According to Fortune Business Insights, the global aerospace valves market size was projected to be worth USD 10.42 billion in 2020. The market value will grow from USD 11.02 billion in 2021 to USD 14.68 billion by 2028 at a CAGR of 4.18% during the forecast period. Rise in the procurement of new aircraft owing to rising air travel is propelling the market forward. Growing investments by aircraft fleet owners towards replacing existing valves with newer ones will support the market growth, states Fortune Business Insights™ in its report titled “Aerospace Valves Market Size, Share, Forecast, 2021-2028”.
Aerospace valve is a critical component of an aircraft system. It controls the flow of gases and fluids by opening and shutting a path. Depending upon the application and the pressure requirements, different types of valves are used in an aviation system. As commercial airliners and military aircraft fleet owners look to expand fleet size, there is growing need for the replacement of existing valves. These factors will drive the demand for aerospace valves over the forthcoming years.
List of Key Players Present in the Market:
Information Source:
https://www.fortunebusinessinsights.com/aerospace-valve-market-105854
Market Segments:
Based on type, the market is classified into ball valve, butterfly valve, gate valve, rotary valve, and others.
By aircraft type, the market is segmented into military aircraft, commercial aircraft, business aircraft, general aviation aircraft, and helicopters.
In terms of application, the market is divided into hydraulic system, fuel system, lubrication system, pneumatic system, and others.