Aircraft Turbine Engine Flowmeter And Pressure Sensors Market Size, Share, Growth, Trends, and Forecast 2030

Aircraft Turbine Engine Flowmeter And Pressure Sensors Industry Prospective:

The global aircraft turbine engine flowmeter and pressure sensors market size was worth around USD 622.39 million in 2022 and is predicted to grow to around USD 940.23 million by 2030 with a compound annual growth rate (CAGR) of roughly 5.23% between 2023 and 2030.

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Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Overview

Aircraft turbine engine flowmeters and pressure sensors are advanced tools and devices used for the analysis of aircraft engines. A flowmeter attached to an instrument is used to determine the exact quantity of a liquid or a gas flowing through a pipeline. When the device is used in an aircraft turbine engine, it helps in measuring fuel rate flow in the system. Pressure sensors on the other hand provide critical information on pressure in liquids and gasses. When used in the context of an aircraft turbine engine, it helps in measuring the pressure of the several associated components of an aircraft including fuel pressure, oil pressure of airborne engines, hydraulic system, and bleed air pressure. They are also used to measure auxiliary lubricant and main gearbox pressure along with barometric pressure in a cabin. The industry for aircraft turbine engine flowmeters and pressure sensors is growing at a rapid rate driven by increasing investments in the global aviation sector, however, the industry players also have to deal with critical challenges that may work against their expansion plans.

Key Insights:

• As per the analysis shared by our research analyst, the global aircraft turbine engine flowmeter and pressure sensors market is estimated to grow annually at a CAGR of around 5.23% over the forecast period (2023-2030)
• In terms of revenue, the global aircraft turbine engine flowmeter and pressure sensors market size was valued at around USD 622.39 million in 2022 and is projected to reach USD 940.23 million, by 2030.
• The aircraft turbine engine flowmeter and pressure sensors market is projected to grow at a significant rate due to the increasing launch of advanced aircraft turbine engine
• Based on application segmentation, wide-body aircraft engine was predicted to show maximum market share in the year 2022
• Based on component segmentation, hardware was the leading component in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Growth Drivers

Increasing launch of advanced aircraft turbine engines may drive market growth

The global aircraft turbine engine flowmeter and pressure sensors market is projected to grow owing to the increasing investments in the development of new and advanced aircraft turbine engines for applications in commercial and military sectors. These initiatives are currently undertaken by aviation industry giants that are evolving with the changing needs and demand for high-performance aircraft turbine engines that offer multiple advantages including better fuel efficiency and greater performance. In September 2023, Rolls-Royce, a UK-based luxury car manufacturer with interest in the production of aero-engine manufacturing business announced that its first engine made for hybrid-electric flight had successfully completed its first fuel burn run. The new engine is powered by novel combustion technology and also boasts ultra-low emissions as per company claims. Roll-Royce aims to target the Advanced Air Mobility (AAM) market using the launch of the new turbogenerator system. On the military front, in June 2023, General Electric announced that it would be manufacturing jet engines for the Indian Military aircraft. Other crucial developments that are expected to shape the market further include the joint collaboration between GE and Safran announced in June 2021 toward developing environmentally sustainable aviation solutions. The companies launched the CFM International as a 50-50 joint venture.

Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Restraints

High cost of aviation-specific development of pressure sensors and flowmeters to restrict market growth

The aircraft turbine engine flowmeter and pressure sensors industry growth is likely to be restricted owing to the high cost of manufacturing and developing flowmeters and pressure sensors for the aviation industry. At present, industry revenue and business operations are mostly led by existing and dominating companies with relatively less scope for new market entrants due to the capital-intensive nature of the aircraft turbine engine flowmeter and pressure sensors industry. On the other hand, the market is subject to strict statutory guidelines that determine production quality and performance efficiency making it difficult for new players to survive in the long run.

Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Opportunities

Rising product innovation in the market to impact its overall size

The global aircraft turbine engine flowmeter and pressure sensors market size will further witness more expansion opportunities owing to the ongoing research and development for improved flowmeters and pressure sensors that can keep up with the changing aircraft performance power and design. In June 2023, Baker Hughes owned Druck leading the production of pressure measurement technology and devices in the commercial market, announcing the launch of Druck NG3000 Pressure Sensors. These devices are next-generation pressure sensors catering to the specific needs of the aerospace industry. The launch will now allow military and commercial aviation clients to use pressure sensors with self-customizable attributes using an online configurator tool. The NG3000 Pressure Sensors are highly reliable and accurate in terms of performance.

