The global aerospace and defense springs market size is projected to reach USD 377.7 million by 2025, according to Million Insights. The demand for commercial aircraft is increasing which is expected to be a major factor to drive market growth. Further, the demand for fighter jets has increased for security purposes and rising border clashes in Asia Pacific region is another major factor anticipated to augment the market growth during the forecast period, 2019 to 2025.
Though spring used in the aerospace and defense sector is small but consider as a major component while aircraft manufacturing. These springs are used for aircraft windows and frames, landing mechanisms, engine control and more. By types, the market is bifurcated into flat spiral/power, clutch, torque coil, and torsion. These springs have their own design as well as applications. For instance, flat springs are majorly used to retract the stairs, cargo doors and main doors whereas torsion springs are used in the aircraft rocker switches.
Springs in aircraft improves the efficiency of equipment as well as reduce tear & wear of the system. They are responsible to improve the performance of equipment as they save the fuel and enables ease of operation for many components. These advantages of springs are anticipated to propel the market growth.
The components used in the aerospace & defense sector must have the ability to tolerate harsh environments. Hence, the manufacturers need the components that are sturdy, durable, and require low maintenance. Springs play an important role to resist high pressure and have a longer life. Hence, they are used in aerospace radar, antennas, satellites, and probes which helps for navigation and ground service teams.
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Further key findings from the report suggest:
• The aerospace and defense springs market is estimated to reach USD 377.7 million by 2025 and projected to grow at 5.2% CAGR from 2019 to 2025 due to rising demand for fighter jet and commercial aircraft.
• Coil spring is projected to grow at the fastest CAGR over the forecast period due to its wide range of application in aerospace & defense industry.
• Asia Pacific is projected to grow with highest CAGR from 2019 to 2025 due to expansion of MRO facilities and aerospace sector.
• Argo Spring Manufacturing Co., Inc.; Ace Wire Spring & Form Co., Inc.; M. Coil Spring Manufacturing Company; and Myers Spring Co. Inc. are major companies operating in this market.
Million Insights has segmented the global aerospace and defense springs market on the basis of type and region:
Aerospace and Defense Springs Type Outlook (Revenue, USD Million, 2014 - 2025)
• Flat Spiral/Power Springs
• Coil Springs
• Torsion, Torque Coil, & Clutch Springs
Aerospace and Defense Springs Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa