Report ID: SQMIG20S2018
Report ID:
SQMIG20S2018 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
153 |
Figures:
76
The Asia-Pacific region is expected to register the highest demand for this aircraft exhaust systems market over the forecast period. The rising orders for new aircraft, stoked by the ever-increasing passenger traffic in the region, is behind the demand. IATA forecasts the Boeing 757 to become the first long-distance turbine aircraft. China will eventually become the world's largest aviation market in around a decade, by the mid-2020s. The Ministry of Aviation (India) indicates that by 2030 there will be 80-90 new airports, of which heliports and water aerodromes will account for a number. These include the ones being actively designed and built under central or state government banners at places such as Greenfield sites, etc., with small sized airfields So it was the huge market that encouraged aircraft OEMs to hatch strategic expansion plans that would further penetrate this region.
Moreover, the Asian-Pacific region had the second highest military investment in the world. The turbulent geopolitical environment arising in the area has led to all countries simultaneously embarking on programs for modernizing navy fleets which are meant to bolster a country's air defense. One such example is China's planned defense outlays for 2023, which zoomed up to US $ 225 billion. This represents a 7.2 % increase over the previous year and marks the eighth consecutive year of rising military expenditures since its first published figures in 1999. Thus, India also submitted USD 72.6 billion in defense expenditure for the 2023-4 financial year (FY), an increase of 13 % from initial estimates for the FAST period. In an effort to increase the number of fighter jets it has on hand; it is looking at increasing the size of its fighter fleet. These developments will provide a significant growth impetus to the aircraft exhaust systems market over the forecast period.
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Report ID: SQMIG20S2018