According to a recent report published by Allied Market Research, titled, โAircraft Mounts market by mount type, application, material, aircraft type, and end use: global opportunity analysis and industry forecast, 2021โ2030,โ the global Aircraft Mounts market was valued at $580.0 million in 2020, and is projected to reach $1,153.5 million by 2030, registering a CAGR of 7.3% from 2021 to 2030.
North America leads the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. North America is one of the prominent markets owing to the improvement in aircraft fleet by government and military agencies in the region. Large number of companies operating in aircraft mounts market are headquartered in this region. In North America, the U.S. is one of the largest manufacturers, operators and exporters of aircraft carriers in the world. Manufacturers are focused on developing technology to capture the changing end-user needs such as safety and comfort.
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Based on mount type, the market is segregated into engine mounts, shock mounts, pedestal mounts, cup mounts, and others. In 2020, the engine mounts dominated the market owing greater need for safety, and passenger comfort. Engine mounts are used to connect and fasten the engine and power plant accessories to the airframe and pylons. Engine mounts form an integral part of the aircraft hardware capable of holding the engine and related accessories in place.
The demand for aluminum alloys for manufacturing of aircraft mounts has increased over the years. Aluminum alloys have a high weight to strength to cost ratio as compared to other materials, which fuels the demand for the aluminum alloy aircraft mounts. The high corrosion resistance & high strength offered by aluminum alloys provide a long lifespan of mounts and ensure the safety of the aircraft.
Significant rise in air traffic, growth in demand for new aircrafts, and increase in Maintenance, Repair, and Operations (MRO) activities drive the growth of the aircraft mounts market. Greater need to provide comfort and safety to passengers has accelerated the demand for aircraft mounts. Introduction of stringent regulations to reduce noise pollution, and enhance passenger safety has further encouraged integration of high quality and efficient aircraft mounts into fleets. Growing demand for advanced military aircrafts, rising investment by the defense sector in technological advancements, and development of customized weapon and payload mounts has supplemented the demand for aircraft mounts from the defense sector. However, high material costs coupled with lack of efficient supply chain is expected to hamper the growth of the market.
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COVID-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the market, leading to massive slowing of supply chain, falling business confidence, and increasing panic among customer segments. Governments of different regions have already announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales. Countries around the globe have posed stringent restrictions ranging from days to months of lockdown periods. Owing to this pandemic, many businesses have been halted and are waiting for the market conditions to improve.
The impact of the COVID-19 pandemic has caused grounding of several aircrafts resulting in slowdown in the operation of the key players. The demand for air travel from passengers has suffered a significant decline, negatively influencing the aircraft mounts market. Travel bans have been enforced in most parts of the world halting airline departures and services, limiting the growth of the aircraft mounts market.
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Key Findings Of The Study
- By mount type, the pedestal mounts segment is anticipated to exhibit significant growth in the near future.
- By application, the avionics segment is expected to register a significant growth during the forecast period.
- By material, the others segment is anticipated to exhibit significant growth in the near future.
- By aircraft type, the general aviation segment is anticipated to exhibit significant growth in the near future.
- By end-use, the replacement segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global Aircraft Mounts market include Trelleborg AB, GMT Rubber-Metal-Technic Ltd., Cadence Aerospace, ESCO Technologies Inc., Shock Tech, Inc., AirLoc Ltd., Parker-Hannifin Corporation, RAM Mounts (National Products Inc.), VMC GROUP, and Meeker Aviation.