Aerospace Accumulator Market Size

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.