Newark, NJ, Feb. 09, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aircraft mounts market is expected to grow from USD 704.24 million in 2020 and to reach USD 1341.63 million by 2028, growing at a CAGR of 8.39% during the forecast period 2021-2028.
The rising requirement for security and convenience in the aircraft is expected to propel the market. Further, the growing production of commercial aircraft along with the increased demand for servicing of the aircraft is expected to boost the market's growth over the forecast period. The increase in the frequency of military-grade airplanes like specialty fighters, helicopters, and jets in order to improve air defense is anticipated to increase the requirement of the mount. The placement of high-grade devices in specialty aircraft is also expected to drive the market. The demand for aircraft mount has increased due to a rise in the need for commercial aircraft. Factors such as a surge in the travellers at an international as well as domestic level along with the well-established aircraft business are driving the growth of the market.
Aircraft mounts have two types namely external mounts and internal mounts. The internal mounts are majorly utilized in safeguarding the installation of all the parts including the main engine. Also, these are prominently fitted in order to minimize the shocks and vibrations while landing and take-off actions of the aircraft. These mounts require scheduled replacements along with maintenance services for the smooth operations of the parts in aircraft.
Expanding armed services worldwide in order to establish a strong system of defense and technological advancements in special combat devices placed in battle aircraft requires specialized mounts, hence such factors are also anticipated to fuel the growth of the market. Expanding tourism sector due to rise in the foreign tourists globally has propelled the aviation business, thereby increasing the demand for aircraft mounts. The covid-19 pandemic has restricted the growth of the aviation and tourism business. As a result, most of the production related to the aircraft business has reduced substantially, hindering the growth of the aircraft mounts market across the world.
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Key players operating in the global aircraft mounts market include GMT Rubber-Metal-Technic Ltd., Cadence Aerospace, Shock Tech, VMC Group, VibraSystems Inc., LORD Corporation, MAYDAY Manufacturing, Trelleborg AB and AirLoc Ltd. To gain a significant market share in the global aircraft mounts market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The military aircraft segment is expected to show the highest share over the forecast period.
The aircraft segment includes general aviation, commercial and military. The military aircraft segment is expected to show the highest share over the forecast period. Improving security of the nation is a primary concern in front of the air force. It is increasing the demand for jets, choppers, and fighter planes. Thus, a rise in the demand results in an increasing requirement for customized as well as specific military aircraft. The general aviation segment is anticipated to show a significant share over the forecast period. It includes premium helicopters and aircraft, private jets, and chartered planes. The growth of the segment is expected due to an introduction of premium and specialized parts in the aircraft. Also, increasing demand for private jets is expected to boost the growth of the market over the forecast period.
The suspension segment is expected to show the highest share over the forecast period
The application segment includes engine mounts, vibration/shock isolation and suspension. The suspension segment is expected to show the highest share over the forecast period. The suspension is a crucial element placed in the aircraft. It is used to absorb the vibrations formed by the moving components. It bears a huge weight of the parts by the shock-absorbing process, therefore the strength gets reduced after a period of time. Hence, periodical replacement of suspensions are expected to show an increased demand. Further, the vibration and shock isolation segment is anticipated to show a significant share over the forecast period. These parts are placed in aircraft for the smooth operations of the moving parts. Increasing requirement for superior parts and shockproof devices for absorbing vibrations is anticipated to boost the growth of the market.
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Regional Segment Analysis of The Aircraft Mounts Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aircraft mounts market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held the highest share of 24.07% in the aircraft mounts market in 2020. Factors contributing to the growth of the market are market penetration by the prominent key players, affordable journeys, and well-established aircraft business in the region. Also, the expanding security division and increase in the frequency of international tourists have increased the demand for aircraft mounts in North America.
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About the report:
The global aircraft mounts market is analyzed on the basis of value (USD million). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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