What is the future of Aircraft Environmental Control Systems Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Environmental Control Systems Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Environmental Control Systems Market was likely to witness an impressive CAGR of 5.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Progressions in technology in environmental control systems and rise in air passenger traffic are the prime factors bolstering the growth of the aircraft environmental control systems market during the forecast period.
Aircraft Environmental Control Systems Market Segment Insights:
By System Type:
The thermal management & control system segment is estimated to register the highest growth during the forecast period. The growth of this segment can be attributed to the mounting amount of heat loads from various environmental control system architectures, avionics functionality, and high-temperature sensitivity of composite material systems against the traditional metallic designs.
By End-User Type:
The defense segment is expected to witness a higher CAGR in the coming five years, owing to enormous investments being made by the U.S. defense to solidify their battlefield capabilities.
By Region:
Asia-Pacific is estimated to register the highest growth in the aircraft environmental control systems market during the forecast period. The market is driven by the rising air passenger traffic in the region. Increase in disposable income of people and growth in air passenger traffic have immensely contributed to the upsurge in demand for new aircraft in the region, which in turn, is propelling the demand for environmental control systems. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the aircraft environmental control systems market are Air Innovations, Aero Space Controls Corporation, Curtiss-Wright Corporation, Fimac Spa, Honeywell International, Inc., Jormac Aerospace, Liebherr-International AG, Meggitt, PLC., Mecaer Aviation Group, and PBS Velka Bites.