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.
• October 11, 2018: LORD Corporation selected by Pratt & Whitney Canada for the engine attachment system of Dassault Falcon 6X.
The aircraft mounts are made from numerous tubular steel chrome-molybdenum and are welded together to form the mounting structure. They are used to connect the engine to the airframe and help in distributing the weight of the engine. Mounts in aircraft can be used for multiple purposes depending on the type and are generally light in weight.
The engine mounts help to minimize the noise of aircraft components, and also helps in maintaining high strength even at 500 °C. They are primarily used in general aviation aircraft, commercial aircraft, and in the military aircraft such as fighter jets, and military helicopters.
The global aircraft mounts market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2021-2028. The growth can be attributed to the increasing adoption of mounts in the aviation sector driven by the growing demand for airplane safety and better flight experience among passengers with advancement in technology.
The aircraft mounts market is segmented by aircraft type, mount type, material, application, and by end-user. The aircraft type segment is further divided into commercial, general aviation, and military. The commercial segment is projected to hold the largest revenue share in the global aircraft mounts market over the forecast period on the back of rising air passenger traffic globally. As per International Air Transport Association (IATA), by 2036, the global air traffic is likely to double. Therefore, there has been a corresponding increase in demand for new commercial aircraft in order to cater to the increasing passenger traffic.
Based on the mount type, the exterior mounts segment is expected to hold the largest market share during the forecast period on account of increasing demand for technologically advanced in-flight entertainment displays and passenger comfort. Exterior mounts are used to mount the external components of aircraft and include sandwich mounts, multi-plane mounts, platform mounts, pedestal mounts, and shock mounts.
Based on the material, the aluminum alloys segment is expected to witness a robust growth during the forecast period. This can be attributed to the superior mechanical properties of aluminum alloys that makes it lightweight and durable with high damage tolerance. Thus, aluminum alloys are frequently used in the manufacturing of modern aircraft.
Based on the application, the segment for engine mounts is estimated to hold the largest market share throughout the forecast period on the back of the growing adoption of engine mounts to protect the engineering equipment within the aircraft and enhance operational efficiency. The engine mounts reduce the movement of the engine from abnormal shocks and loads. CLICK TO DOWNLOAD SAMPLE REPORT
Based on the end-user, the replacement segment is anticipated to lead the market share on account of the growing trend for timely inspection and maintenance of aircraft mounts to ensure an effective functioning of aircraft and avoid chances of engineering equipment getting damaged. This, in fact, is contributing to an increased demand for replacement of aircraft mounts.
The growth of the global aircraft mounts market is primarily triggered by the growing adoption of mounts in the aviation industry combined with the increasing air passenger traffic driven by tourism and other travel purposes. With the rise in air passenger traffic globally, there has been an increase in the demand for enhanced flight experience along with the demand for safety and comfort in the airplane. Thus, the increasing need to reduce vibrations, shocks, and noise problems created by the aircraft components is anticipated to boost the growth of the global aircraft mounts throughout the forecast period.
Additionally, the growing production of commercial aircraft, and the need for timely repair and maintenance of the same coupled with the strict aviation regulations regarding passenger safety are few other factors anticipated to fuel the market growth in the coming years.
The military spending across the globe has increased significantly in recent years owing to advanced strategic missions in military sector especially, in the developed countries such as the United States, Germany, Russia, and others. The rising defense expenditure along with the demand for technologically advanced and modern aircraft such as fighter jets, transport aircraft, and helicopters are some of the factors expected to further fuel the growth of the global aircraft mounts market over the forecast period.
Despite the growing demand for the aircraft mounts in defense and aviation sector, there are certain limitations which are anticipated to hinder the growth of the global aircraft mounts market during the forecast period. The increasing price of products by Original Equipment Manufacturers (OEMs) coupled with factors such as shortage of supply of parts and the high price of raw material are some of the other reasons expected to restrain the growth of the aircraft mounts market during the forecast period.
Our in-depth analysis of the global aircraft mounts market includes the following segments:
Based on the region, the global aircraft mounts market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The North America region is expected to dominate the global aircraft mounts market over the forecast period owing to the presence of a well-established aviation industry coupled with cheap air travel and a strong presence of airline service providers in the region, backed by the increasing passenger traffic. The Atlanta GA Airport in the US saw the highest total passenger traffic in the year 2019 with total number of passengers reaching 110,531,300. The United States is considered to be one of the largest operators, manufacturers, and exporters of aircraft mounts worldwide. Additionally, the growing amount of commercial air traffic in the region is expected to further drive the growth of the global aircraft mounts market in the coming years.
The Asia Pacific region is projected to witness an upward trend in the global aircraft mounts market on account of an increasing number of commercial flights for domestic and overseas travel. Moreover, the growing tourism in South East Asia is expected to attract foreigners, and this is anticipated to increase the demand for commercial planes and have a positive impact on the growth of the aircraft mounts market.
On the other hand, the Europe, MEA, and Latin America region is anticipated to witness significant growth during the forecast period in the global aircraft mounts market. The growth can be attributed to the increase in defense expenditures in these regions and the growing adoption of fighter jets and helicopters by the military forces for strategic missions.
The global aircraft mounts market is further classified on the basis of region as follows: