エアスターター市場 – 2029年までの世界予測

Air Starter Market - Global Forecast to 2029

エアスターター市場 - タイプ (ベーンエアスターター、タービンエアスターター、電動エアスターター)、エンドユーザー (石油とガス、軍用と航空、鉱業、海洋)、および地域 (北米、ヨーロッパ、APAC、南米、中東とアフリカ) - 2029年までの世界予測
Air Starter Market by Type (Vane Air Starter, Turbine Air Starter, Electric Air Starter), End User (Oil & Gas, Military & Aviation, Mining, Marine), & Region (North America, Europe, APAC, South America and Middle East & Africa) - Global Forecast to 2029
出版社MarketsandMarkets
出版年月2024年8月
ページ数180
図表数225
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

The Air Starter market is estimated to grow from USD 559 million by 2029 to an estimated USD 449 million in 2024, at a CAGR of 4.5% during the forecast period.

エアスターター市場は、予測期間中に4.5%のCAGRで、2029年までに5億5,900万米ドルから2024年には推定4億4,900万米ドルに成長すると推定されています。

Ongoing advancements in air starter technology, such as the use of enhanced materials and designs that improve durability and efficiency. Innovations such as the development of lighter and more compact starters with increased torque capabilities are particularly being focused. Unlike electric starters, air starters can withstand extreme temperatures and dusty environments and eliminate the risk of sparks. Further, expansion in key industries such as oil & gas, marine, and aviation significantly contributes to the increased adoption of air starters. These sectors largely use heavy equipment, which requires reliable and robust engine starting solutions to sustain their operations, making air starters an ideal choice.

エアスターター市場 - 2029年までの世界予測
エアスターター市場 – 2029年までの世界予測

“Turbine Air Starter segment is the largest segment of the air starter market, by type.”

The turbine air starter segment is the largest in the air starter market by type, driven by its extensive use in aviation and heavy machinery sectors. This segment’s growth is attributed to the increasing demand for reliable and efficient starting solutions in high-performance applications, such as jet engines and large industrial gas turbines. The aerospace industry’s expansion, along with the rising need for advanced starting mechanisms in military and commercial aircraft, significantly contributes to the turbine air starter segment’s substantial market share. Additionally, technological advancements and the development of more efficient turbine air starters are further propelling the growth of this segment.

エアスターター市場 - 2029年までの世界予測 ecosystem
エアスターター市場 – 2029年までの世界予測 ecosystem

“Military & Aviation is expected to emerge as the Second largest segment based on End User segment.”

The military and aviation sector is expected to emerge as the second largest end-user of air starters during the forecast period. This growth is driven by the increasing demand for reliable and efficient starting solutions for commercial and military aircraft. Factors contributing to this growth include the expansion of military fleets, modernization of aircraft, and rising defense budgets in countries such as the US, China, and India. Additionally, advancements in air starter technology and the need for robust starting systems in critical applications further bolster the demand in this sector.

“North America is expected to emerge as the largest region based on Air Starter market.”

North America is expected to emerge as the largest region in the air starter market during the forecast period, driven by substantial investments in the aerospace and defense sectors, as well as significant industrial activities. The US, in particular, leads the region with its extensive fleet of commercial and military aircraft, which require reliable and efficient starting systems. Additionally, the presence of major air starter manufacturers and technological advancements in the region further boost market growth. The increasing focus on upgrading existing aircraft and industrial equipment also contributes to North America’s dominant position in the global air starter market.

エアスターター市場 - 2029年までの世界予測 region
エアスターター市場 – 2029年までの世界予測 region

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
  • By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
  • By Region: North America- 25%, Europe- 30%, Asia Pacific- 25%, the Middle East & Africa- 12%, and South America- 8%

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The Air Starter market is dominated by a few major players that have a wide regional presence. The leading players in the market are Ingersoll Rand (US), Caterpillar (US), Rheinmetall AG (Germany), and Honeywell International Inc. (US) among others

Research Coverage:

The report defines, describes, and forecasts the Air Starter market, by type, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Air Starter market.

Key Benefits of Buying the Report

  • Growing end use industries, especially oil & gas and military and aviation industries are the major factor driving the growth of air starter market. Higher prices of these starters compared to the electric air starters is the restraining the growth up some extent. Rapidly growing industrialization, especially in the Asia Pacific region is the growth opportunity for air starters market.
  • Product Development/ Innovation: Innovations in air starters include advancement in vane and turbine air starters with improved efficiency.
  • Market Development: The development of more efficient air starters is essential to effectively cater to the customized demand of end use industries. Increased adoption of technologically advanced products propel innovation, creating a dynamic landscape for Air Starter technologies to meet evolving demands.
  • Market Diversification: Market diversification in the Air Starter market is a response to varied needs across industries and regions. Air Starter manufacturers diversify their product offerings to cater to the specific requirements of different sectors, fostering market growth and resilience.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Ingersoll Rand (US), Caterpillar (US), Rheinmetall AG (Germany), and Honeywell International Inc. (US) among others in the Air Starter market.

