The global aircraft heat exchanger market was valued at US$ 1.43 Bn in 2018 and is expected to reach US$ 2.54 Bn by 2027 with a CAGR growth rate of 6.7% in the forecast period from 2019 to 2027. The major factors driving the aircraft heat exchanger market growth include competitive economic conditions that captivate the manufacturers to scale up their production cost-effectively. This leads to the rise in demand for the implementation of heat exchanger in the aviation sector.
The aircraft industry is experiencing considerable demand for various technologically advanced equipment. The inclination curve of air travel is continuously climbing across geographies forcing the manufacturers of aircraft to provide an increased number of aircrafts such as fixed-wing and rotary-wing. On a global scenario, commercial air passenger is expected to maintain a continuous growth over the years, irrespective of numerous challenges faced by the commercial airlines such as aviation fuel price, and other monetary changes in various countries. However, these challenges are succeeded by the growth of several passengers across the world. In the aviation sector across the globe, the quest for advanced technology, robust systems, and rugged products are ever rising. The technological advancements in the field of aircraft are positively accepted by the developed countries as well as developing regions. The procurement of technologically advanced aircraft has bolstered over the years, flourishing the aircraft component manufacturing market.
Heat exchangers are the most efficient component to transmit heat from one medium to other. Aircraft contains numerous systems and equipment. Heat exchangers are one of the components used widely in the aircraft for the heating and cooling process. Heat exchangers are broadly used in aircraft applications owing to their greater compactness, less weight, and higher performances. In aircraft sector where quality is placed on weight and size without compromising on performance aspects, these heat exchangers are mainly utilized. Heat exchanger generally consists of a flat tube, plate-fin type.
The global aircraft heat exchanger market has been segmented based on type, type of aircraft, application, and geography. Based on the type, the aircraft heat exchanger market is bifurcated into flat tube and plate-fin. Based on type of aircraft, the aircraft heat exchanger market is segmented into the fixed-wing and rotary-wing. Heat exchangers are widely used in aircraft applications both for heating and cooling. The size and type of heat exchanger used can be customized to suit a process depending on the type of fluid, density, its phase, viscosity, temperature, chemical composition, pressures, and various other thermodynamic properties. Flat tube heat exchangers and plate-fin heat exchangers are two types of heat exchangers found on both the types of aircraft. They are used to cool auxiliary power units, gearboxes, hydraulics, and more. The defense forces are swiftly growing their fixed-wing and rotary-wing transport aircraft fleets. The growth in the production of commercial aircraft globally is anticipated to drive the aircraft heat exchanger market.
The aircraft heat exchanger market is concentrated with a substantial number of players operating in the field. Some of the key companies operating in the aircraft heat exchanger market that are profiled in the report include Boyd Corporation, Honeywell International Inc., Jamco Corporation, Liebherr Group, Meggitt Plc, Tat Technologies Ltd., Triumph Group, Inc., Collins Aerospace, Wall Colmonoy, And Woodward, Inc.
The overall aircraft heat exchanger market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the aircraft heat exchanger market. It also provides the overview and forecast for the global aircraft heat exchanger market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aircraft heat exchanger industry.