The aircraft exhaust system market is projected to grow from an estimated USD 679.0 million in 2018 to USD 987.4 million by 2023, at a CAGR of 7.78% from 2018 to 2023. Increasing use of advanced components in aircraft exhaust systems and rising number of aircraft deliveries are some of the drivers of the aircraft exhaust system market.
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This report provides an analysis of the aircraft exhaust system market for the forecast period 2018–2023. It discusses industry and technology trends that are currently prevailing in the aircraft exhaust system market. It analyzes the factors that are expected to drive and restrain the growth of the aircraft exhaust system market, as well as the challenges faced by it.
Among systems, the engine exhaust system segment is expected to lead the aircraft exhaust system market during the forecast period. This segment is led due to its extensive use in aircraft. In addition, competitive price of these systems and increasing aircraft delivers are also contributing to the increasing demand for aircraft exhaust systems
Based on end user segments, the OEM segment of the aircraft exhaust system market is projected to witness the highest growth during the forecast period. In the aviation industry, aircraft are delivered to airlines with aircraft exhaust systems installed during manufacturing. Original Equipment Manufacturers (OEMs) are responsible for the installation of aircraft exhaust system components. This has become a suitable alternative for airline companies, as post the delivery of aircraft, aftermarket modification becomes cumbersome for aircraft manufacturers.
Based on the aviation type, the commercial aviation segment of the aircraft exhaust system market is projected to witness the highest growth during the forecast period. In the aviation industry, almost all commercial aircraft are installed with turbofan-based aircraft propulsion system, which is the costliest and widely used propulsion system. Due to the rise in demand for commercial airliners, the demand for turbofan-based engine exhaust systems is increasing. The military aviation segment is expected to witness the highest CAGR because of increasing deliveries of fighter aircraft, driven by the increasing arms race and inter-country conflicts.
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The Asia Pacific aircraft exhaust system market is projected to grow at the highest CAGR from 2018 to 2023. Modernization programs are increasing in the Asia Pacific aviation industry, which is leading to the high adoption of advanced aircraft exhaust systems. These factors are anticipated to further propel the demand for aircraft exhaust systems in the APAC region.