Air Starter Market by Type (Vane Air Starter, Turbine Air Starter, Electric Air Starter), End User (Oil & Gas, Military & Aviation, Mining, Marine), & Region (North America, Europe, APAC, South America and Middle East & Africa) – Global Forecast to 2029

エアスターター市場 – タイプ (ベーンエアスターター、タービンエアスターター、電動エアスターター)、エンドユーザー (石油とガス、軍用と航空、鉱業、海洋)、および地域 (北米、ヨーロッパ、APAC、南米、中東とアフリカ) – 2029年までの世界予測

Table of Contents

1            INTRODUCTION            20

1.1         STUDY OBJECTIVES      20

1.2         MARKET DEFINITION   20

1.3         STUDY SCOPE  21

1.3.1      AIR STARTER MARKET SEGMENTATION AND REGIONAL SCOPE              21

1.3.2      INCLUSIONS AND EXCLUSIONS 22

1.3.3      YEARS CONSIDERED     22

1.4         UNITS CONSIDERED     23

1.5         CURRENCY CONSIDERED          23

1.6         LIMITATIONS   23

1.7         STAKEHOLDERS            23

1.8         SUMMARY OF CHANGES            24

2            RESEARCH METHODOLOGY     25

2.1         RESEARCH APPROACH 25

2.1.1      SECONDARY DATA       26

2.1.1.1   Key data from secondary sources     26

2.1.1.2   List of major secondary sources       26

2.1.2      PRIMARY DATA 27

2.1.2.1   Key data from primary sources         27

2.1.2.2   Key industry insights          27

2.1.2.3   Primary interviews with experts       28

2.1.2.4   Breakdown of primaries     28

2.2         MARKET SIZE ESTIMATION METHODOLOGY    29

2.2.1      BOTTOM-UP APPROACH           29

2.2.2      TOP-DOWN APPROACH             30

2.2.3      AIR STARTER MARKET: DEMAND-SIDE ANALYSIS           31

2.2.3.1   Regional analysis 32

2.2.3.2   Country-level analysis        32

2.2.3.3   Demand-side assumptions 32

2.2.3.4   Demand-side calculations  32

2.2.4      AIR STARTER MARKET: SUPPLY-SIDE ANALYSIS             33

2.2.4.1   Supply-side assumptions    34

2.2.4.2   Supply-side calculations     34

2.2.5      GROWTH FORECAST    34

2.3         DATA TRIANGULATION             34

2.4         RISK ANALYSIS 35

2.5         RESEARCH ASSUMPTIONS         36

2.6         RESEARCH LIMITATIONS           36

3            EXECUTIVE SUMMARY 37

4            PREMIUM INSIGHTS      40

4.1         ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN AIR STARTER MARKET              40

4.2         AIR STARTER MARKET IN NORTH AMERICA, BY TYPE AND COUNTRY              40

4.3         AIR STARTER MARKET, BY END-USE INDUSTRY 41

4.4         AIR STARTER MARKET, BY TYPE             41

5            MARKET OVERVIEW     42

5.1         INTRODUCTION            42

5.2         MARKET DYNAMICS     42

5.2.1      DRIVERS            43

5.2.1.1   Thriving oil & gas and aviation sectors           43

5.2.1.2   Increasing deployment of air starters in hazardous industrial settings       44

5.2.2      RESTRAINTS     44

5.2.2.1   Higher costs than electric starters    44

5.2.3      OPPORTUNITIES           45

5.2.3.1   Increasing focus on R&D and integration of new technologies

into air starters    45

5.2.4      CHALLENGES   45

5.2.4.1   Advancements in battery technology 45

5.3         CASE STUDY ANALYSIS 46

5.3.1      IPU SUPPLIES ADVANCED AIR STARTS TO POWER CATERPILLAR 3616 ENGINES AT PEARL GTL PLANT IN QATAR TO ENSURE SAFETY AND RELIABILITY     46

5.3.2      IPU DEPLOYS AIR STARTERS FOR GENERATORS AT SAKHALIN ISLAND LNG PLANT FOR RELIABLE POWER IN EXTREME CLIMATES      46

5.3.3      IPU IMPLEMENTS STARTERS FOR GENERATORS AT SAKHALIN ISLAND LNG PLANT FOR RELIABLE PERFORMANCE UNDER EXTREME CONDITIONS              47

