Aerospace Accumulators Market to Grow at 3.8% CAGR to Cross $8.8 Mn by 2026

According to a recent study from market research firm Global Market Insights, the aerospace accumulators market is set to grow from its current market value of more than $8.6 million to over $8.8 million by 2026, gaining remarkable traction over the 2020 to 2026 period.

The aerospace accumulators market is expected to witness significant growth due to rising demand for commercial aircraft and increasing defense and military budgets. Accumulators are simple hydraulic devices that are made up of a cylindrical sleeve, piston and two end caps. Accumulators provide backup power for landing gear, brakes, APU starting, and emergency applications. These are known to be crucial elements of the modern hydraulic systems and are typically installed in hydraulic systems for storing energy and smoothing out pulsations.

Aircraft accumulators are considered crucial since these can increase productivity, store emergency power during electrical failure, and can facilitate smoother and much more reliable operation. These factors are likely to stimulate the demand for aircraft accumulators over the coming years.

Today, various aircrafts use numerous accumulators within their hydraulic system. There might be an emergency system accumulator or a main system accumulator. Likewise, there might be auxiliary accumulators which are positioned in numerous sub-systems. Mostly, large aircrafts have one brake accumulator, and some might even have four accumulators. These brake accumulators are also utilized for ground towing operations, thereby getting in a reasonable amount of use.

The key functions of accumulators are storing power for the limited operation of a hydraulic unit when the pump is not functioning. Accumulators further reduces pressure surges in the hydraulic system instigated by actuation of a unit along with the effort of the pump for maintaining pressure at a preset level. These functions thus make accumulators an integral part of an aircraft's anatomy.

The aerospace accumulators market is segmented in terms of product, material, aircraft, and regional landscape.

In terms of aircraft, the overall aerospace accumulators market is categorized into military aircrafts, business aircraft, regional aircraft, helicopters, and commercial aircraft. Military aircrafts play an important role in the increased adoption of accumulator systems as they help to store extra energy and deliver it when there is a requirement. Further, increasing defense and military budgets across the globe are expected to fuel the growth of defense aircraft fleet size, which would contribute significantly toward the industry expansion by the end of the analysis timeline.

From a regional frame of reference, Middle East and Africa will witness considerable growth because of the rising demand for commercial aircrafts owing to the robust regional tourism industry. The regional tourism sector has been responsible for bringing in tremendous economic growth to the region. Additionally, the region is also known as the hub for corporate travel and leisure travel across the world, creating substantial growth opportunities for the aviation sector.

As per the UN World Tourism Organizations, by the year 2030, the number of tourists travelling to the region will increase to 150 million, fostering the regional segment growth. It is to be noted that presently the tourism industry is going through an economic slump owing to the current COVID-19 pandemic. However, over the long run, the market is expected to witness immense growth prospects as soon as the situation is under control.

Source: https://www.gminsights.com/industry-analysis/aerospace-accumulator-market