REPORT OVERVIEW
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The global compressor blades market size is estimated to be USD 250 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with compressor blades experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 250 million by 2028, exhibiting a CAGR of 3.2% during the forecast period. The rise in CAGR is attributable to the demand returning to pre-pandemic levels once the pandemic is over.
A compressor blade is a blade that has been precisely and meticulously manufactured for use within a compressor or turbine engine. The air is propelled toward the compression unit by the blades. Then the air is compelled into a tank where a compressor device is housed. Compressor blades are typically constructed of lightweight, durable materials. A metal alloy that can be machined to a precise angle and dimension is typically used to make these blades.
A compressor blade is frequently used as the primary element of the air or gas moving process in applications that utilize industrial turbine motors. Blades for compressors need to be manufactured very precisely. For the operation to be effective, the compressor blade must move as much air as possible with the least amount of motor drive feasible. The blades of some turbines must be specially machined to both pull and deliver the proper amount of air since they must move incredibly precise amounts of air. As a result, the majority of blade producers have started experimenting with fresher, more creative ways to make these blades, such as multi-axis grinding applications.
COVID-19 IMPACT: Increasing Need for Transport Boosted Product Demand Significantly
Globally, COVID-19 had a profound impact on people's lives. The impact on the world market was tremendous. On other markets, the virus had varying effects. Several countries enforced lockdowns. This unpredictable pandemic disrupted a variety of industries. Due to an increase in cases during the epidemic, restrictions become more stringent. A lot of industries were impacted. Demand on the market, however, increased.
The demand for transportation of necessities increased as lockdowns were implemented all around the world. Food, water, vaccines, and other necessities were transported by air because it is the fastest form of transportation. This was done to ensure that the goods arrived at their destination prior to their expiration date. They played a key role in transportation of people during natural disasters that occurred amidst the pandemic.
As the pandemic kept going virulent, tensions between countries grew. This was a result of several misgivings and accusations. Countries needed to revamp their defense systems in order to protect their region. Hence there were huge investments made in the defense sector by regions across the globe to protect themselves from an attack. Hence these investments boosted the global compressor blades market share.
LATEST TRENDS
"Technology Advancement to Broaden Market Growth"
IOP conference series has recently looked into the development of axial flow compressors under transonic flow conditions. The turbulence model used in CFD to handle viscous problems is called the compressor flow solver. It has been noted that careful consideration must be given to viscous relations, grid resolution, turbulent modelling, and artificial viscosity in CFD in order to optimize the compressor flow solver and obtain satisfactory results. Any air-breathing jet engine can use the high-performance axial flow compressors that are appropriately designed.
ResearchGate listed recent advancements in the manufacturing of riblets on these blades and their aerodynamic impact. Results from two independent measuring methods—SEM and confocal microscope—shown along with procedures for assessing the geometrical quality of small-scale surface structures. The study explained how to realize the anticipated 8% reduction by further reducing the riblet tip-diameter and giving the groove a more trapezoidal form, building on the current 4% reduction in skin friction.
SEGMENTATION
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- By Type
Based on type, the market is divided into High-pressure Compressor Blades, and Low-pressure Compressor Blades.
High-pressure Compressor Blades holds a major share of the global market.
- By Application
Based on application, the market is bifurcated into Civil Aircraft, and Military Aircraft.
Civil Aircraft as application holds a major share of the global market.
DRIVING FACTORS
"Defense Expenditure to Hike Market Share"
The growing political differences between countries have been noticeable globally. Countries are on the verge of war over several disputes. In order to prepare for war, nations need to rebuild their defenses. This is speculated to drive huge investments that would help the market share grow. The United States defense budget and military spending in the year 2021 went into an amount of $801 billion according to Department of Defense. This is speculated to drive the global compressor blades market share.
"Industry 4.0 to Increase Market Share"
The market is anticipated to expand at a stable rate due to a number of industry-impacting factors. On the back of ongoing industry 4.0, growing reliance on automation, and rising rivalry across manufacturing sectors, the market keeps expanding. As the population grows, more transport would be required, hence seeing an increase in the number of commercial flights. This would impact the global compressor blades market size positively.
RESTRAINING FACTORS
"High Manufacturing Costs to Lessen Market Availability"
There are several factors that could affect the global compressor blades market growth. The major hindrance would be caused due to the massive manufacturing costs. These blades require delicate handling as the components are huge and in bulk. The production of these blades using these components can prove fatal. Hence, they are priced at high costs. These shortcomings could impact the adoption of these blades in the future.
REGIONAL INSIGHTS
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"North America Dominates the Market as Major Investor"
North American countries are the largest market shareholder for compressor blades. This is built upon factors such as huge investments of the governments in the developing countries. These investments are planned for large-scale infrastructure projects. This is contributed by the massive focus on national security. Government and private sectors in this market contributing to the growth of the global market share are making extensive investments. Asia-Pacific is the second major shareholder of the global market.
KEY INDUSTRY PLAYERS
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- GKN Aerospace [U.K.]
- Blades Technology [U.S.]
- Chromalloy [U.S.]
- Rolls Royce [U.K.]
- Safran [France]
- C*Blade [Italy]
- Hi-Tek Manufacturing [U.S.]
- Pacific Sky Supply [U.S.]
- Collins Aerospace [U.S.]
- TURBOCAM [India]
- Farinia Group [U.S.]
- Stork B.V. [Netherlands]
- Moeller Aerospace [U.S.]
REPORT COVERAGE
This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 250 Million in 2022 |
| Market Size Value By | US$ 250 Million by 2028 |
| Growth Rate | CAGR of 3.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Types & Application |
| Regional Scope | Global |
Frequently Asked Questions
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1.What value is the compressor blades market expected to touch by 2028?
The global compressor blades market is expected to reach USD 250 million by 2028.
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2. What CAGR is the compressor blades market expected to exhibit by 2028?
The compressor blades market is expected to exhibit a CAGR of 3.2% by 2028.
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3. Which are the driving factors of the compressor blades market?
Driving investments in Defense and Industrialization 4.0 are drivers of this compressor blades market.
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4. Which are the top companies operating in the compressor blades market?
GKN Aerospace, Blades Technology, Chromalloy, Rolls Royce, Safran, C*Blade, Hi-Tek Manufacturing, Pacific Sky Supply, Collins Aerospace, TURBOCAM, Farinia Group, Stork B.V., and Moeller Aerospace are key companies operating in the compressor blades market.
