The worldwide aerospace filters market was assessed at approximately US$ 1,049.4 million in 2018 and is projected to grow to around US$ 2,034.9 million by 2027, reflecting a compound annual growth rate (CAGR) of 7.8% throughout the forecast period.
Aerospace filters play a crucial role in ensuring that air, fuel, and other liquids or gases are free from contaminants. These filtration solutions contribute significantly to improving the fuel efficiency of aircraft. Aerospace filters are installed at various points, from refineries to the aircraft wings, ensuring clean delivery at every transfer point. The market offers a variety of standard filter assemblies that meet specific industry standards. The ongoing modernization of aircraft, along with an increase in the number of aircraft fleets, is expected to drive the growth of the global aerospace filters market during the forecast period. Additionally, rising investments aimed at enhancing the quality of aircraft are likely to create new opportunities for companies operating within the aerospace filters sector.
The performance of the global aerospace and defense industry directly influences the aerospace filters market. Given that aerospace filters are predominantly utilized in commercial aircraft and are increasingly being applied in military aircraft, the growth prospects for this market are anticipated to be robust in the coming years. The fiscal year 2017 saw a slowdown in growth within the aerospace and defense sector, primarily due to limited investments in technological advancements. However, with a positive economic outlook for many developing nations in 2018 and government announcements regarding substantial investments in the aerospace and defense sectors, significant progress in the aerospace filters market is expected.
Leading manufacturers in the aerospace filters industry compete on various fronts, including technology, quality, and pricing, to secure contracts from major aircraft manufacturers and component suppliers. This competitive landscape aids them in increasing their market share. Given these dynamics, the bargaining power of suppliers is on the rise. Nevertheless, with the advent of new technologies in the future, it is anticipated that the bargaining power of suppliers will stabilize at a moderate level over time.
The global aerospace filters market is categorized by type, application, aircraft type, and end-user. In terms of type, the market is divided into air filters, liquid filters, and gas filters. When considering applications, the aerospace filters market is segmented into hydraulic systems, engines, avionics, and cabin environments. Furthermore, the market is classified by aircraft type into fixed-wing and rotary-wing aircraft. Lastly, the end-user segmentation includes commercial and military aircraft.
The overall size of the aerospace filters market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the aerospace filters market. Additionally, primary interviews are conducted with industry participants and commentators to validate the data and analysis. Participants typically involved in this process include industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the aerospace filters sector.