Increasing integration of digital technology for efficient measurements and predictive analysis to open more avenues for future growth

The aviation industry in general is evolving at a steady pace resulting in higher demand for ancillary systems that support modern aircraft turbine engines. This has resulted in higher adoption or integration of advanced digital technology such as artificial intelligence and machine learning that assist in improved performance of pressure sensors and flowmeters in an aircraft turbine engine. For instance, these technologies allow companies to monitor data remotely leading to higher scope for fuel efficiency optimization.

Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Challenges

Growing volatility in the aircraft industry to challenge market growth

The global aircraft turbine engine flowmeter and pressure sensors market growth is expected to be challenged by the increasing volatility in the aircraft industry influenced by changing international trade relationships that include forging ties with new alliances and ending partnerships with companies or nations that no longer serve the purpose of collaborative economic growth. Research indicates that nearly 5 commercial airlines closed in India in the last 5 years. In 2023, GoFirst, an Indian economy aircraft carrier, announced bankruptcy due to severe financial losses during and after the pandemic. These incidents impact the demand for aircraft turbine engine flowmeters and pressure sensors as well.

Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Segmentation

The global aircraft turbine engine flowmeter and pressure sensors market is segmented based on application, type, component, technology, and region.

Based on application, the global market segments are helicopter, business jet engine, wide-body aircraft engine, narrow-body aircraft engine, military engine, and regional jet engine. In 2022, the highest growth was observed in the wide-body aircraft engine with the narrow-body aircraft engine trailing with a small margin in terms of revenue. Increased tourism at domestic and international levels and growing demand for cargo transport across regional and international borders were the primary drivers for the segmental growth. By 2027, the international tourism industry is expected to reach USD 9 trillion in revenue.

Based on type, the aircraft turbine engine flowmeter and pressure sensors industry segments are turboshaft engine, turboprop engine, and flowmeter & pressure sensors for turbofan engine.

Based on component, the aircraft turbine engine flowmeter and pressure sensors industry divisions are services, software, and hardware. In 2022, the hardware segment was the largest revenue generator owing to the high sales of advanced pressure sensors and flowmeters for aircraft turbo engines across military and commercial sectors. The rising investments in military-grade turbo engine air fighter airplanes fueled segmental growth in the last few years while the same trend is expected in the future. In 2021, the European Union spent nearly USD 410 billion on military aviation.

Based on technology, the global market divisions are analog and digital.

Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Report Scope

Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Regional Analysis

North America to witness the highest results during the assessment period

The global aircraft turbine engine flowmeter and pressure sensors market is expected to be dominated by North America during the forecast period. The US is anticipated to emerge as the leading player owing to the presence of a robust market filled with the world’s top manufacturers of aircraft turbo engines. The Lockheed Martin Corporation is an American manufacturer and supplier of the most powerful and high-in-demand aircraft serving the global aerospace industry. In 2022, the company’s revenue was around USD 66 billion. On the other hand, Lockheed Martin like other players is working on expanding the consumer base by tapping the potential of emerging markets. In February 2023, the Indian Airforce and Lockheed Martin were under talks and the latter showed interest in signing up for the former's Make in India campaign. The US is also investing in using advanced pressure sensors or flowmeters along with integrated digital systems that allow these pressure and fuel monitoring tools to perform better.

Aircraft Turbine Engine Flowmeter And Pressure Sensors Market: Competitive Analysis

The global aircraft turbine engine flowmeter and pressure sensors market is led by players like:

• Rockwell Collins
• Honeywell International Inc.
• United Technologies Corporation
• Ametek Inc.
• General Electric Company
• Endress+Hauser Group
• Siemens AG
• BAE Systems plc
• Meggitt PLC
• Lord Corporation
• Teledyne Technologies Incorporated
• TDK Corporation

The global aircraft turbine engine flowmeter and pressure sensors market is segmented as follows:

By Application

• Helicopter
• Business Jet Engine
• Wide-Body Aircraft Engine
• Narrow-Body Aircraft Engine
• Military Engine
• Regional Jet Engine

By Type

• Turboshaft Engine
• Turboprop Engine
• Flowmeter & Pressure Sensors for Turbofan Engine

By Component

• Services
• Software
• Hardware

By Technology

• Digital
• Analog

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa