What is the future of Aircraft Fire Protection Systems Market? Know Covid Impact on Size, Share & Forecasts
June 18, 2020
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 Fire Protection Systems Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Fire Protection Systems Market was likely to witness an impressive CAGR of 5.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Aircraft Fire Protection Systems Market Segment Insights:
By Product Type:
All the three systems play a crucial role in the detection of fire to alarm the passengers and crew about the fire, and to take proper actions to extinguish the fire. All the three systems are likely to grow healthy rate in the coming years. However, the fire suppression system is estimated to register a higher CAGR during the forecast period, driven by a host of factors including an increased production of new deliveries as well as stringent regulations regarding the usage of the halogen-free system in both new as well as existing aircraft fleets.
By Application Type:
The engine segment is projected to remain largest and fastest-growing in the coming five years, driven by the introduction of high-thrust engines coupled with an increased amount of fire protection systems. The cargo compartment segment is also likely to generate sizeable growth opportunities in the coming years as there is a higher need for excellent fire protection systems due to inaccessibility of aircraft crew in the cargo compartment during flight.
By Aircraft Type:
The commercial aircraft is projected to remain the largest segment of the market during the forecast period. The segment is also likely to be the fastest-growing segment during the same period. Boeing, in its commercial aircraft outlook 2018-2037, recently stated that approximately commercial aircraft are likely to be delivered during 2018-2037 out of which approximately 64.7% of the aircraft would be delivered in Asia-Pacific and Europe. Additionally, the global commercial aircraft fleet is likely to grow at a healthy CAGR of 3.5% during the period of 2018 to 2037. These factors are likely to generate sustainable demand for fire protection systems in the segment in the foreseen future.
By Region:
North America is expected to remain the largest market for aircraft fire protection systems during the forecast period. The region is the world’s manufacturing capital of the aircraft industry with the presence of many large-to small-sized aircraft manufacturers, tier players, aircraft fire protection systems manufacturers, distributors, and raw material suppliers. The region is the early innovator and introduces the latest technologies addressing the existing as well as future requirements than these technologies gradually transmitted to other parts of the world like China and India.
Asia-Pacific is likely to depict the highest growth during the forecast period with China, Japan, and India being the key sources of growth. Substantial growth in air passenger and freight traffic in China and India are compelling aircraft manufacturers and tier players to open their manufacturing plants in the countries. Also, both countries are incessantly increasing their defense budget with the purpose to acquire the latest military aircraft to solidify their defense capabilities. This, in turn, will create a healthy demand for aircraft fire protection systems in these countries in the coming years.
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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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