of COVID-19 decimated the demand for aircraft units in 2020, resulting in a significantly lower number of deliveries in that year. Nonetheless, as the aviation industry reopened in the Q3 of 2020, the aircraft manufacturers have begun witnessing a rise in demand for their aircraft models, which is expected to generate the demand for air management systems in the coming years. Moreover, the high demand for air travel worldwide is underlining the need for new aircraft fleets, which is also expected to drive the global air management systems demand during the forecast period.
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Collins Aerospace (Raytheon Technologies), Honeywell International Inc., Diehl Stiftung & Co. KG, MEGGITT Plc, and Safran are among the key companies in the global air management systems market. In addition, there are several other international, regional, and local players operating in the market ecosystem, which have been studied and analyzed during this study to get a holistic view of the entire market.
In 2020, Airbus—the world’s largest commercial aircraft manufacturer—mentioned that the cyclical and lower demand for aircraft products had adversely affected their financial results. The predictions regarding the requirements of commercial aircraft, business jets, turboprops, and commercial helicopters have been challenging during the pandemic. The COVID-19 pandemic has adversely impacted the demand for aircraft products. Therefore, the demand for these products in the coming years could be significantly and unexpectedly less than previous year deliveries. Similarly, there are uncertainties regarding the existing commercial backlog for aircraft products that would be converted into revenues, as the conversion across the aviation market depends on production capacity, customer needs, and credit availability. Changes in economic conditions in the past have caused order rescheduling, deferment, or cancellation, and similar conditions are expected in the near future as well.
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