The global aerospace filters market was valued at US$ 1,049.4 Mn in 2018 and is expected to reach US$ 2,034.9 Mn by 2027 with a CAGR growth rate of 7.8% in the forecast period.
Ensuring a contaminant-free air, fuel, and other liquid/gas is delivered is the task of an aerospace filter. The filtration solutions enable enhancements in the fuel efficiencies of the aircraft. From the refinery to the wing and every transfer points in between, aerospace filters are installed. The aerospace filtration products include an assortment of standard filter assemblies that are required to fulfill certain industry standards. Increasing modernizations in aircraft coupled with a rise in the aircraft fleets support the growth of the global aerospace filters market during the forecast period. Increasing investments in the quality enhancements of of aircraft is expected to provide new opportunities to the market players operating in the aerospace filters market.
The investments and market performance of the global aerospace & defense industry have a direct impact on the performance of the aerospace filters market. As the aerospace filters are majorly used in the commercial aircraft and have witnessed increasing applications in the military aircrafts as well, their growth outlook is anticipated to be high over the coming years. Fiscal 2017 experienced a subdued growth in the aerospace & defense industry largely due to sedate investments in the sector for technological advancements. However, with a bright economy outlook for a majority of the developing countries in 2018, and announcements by Governments of the developing economies to invest heavily in the aerospace & defense sector, rapid advances in the aerospace filters market is anticipated.
The leading manufacturers of aerospace filters compete among each other in terms of technology, quality, and pricing to acquire contracts from leading aircraft manufacturing as well as aircraft component manufacturing companies. This helps them to gain market share. Referring to these facts, the bargaining power of suppliers is gaining pace, however, with the emergence of new technologies in the future, the bargaining power of suppliers is expected to rise to moderate level over some time.
The global aerospace filters market is segmented based on type, application, aircraft type, and end-user. Based on type, the aerospace filters market is segmented into air filters, liquid, and gas filters. Based on application, the aerospace filters market is segmented into the hydraulic system, engine, avionics, and cabin. Further, the aerospace filters market is segmented based on aircraft type into fixed wing aircraft and rotary wing aircraft. The aerospace filters market based on the end-user is classified into commercial aircraft and military aircraft.
The overall aerospace filters market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the aerospace filters market. Also, the primary interview was conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the aerospace filters industry.