Market Trends of Aerospace Pressure Gauge Industry
Digital Pressure Gauge Will Showcase Significant Growth During the Forecast Period
The digital pressure gauges segment is estimated to have remarkable growth during the forecast period. These are used to convert the pressure to an electronic signal. The gauge shows the pressure using a digital display. Furthermore, the signal can be used to control equipment. Newbow Aerospace provides an innovative range of digital tire pressure checking gauges calibrated to an accuracy of +/-0.4% FS. For instance, in November 2022, DLA Aviation issued a solicitation for dial pressure gauges used in the HH-60 aircraft. The NSN 6685-00-074-2288 pressure gauge is anodized aluminum with a Beryllium copper element. It ranges from 0 to 20 PSI, marked in 5 psi increments. DLA announced they would procure 37 of these gauges annually for an estimated 185 units. The total value of the contract was estimated at USD 800,000. Thus, growing investments in developing such innovative products propel market growth.
Furthermore, growing air traffic, rising investment in aircraft systems modernization, and increasing spending on research and development in aviation boost the market growth. According to the International Air Transport Association report, the aviation sector witnessed a strong recovery after the pandemic. The overall number of air passengers will reach 4.0 billion by 2024. Hence, rising spending on procuring new aircraft and growing aircraft modernization programs drive the market growth during the forecast period.
Asia Pacific is Projected to Show Highest Growth During the Forecast Period
Asia-Pacific is projected to show remarkable growth during the forecast period. The growth is due to a rising number of air passengers, a growing number of airports, and increasing expenditure on the aviation sector from emerging economies such as China and India. In Asia-Pacific, major countries like China, India, Japan, and Singapore plan to construct new airports and expand existing ones. An increasing number of airports leads to rising demand for aircraft components, thus driving the market's growth.
In February 2020, the Indian government announced that 100 new airports would be built by 2024. This will create demand for various aerospace components such as pressure gauges, temperature gauges, sensors, and other systems. Furthermore, in June 2022, the Indian Government announced that the country will have 33 additional cargo terminals by 2024-2025. Thus, rising disposable income, rapid urbanization, and growing investment in constructing new airports will improve the opportunities to accommodate more aircraft and consequently lead to a massive demand for aerospace parts and systems, driving the market's growth.
