Air Management System Market is expected to reach US$ 8,804.88 million by 2028

According to the latest research report titled "Air Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 8,804.88 million by 2028 from US$ 5,607.19 million in 2021; it is expected to register a CAGR of 6.7% during 2021-2028.

Key Findings

In 2020, there was a significant decrease in global passenger volume by 60.5%, along with a 45.4% decline in infrastructure costs. This reduced demand for air travel had a severe impact on the worldwide commercial aviation market, affecting the production and maintenance of aircraft components, including air management system vendors. As a result, their performances have been negatively impacted the global air management system market.   

Regional Overview

In 2020, the global air management system market was led by North America, primarily due to strong demand for aircraft propelled by high air passenger traffic in the US and Canada. Furthermore, the region benefits from the presence of one of the leading commercial and military aircraft OEMs, Boeing, as well as other general aviation aircraft manufacturers, aircraft component providers, and aftermarket players, all of which contribute to significant market growth in this region. In 2020, the US was hit the hardest by COVID-19 among all North American countries. The virus outbreak caused health and economic crises in the country, affecting various sectors, including the aircraft industry. The nationwide lockdowns and travel restrictions led to the closure of aircraft production facilities, shortage of employees on work floors, and negatively impacted the aircraft manufacturers and service providers in the region. Similarly, the European aerospace industry also suffered from airspace inefficiencies, activity delays, and reduced flight operations due to the rapid spread of COVID-19. However, with a gradual economic recovery during the forecast period, the European aerospace industry is expected to recover over time.

During the forecast period, the Asia Pacific (APAC) air management system market is expected to exhibit the highest compound annual growth rate (CAGR). The APAC air management system market is divided into Australia, China, India, Japan, South Korea, and the Rest of APAC. This region is home to numerous emerging economies with substantial military budgets and supportive government initiatives that foster growth in their respective defense aviation sectors. Notably, countries such as China, India, and Japan have allocated significant budgets towards the acquisition of advanced aircraft, which is expected to drive demand for air management systems in defense applications in this region. In January 2022, Boeing was awarded a contract worth US$ 471 million to modernize Japan's 70 F-15 aircraft. Moreover, the increasing demand for commercial aircraft, driven by growing passenger traffic in developing countries such as China and India, is fueling growth in the air management system market in this region. As per the Airbus Commercial Outlook 2021-2040, the total commercial aircraft fleet in APAC was approximately 3,960 in 2019, and this number is anticipated to grow to 9,730 by the end of 2040. Consequently, the surging demand for aircraft components in major APAC countries is expected to drive growth in the APAC air management system market in the upcoming years.

The size of the air management system market has been determined by utilizing both primary and secondary sources. Initially, comprehensive secondary research was conducted using both internal and external sources to gather qualitative and quantitative information pertaining to the air management system market. This process also aimed to provide an overview and forecast of the air management system market, including all its segments in the region. Additionally, multiple primary interviews were conducted with industry participants and commentators to authenticate the data and obtain more analytical insights into the subject. The participants in this process comprise industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders, who specialize in the air management system market.  

Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com