Air Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (On-Board Oxygen Generation System, Sensors, Condenser & Evaporator, Air Cycle Machines, Control & Monitoring Electronics Units, and Others), System (Thermal Management System, Ice Protection System, Cabin Pressure Control System, Fuel Tank Inerting System, Oxygen System, and Engine Bleed Air System), and Platform (Fixed Wing and Rotary Wing)
The air management system market was valued at US$ 5,607.19 million in 2021 and is projected to reach US$ 8,804.88 million by 2028; it is estimated to grow at a CAGR of 6.7% from 2021 to 2028.
The rising use of electronics and electrical systems in aircraft is triggering the demand for more efficient thermal management systems. The increase in the use of electronics and electrical systems in an aircraft results in elevated heat loss, which hampers the overall system performance. The incorporation of improved thermal management systems in an aircraft reduces heat loss and enhances its performance. Furthermore, the new aircraft deliveries and demand for the replacement of air management systems across older aircraft fleets are key factors driving the air management system market. In addition, the demand for more enhanced thermal management and air supply operations is boosting the air management system market growth. However, the global aerospace industry has faced several challenges and an economic loss after the onset of the COVID-19 pandemic, which led to a decline in aircraft production and deliveries worldwide, thereby hindering the air management system market growth, especially in FY 2020. Also, the entire aircraft production sector witnessed lower production volumes due to limited demand, which maintained the slow growth trajectory in the air management system market in 2021.
North America holds the largest share of the global air management system market due to the presence of the largest aircraft fleet and one of the largest aircraft OEM—Boeing—along with several major general aviation aircraft manufacturers. Moreover, the rising demand for business jets due to technological advancements in ultra-long-range jets is also creating lucrative opportunities for air management system players.
Europe and APAC hold the second and third positions, respectively, in the air management system market. Europe emerged as a crucial market for air management systems in 2020 and is expected to record a high rise during the forecast period. The region is characterized by well-developed nations such as France, Germany, the UK, and Russia that are investing heavily in aviation technologies, which is boosting the air management system demand in the region. Moreover, Airbus, France, one of the largest aircraft manufacturers in the world, has driven the air management system market across Europe. The massive volume of aircraft production, coupled with the presence of a large number of component and sub-component manufacturers, propels the air management system market across the region.
Impact of COVID-19 Pandemic on Asia Pacific Air Management System Market
The COVID-19 pandemic has significantly disrupted the APAC's economy. The region has witnessed a significant decline in air transportation during this global crisis. As per IATA estimates, Asia-Pacific airlines recorded a revenue drop of US$ 113 billion in 2020 compared to 2019, which also affected the air management system market growth in the region. The reduction in air travel demand and border restrictions have resulted in the grounding of aircraft fleets. China is one of the leading aerospace manufacturing countries in the region and has been one of APAC's most affected countries during Q1 and Q2 of 2020. The Airbus and Boeing manufacturing facilities in China were shut down temporarily for a long period, which resulted in substantially lesser demand for various components and systems, including air management systems. Similarly, China's indigenous aircraft manufacturer COMAC halted its production of C919 during Q1 of 2020, which lowered the demand for air management systems in the country.
Collins Aerospace (Raytheon Technologies), Diehl Stiftung and Co. Kg, Honeywell International Inc., Liebherr-International Deutschland GmbH, Meggitt Plc, Parker Hannifin Corporation, Shimadzu Corporation, Safran, AMETEK Inc., and Boyd Corporation are among the key players operating in the global air management system market.
The overall air management system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the air management system market. The process also serves the purpose of obtaining an overview and forecast of the air management system market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the air management system market.
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The List of Companies - Air Management System Market
1. Parker Hannifin Corporation
2. Honeywell International Inc.
3. Diehl Stiftung & Co. KG
4. Collins Aerospace
5. Liebherr-International Deutschland GmbH
6. Meggitt PLC
7. Safran Electronics & Defense
8. Shimadzu Corporation
9. AMETEK Inc.
10. BOYD Corporation
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