In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Aircraft lift control devices helps in the take-off and landing of the aircrafts. Lift control devices include flaps, boundary layer control and blown systems, slats and slots and leading-edge root extensions. Aircraft take-off and landing depends on the size of the wing. It determines the speed and distance at which the aircraft should take-off. An easy take-off is the one that is from a short distance and at a lesser speed which is possible by increasing the size of the wing with the help of lift control devices such as flaps, spoilers, slats and slots.
The flap is a movable part of the wing which is used to produce lift. A plain flap increases the maximum lift when required - during takeoff or landing. The lift increases with an increase in the flap deflection. When it is lowered, it re-shapes the wing section to give it more camber which allows the aircraft to generate lift at a relatively low speed. Spoilers are the devices used to efficiently distribute and streamline airflow over the wings. They are responsible for obtaining low static areas upon the wings which increases the production of the lift. Slats and Slots are the small devices installed at the wing leading edge ahead to enable the flow of air between slat and wing slot over the wing at high (AOA) acquisition-only authority. Slates energize air by using the kinetic energy from below the wing to the airflow on top.
The demand for air transport is rising as the fare rates are getting cheaper and global connectivity is increasing. Specialized innovations are being done in the aircrafts and fighter jets for military and naval applications to strengthen the country’s defense forces. These specialized innovations are expected to boost the market growth. After the increase in global economic status, people have started using more of air transport which is expected to boost the market growth. Both the commercial aviation and as well as the military aviation sector have rapidly increased the usage of unmanned aerial vehicles for the examination purpose seeing which the aircraft lift device manufacturers are incorporating enhanced and latest flight control systems to perform better.
The aircraft lift control device market is anticipated to record a CAGR of around 8% during the forecast period i.e. 2019-2027. The market is segmented by aircraft type, product type, wing type & application, out of which, the commercial aviation segment is anticipated to have significant growth on account of increasing demand of air transport. CLICK TO DOWNLOAD FREE SAMPLE
Rising demand for air transport
The demand for air transport is rising as the fare rates are getting cheaper and global connectivity is increasing. Rising demand for air transport is expected to boost the growth of the aircraft lift control device market.
Specialized innovations in aircrafts
Specialized innovations are being done in the aircrafts and fighters jets for military and naval applications to strengthen the country’s defense forces. These specialized innovations are expected to boost the market growth.
Increase in global economic status
After the increase in global economic status, people have started using more of air transport which is expected to boost the market growth.
Newest technology in modern aircrafts
To gain the competitive advantage, the aircraft manufacturers keep incorporating the newest technology in their aircrafts and providing the buyers as well as users with the newest technology. Newest technology in modern aircrafts is expected to boost the market growth.
Global use of unmanned aerial vehicles for examination purpose
Both the commercial aviation sector as well as the military aviation sector have rapidly increased the usage of unmanned aerial vehicles for the examination purpose seeing which the aircraft lift device manufacturers are incorporating enhanced and latest flight control systems to perform better. This global use of unmanned aerial vehicles for examination purpose is expected to expand the market growth.
Existing backlogs of aircraft deliveries
The aircraft manufacturers are not able to deliver the aircrafts at the given delivery dates, sometimes creating backlogs of aircraft deliveries. Due to existing backlogs even, the new deliveries get late, thereby creating new backlogs which can hamper the growth of the market.
Our in-depth analysis of the aircraft lift control device market includes the following segments:
By Aircraft Type
By Product Type
By Wing Type
On the basis of regional analysis, the aircraft lift control device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North-America is expected to lead the aircraft lift control device market on the back of relatively cheap costs, consumer benefit as its first priority and innovative aviation technology in fighters, jets and bombers. Europe holds the second spot on the back of the presence of leading market players, liberalization of services and cheap airline travel fares. Asia-Pacific is expected to witness significant growth on the back of increasing number of airports and decreasing airline fares.
The aircraft lift control device market is further classified on the basis of region as follows: