Aircraft Exhaust System Market Size is poised to expand at a notable growth rate from 2022 to 2028 owing to the rising demand for airplanes driven by the burgeoning air travel across the globe. Moreover, hefty investments by business players in R&D activities and development of innovative solutions that can effectively meet the industry demand will create lucrative opportunities for the market in the coming years.
The growing aircraft demand has subsequently instigated the need for vital aircraft components such as exhaust systems. These systems are responsible for venting out exhaust gases away from the fuselage and engine while minimizing the noise. They also indirectly supply carburetor and cabin heat.
The aircraft exhaust system market growth will be further propelled by the rising need to increase flight efficiency coupled with the establishment of stringent emission norms. Besides, the stringent regulatory scenario regarding the safety aspects of aircraft exhaust systems will enhance the market statistics further in the forthcoming years.
Based on the system, the industry is expected to witness an exponential growth from the engine exhaust system segment by the end of 2028 with the mounting demand for aircraft. According to the estimates of the British Aviation Group, the fleet of commercial planes will increase to 49,405 by 2040 as compared to 25,900 in 2019. This will create a positive demand for the engine exhaust system as it is known to be a vital component of the aircraft. It plays a key role in venting the burned combustion gases overboard, supplying heat to the cabin, and defrosting of windscreen.
With regards to the aircraft type, military segment is anticipated to grow substantially over the analysis timeframe of 2022-2028. This can be ascribed to the increasing investment by the government authorities across various countries towards strengthening their military forces. To illustrate, in 2021, the Royal Air Force announced investing nearly USD 529.28 million to increase the capabilities of its two crucial assets –the CH-47 Chinook helicopter and the C-17 Globemaster aircraft.
In terms of the regional outlook, Asia Pacific aircraft exhaust system market is expected to witness an appreciable growth over the period of 2022-2028 driven by the considerable rise in air travel across the region. Besides, the increasing investments in the aviation industry will further support the market expansion. According to the Civil Aviation Administration of China (CAAC), the fixed asset investments for the six months ending 30 June 2021 rose by 8.5% year on year accounting for USD 6.72 billion.
Few of the major players operating in the global market share include Magellan Aerospace (Fleet Aircraft), Documman, Triumph Group, Nexcelle (MRA Systems, Inc, SAFRAN NACELLES SAS), Nordam, Esterline Technologies (TransDigm Group, TransDigm Inc.), Frank Industries, GKN (Melrose Industries plc) and Senior Aerospace (Senior plc). Industry players are continuously investing in R&D for developing new technologies and exhaust systems for increasing their market share.
The initial period of the COVID-19 pandemic had made a serious impact on the industry outlook due to the lockdown restrictions, that led to the temporary halt of manufacturing processes in the aviation sector. However, with the gradual easing of travel restrictions and growing demand for air travel has created a significant demand for aircraft and their components. This will positively impact the growth of aircraft exhaust system market over the foreseeable future.