Air Management System Market leads with CAGR of 6.7 % from 2022 to 2028

Posted by kartik joshi on September 30th, 2022

Air Management System 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.

APAC to Register Highest CAGR During Forecast Period

The Asia Pacific (APAC) air management system market is further segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. The region is known for the presence of several emerging economies with significant military budgets and favorable government initiatives, which boost the growth of the respective defense aviation sectors. Significant budget allocations in countries such as China, India, and Japan for the procurement of advanced aircraft boost the demand for air management systems in defense applications in this region. In January 2022, Boeing received a contract worth US$ 471 million to upgrade Japan's 70 F-15. Also, the rising demand for commercial aircraft due to elevating passenger traffic, particularly in developing countries such as China and India, is aiding the growth of the air management system market in this region. According to the Airbus Commercial Outlook 2021–2040, the total fleet of commercial aircraft across APAC in 2019 was ~3,960, which is expected to reach 9,730 by the end of 2040. Thus, the burgeoning demand for aircraft components across major APAC countries is expected to boost the APAC air management systems market growth in the coming years.

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Geographically, the air management system market is distributed across five regional markets: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). At present, North America holds the largest share in the global air management system market due to the presence of the largest aircraft fleet and one of the largest aircraft OEM (i.e. Boeing) and some of the major general aviation aircraft manufacturers. Moreover, the rising demand for business jets due to technological advancements in ultra-long-range jets is also creating lucrative opportunities for market players across this region.

In terms of the market share, Europe and APAC held the second and third positions, respectively. Europe emerged as a crucial market for air management systems in 2020 and is expected to record a high rise over the forecast period. The region is characterized by well-developed nations, such as France, Germany, the UK, and Russia. All of them are investing heavily in aviation technologies. Moreover, the presence of the largest aircraft manufacturer worldwide, i.e., Airbus, in France is one of the biggest factors that has driven the market for air management systems across Europe. Also, the massive volume of aircraft production, coupled with the presence of a large number of component and sub-component manufacturers across the region, is another key factor propelling the air management system market.

Furthermore, the increasing deliveries of the Honda Jet in Europe have led some air charter operators, such as Wijet, to upgrade their fleet with the more economical Honda Jet aircraft, to provide their customers with a safe and superior product at a lower price. Other charter jet service companies are also expanding their fleet to meet the constantly augmenting demand. For instance, in September 2019, Luxaviation added a Bombardier Global Express XRS and a Global 5000 to its aircraft fleet. The company has added nine jets in the first nine months of September 2019. Thus, the increasing usage of charter flights in Europe is also propelling the air management system market.

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