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The global 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. The North America aircraft exhaust system market is growing at a significant pace due to factors such as a rapid rise in the number of aircraft orders. The growth of the Asia Pacific Aircraft exhaust system market can be attributed to the rise in disposable incomes and increase in air travel.
The introduction of technologies such as the electronic Thrust Reverser Actuation System (eTRAS) and the use of advanced composite & ceramic materials for aircraft exhaust systems are expected to contribute to the market growth during the forecast period. Aircraft exhaust system manufacturers are focusing on enhancing their market shares through research & development activities to minimize weight, drag, and fuel consumption of aircraft, and enable a greener environment. In addition, they are also working toward developing high strength and durable materials that help in the manufacture of safer aircraft. To comply with airliner and operator demands, major players in the aircraft exhaust system market are developing exhaust systems which help reduce operating and maintenance costs in terms of airframe weight.
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Based on end user, 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 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 the aircraft used for commercial and regional travel work on the principle of turbofan-based aircraft exhaust systems, which are the most used and costliest of all systems. The rising demand for commercial airliners is leading to the increasing the demand for aircraft exhaust systems.
The North America region is expected to lead the aircraft exhaust system market during the forecast period. Rising number of aircraft upgrades and purchase of commercial jets are expected to increase the demand for aircraft exhaust systems market in North America during the forecast period. North America is expected to remain the largest market during the forecast period due to the high demand for new aircraft and replacement of aging fleets.
The major players profiled in this report on the aircraft exhaust system market are Magellan Aerospace (Canada), Triumph Group (US), Ducommun (US), Nexcelle (US), Esterline Technologies (US), Nordam (US), Franke Industries (US), Senior Aerospace (UK) and GKN (UK), among others.
GKN focuses on contracts through extensive R&D activities and has a wide aircraft exhaust systems portfolio. The company’s next-generation innovation and strategic investments, coupled with its strong product portfolio, are expected to lead to robust international growth in future. Its strong R&D capabilities have resulted in engineering successes in each of its key business sectors. A significant component of its strategy is to focus on program execution by improving the quality and predictability of the delivery of its products and services. In June 2018, GKN Aerospace signed a 10-year agreement with Rolls-Royce to manufacture inner core fairings for 84,000lb-thrust Trent XWB engines powering large commercial aircraft and business jets.
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