Market Trends of Aircraft Exhaust Systems Industry
Commercial Segment to Lead the Market in the Forecast Period
Commercial aviation is a major source of greenhouse gas emissions and is, hence, being subjected to global scrutiny from environmental protection agencies. It led to the imposition of stringent emission norms to curb environmental degradation caused by the combustion of aviation fuel.
In March 2017, the International Civil Aviation Organization (ICAO) adopted a new aircraft CO2 emission standard to be enforced on the new aircraft type designs from 2020 and the aircraft type designs already in production. The regulation also states the provisions for engine modification to ensure full compliance by 2028.
The aircraft combustion cycle is directly influenced by the engine design, including subsystems, such as exhaust systems. The stringent emission norms are anticipated to drive technological innovations in the design of fuel-efficient engines with sophisticated exhaust systems. For instance, in July 2023, Power Flow Systems partnered with Maple Leaf Aviation to design dual exhaust system fairings for Cessna 180, 182, and 185 airframes. As per the agreement, Maple Leaf will produce the new set of exhaust fairings, while Power Flow will offer the specialized set at a 'combined package price' to its tuned exhaust system customers.
Moreover, in an effort to curb emission levels, R&D initiatives are being undertaken to develop an electric power train for aviation. For instance, in September 2022, Researchers captured the first images of CO2 emissions from a commercial aircraft engine using chemical species tomography. They used a novel near-infrared light imaging technique to capture the first cross-sectional images of carbon dioxide in the exhaust plume of a commercial jet engine. The technique could accelerate turbine combustion research aimed at developing engines and aviation fuels that are more environmentally friendly.
Similarly, in February 2022, engineers at the Arnold Engineering Development Complex and MetroLaser in the US are using a new type of laser measurement system to test the gas velocity of engine exhaust and help find ways to reduce noise from aircraft. Such efforts are envisaged to enhance the business prospects of commercial aircraft exhaust systems during the forecast period.
Asia-Pacific to Generate the Highest Demand during the Forecast Period
The Asia-Pacific region is anticipated to generate the highest demand for the aircraft exhaust systems market during the forecast period. This demand can be attributed to the increasing orders of new aircraft, propelled by ever-growing passenger traffic in the region. The International Air Transport Association (IATA) projected that China will eventually become the world's largest aviation market by the mid-2020s. According to the Ministry of Aviation (India), 80-90 new airports, including heliports and water aerodromes, will be built by 2030 in India. The huge market potential encouraged aircraft OEMs to devise strategic expansion plans to increase their penetration into the region. It, in turn, will support the growth of the aircraft exhaust systems market.
Furthermore, the Asia-Pacific region registered the second-largest military expenditure across the world. The tense geopolitical scenario prevalent in the region is fostering the initiation of fleet modernization programs for enhancing the aerial defense capabilities of the countries. For instance, China's proposed 2023 defense spending rose to USD 225 billion, which is 7.2% higher than the 2022 budget and is the eighth consecutive year of increase in its military spending. Similarly, India proposed USD 72.6 billion in defense spending for the 2023-24 financial year, which is 13% up from the previous period's initial estimates. It is aiming to add more fighter jets. Such developments are anticipated to drive the market for aircraft exhaust systems during the forecast period.
