Unit Load Device Market projected to reach $2.02 Billion by 2021

(IT-NEWSWIRE.COM, September 08, 2018 ) The report "Unit Load Device Market (ULD) by Product Type (Lower Deck 3, Lower Deck 6, Lower Deck 11, M 1, Pallets), Application (Commercial, Cargo), Material Type (Metal, Composite), Container Type (Normal, Cold) and Region - Global Forecast to 2021", The unit load device market is projected to grow from USD 1.64 Billion in 2016 to USD 2.02 Billion by 2021, at a CAGR of 4.28% during the forecast period. Factors, such as increase in the demand for lightweight ULDs, cold containers, and growth in international trade are expected to drive the unit load device market.

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Based on product type, the LD 3 segment of the unit load device market is expected to grow at the highest CAGR during the forecast period

LD 3 unit load devices can be used in all types of commercial aircraft. LD 3 containers are mainly used in passenger aircraft and growth in the LD 3 container segment can be attributed to the increase in passenger traffic. LD 3 unit load devices can be modified according to the requirements of a specific aircraft type.

Based on application, the commercial segment is expected to grow at the highest rate during the forecast period

Based on application, the commercial segment of the unit load device market is estimated to grow at the highest CAGR during the forecast period. Rise in passenger traffic has led to increase in air cargo, thereby propelling the demand for unit load devices for commercial aircraft.

Based on material, the composite segment is expected to grow at the highest rate during the forecast period

Based on material, the composite segment of the unit load device market is estimated to grow at the highest CAGR during the forecast period. ULDs developed using composite materials are lightweight, which enhances fuel efficiency of an aircraft.

Based on container, the normal container segment is expected to grow at the highest rate during the forecast period

Based on container, the normal container segment of the unit load device market is estimated to grow at the highest CAGR during the forecast period. Normal containers are used to transport dry cargo. They are used in commercial aircraft as well as cargo aircraft. Rise in aircraft orders will significantly contribute to the increasing demand for normal containers.

Asia-Pacific is projected to grow at the highest CAGR during the forecast period

Asia-Pacific is one of the fastest-growing markets for unit load devices due to increase in passenger traffic and air cargo. Countries in the Asia-Pacific region are upgrading their airport infrastructure capabilities by undertaking developments in the aviation industry. Unit load devices, such as pallets and containers help in export of automobiles, agricultural products, and other miscellaneous goods from this region. Increase in the disposable income of people has resulted in rise in the number of passengers travelling by air. This has further led to the increase in cargo traffic, which, has contributed to the growing demand for unit load devices in the region.

Some of the key market players in the unit load device market are Nordisk Aviation Products AS (Norway), Zodiac Aerospace (France), VRR Aviation (The Netherlands), DoKaSch GmbH (Germany), and Satco, Inc. (U.S.), among others. These players adopted strategies, such as contracts, new product developments, agreements, and collaborations to strengthen their position in the unit load device market.

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Unit Load Device Market projected to reach $2.02 Billion by 2021