[239 Pages Research] Surge in air passenger traffic across the globe and increase in demand for fuel efficient & downsized engines drive the growth of the global aircraft turbocharger market. By turbocharger type, the butterfly valve type segment contributed to the major share in 2020. By region, on the other hand, the market across Asia-Pacific would cite the fastest CAGR by 2030.
Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aircraft turbocharger market was estimated at 659.8 million in 2020 and is expected to hit $1.19 billion by 2030, registering a CAGR of 6.5% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in air passenger traffic across the globe and rise in demand for fuel efficient & downsized engines drive the growth of the global aircraft turbocharger market. On the other hand, high costs associated with aircraft turbochargers restrains the growth to some extent. However, surge in operations in the commercial aviation sector is expected to create lucrative opportunities in the industry.
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The outbreak of the pandemic gave way to the implementation of strict lockdown measures in the majority of countries, which resulted in flight cancellations and ban on e-commerce services. This, in turn, led to massive decline in commercial aviation and logistics activities across the world.
At the same time, several manufacturing facilities around the globe had to partially or fully shut down their operations, thereby impacting the global aircraft turbocharger market negatively.
However, as the global situation is getting better, the market is anticipated to recoup soon.
The global aircraft turbocharger market is analyzed across turbocharger type, platform, component, and region.
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Based on turbocharger type, the butterfly valve type segment held the major share in 2020, garnering around three-fifths of the total market. The same segment would also cite the fastest CAGR of 6.8% during the forecast period.
By platform, the heavyweight aircraft segment accounted for more than half of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The same segment would also showcase the fastest CAGR of 6.9% from 2021 to 2030.
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Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding around one-third of the global market. The same region would also grow at the fastest CAGR by 7.4% from 2021 to 2030.
The key market players analyzed in the global aircraft turbocharger market report include Airmark Overhaul, Inc., BorgWarner Inc., General Electric Company, Honeywell International Inc., ABB Ltd., Kawasaki Heavy Industries, Ltd., PBS Group, A. S., Rajay Parts LLC, Victor Aviation Service, Inc., and Hartzell Engine Technologies LLC. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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