5.4         INVESTMENT AND FUNDING SCENARIO            47

5.5         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS       48

5.6         VALUE CHAIN ANALYSIS            48

5.7         ECOSYSTEM ANALYSIS 50

5.8         TECHNOLOGY ANALYSIS           51

5.8.1      KEY TECHNOLOGIES    51

5.8.1.1   Quick action relay sequencing valves             51

5.8.2      ADJACENT TECHNOLOGIES      52

5.8.2.1   Engine control units (ECUs)           52

5.9         TRADE ANALYSIS          52

5.9.1      IMPORT SCENARIO (HS CODE 841239)  52

5.9.2      EXPORT SCENARIO (HS CODE 841239)  53

5.10       PATENT ANALYSIS        55

5.11       KEY CONFERENCES AND EVENTS, 2024–2025     57

5.12       PRICING ANALYSIS        58

5.12.1    AVERAGE SELLING PRICE TREND OF AIR STARTERS, BY END-USE INDUSTRY         58

5.12.2    AVERAGE SELLING PRICE TREND OF AIR STARTERS, BY REGION              59

5.13       TARIFF AND REGULATORY LANDSCAPE            60

5.13.1    TARIFF ANALYSIS (HS CODE 841239)     60

5.13.2    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS          61

5.13.3    REGULATORY FRAMEWORK     62

5.14       PORTER’S FIVE FORCES ANALYSIS         63

5.14.1    THREAT OF NEW ENTRANTS    65

5.14.2    BARGAINING POWER OF SUPPLIERS     65

5.14.3    BARGAINING POWER OF BUYERS           65

5.14.4    THREAT OF SUBSTITUTES         65

5.14.5    INTENSITY OF COMPETITIVE RIVALRY 66

5.15       KEY STAKEHOLDERS AND BUYING CRITERIA    66

5.15.1    KEY STAKEHOLDERS IN BUYING PROCESS         66

5.15.2    BUYING CRITERIA         67

5.16       IMPACT OF GENERATIVE AI ON AIR STARTER MARKET 67

5.16.1    ADOPTION OF GENERATIVE AI/AI APPLICATIONS IN AIR STARTERS              67

5.16.2    IMPACT OF GENERATIVE AI/AI ON SUPPLY CHAIN, BY TYPE AND REGION             68

5.16.3    IMPACT OF AI ON AIR STARTER MARKET, BY REGION   68

6            AIR STARTER MARKET, BY TYPE             69

6.1         INTRODUCTION            70

6.2         TURBINE AIR STARTER 71

6.2.1      HIGH POWER-TO-WEIGHT RATIO AND LOW MAINTENANCE

REQUIREMENTS TO BOOST SEGMENTAL GROWTH      71

6.3         VANE AIR STARTER       72

6.3.1      SIMPLE DESIGN AND ABILITY TO DELIVER HIGH TORQUE AT LOW

SPEEDS TO FUEL SEGMENTAL GROWTH           72

6.4         ELECTRIC AIR STARTER             73

6.4.1      SUSTAINABILITY AND DEMAND FROM AVIATION SECTOR TO

BOOST MARKET GROWTH        73

7            AIR STARTER MARKET, BY END-USE INDUSTRY 75

7.1         INTRODUCTION            76

7.2         OIL & GAS          77

7.2.1      ONGOING OIL AND GAS EXPLORATION PROJECTS TO BOOST DEMAND           77

7.3         MILITARY & AVIATION 78

7.3.1      INCREASING MILITARY BUDGET AND AGING AVIATION FLEET TO

CREATE GROWTH OPPORTUNITIES      78

7.4         MARINE             79

7.4.1      SIGNIFICANT FOCUS ON IMPROVING OVERALL OPERATIONAL EFFECTIVENESS OF MARINE VESSELS TO FOSTER MARKET GROWTH   79

7.5         MINING              81

7.5.1      SURGING ADOPTION OF SUSTAINABLE MINING SOLUTIONS TO

CONTRIBUTE TO MARKET GROWTH    81

7.6         OTHERS             82

8            AIR STARTER MARKET, BY REGION        84

8.1         INTRODUCTION            85

8.2         NORTH AMERICA          87

8.2.1      US         90

8.2.1.1   Steady growth in air travel demand to support market growth    90

8.2.2      CANADA            91

8.2.2.1   Significant focus of industrial players on reducing production delays and equipment maintenance costs to boost demand            91

8.2.3      MEXICO             92

8.2.3.1   Presence of oil and gas reserves in offshore areas to accelerate market growth              92

8.3         EUROPE             93

8.3.1      GERMANY         96

8.3.1.1   Robust automotive industry to boost adoption             96

8.3.2      UK         97

8.3.2.1   Transition toward clean energy to create growth opportunities  97

8.3.3      ITALY   98

8.3.3.1   Robust growth in energy sector to fuel market growth  98

8.3.4      FRANCE             99

8.3.4.1   Elevating demand for electric vehicles to create growth potential             99

8.3.5      RUSSIA 100

8.3.5.1   Presence of extensive mineral sources and robust mining

industry to fuel demand     100

8.3.6      REST OF EUROPE           101

8.4         ASIA PACIFIC    102

8.4.1      CHINA  104

8.4.1.1   Airport and power plant expansion projects in country to fuel

market growth     104

8.4.2      JAPAN  105

8.4.2.1   Surging demand from automotive, aerospace, and oil & gas

sectors to contribute to market growth           105

8.4.3      INDIA   106

8.4.3.1   Government’s emphasis on increasing power generation

capacity to foster market growth      106

8.4.4      SOUTH KOREA 107

8.4.4.1   Elevating demand for large ships and vessels to augment

market growth     107

8.4.5      AUSTRALIA       108

8.4.5.1   Growing oil and gas exploration activities to create opportunities

for air starter providers      108

8.4.6      REST OF ASIA PACIFIC  109

8.5         MIDDLE EAST & AFRICA             110

8.5.1      GCC      113

8.5.1.1   Saudi Arabia        114

8.5.1.1.1 Significant demand from major airlines to fuel

market growth     114

8.5.1.2   UAE      115

8.5.1.2.1 Reserves of oil and gas in offshore fields to boost demand          115

8.5.1.3   Rest of GCC        116

8.5.2      SOUTH AFRICA 117

8.5.2.1   Robust mining sector to support market growth           117

8.5.3      NIGERIA            118

8.5.3.1   Increasing airline investments in fleet modernization to

support market growth       118

8.5.4      REST OF MIDDLE EAST & AFRICA           119

8.6         SOUTH AMERICA           120

8.6.1      BRAZIL 122

8.6.1.1   Rising focus on energy expansion capacity to create growth opportunities              122

8.6.2      ARGENTINA      123

8.6.2.1   Development and modernization of ports to support market growth        123

8.6.3      REST OF SOUTH AMERICA         124

9            COMPETITIVE LANDSCAPE       126

9.1         OVERVIEW        126

9.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2023     126

9.3         MARKET SHARE ANALYSIS, 2023             127

9.4         REVENUE ANALYSIS, 2019–2023 128

9.5         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023   129

9.5.1      STARS  129

9.5.2      EMERGING LEADERS    129

9.5.3      PERVASIVE PLAYERS     129

9.5.4      PARTICIPANTS 130

9.5.5      COMPANY FOOTPRINT: KEY PLAYERS, 2023      131

9.5.5.1   Company footprint            131

9.5.5.2   Region footprint  132

9.5.5.3   Type footprint     133

9.5.5.4   End-use industry footprint 134

9.6         COMPANY VALUATION AND FINANCIAL METRICS        135

9.7         BRAND/PRODUCT COMPARISON          136

9.8         COMPETITIVE SCENARIO AND TRENDS             137

9.8.1      PRODUCT LAUNCHES  137

9.8.2      DEALS  137

10          COMPANY PROFILES    138

10.1       KEY PLAYERS   138

10.1.1    INGERSOLL RAND         138

10.1.1.1 Business overview 138

10.1.1.2 Products/Solutions/Services offered 139

10.1.1.3 Recent developments         140

10.1.1.3.1            Product launches 140

10.1.1.4 MnM view           141

10.1.1.4.1            Key strategies/Right to win              141

10.1.1.4.2            Strategic choices  141

10.1.1.4.3            Weaknesses/Competitive threats     141

10.1.2    CATERPILLAR  142

10.1.2.1 Business overview 142

10.1.2.2 Products/Solutions/Services offered 143

10.1.2.3 MnM view           144

10.1.2.3.1            Key strategies/Right to win              144

10.1.2.3.2            Strategic choices  144

10.1.2.3.3            Weaknesses/Competitive threats     144

10.1.3    RHEINMETALL AG        145

10.1.3.1 Business overview 145

10.1.3.2 Products/Services/Solutions offered 146

10.1.3.3 Recent developments         147

10.1.3.3.1            Deals     147

10.1.3.4 MnM view           147

10.1.3.4.1            Key strategies/Right to win              147

10.1.3.4.2            Strategic choices  147

10.1.3.4.3            Weaknesses/Competitive threats     147

10.1.4    HONEYWELL INTERNATIONAL INC.      148

10.1.4.1 Business overview 148

10.1.4.2 Products/Services/Solutions offered 149

10.1.4.3 MnM view           150

10.1.4.3.1            Key strategies/Right to win              150

10.1.4.3.2            Strategic choices  150

10.1.4.3.3            Weaknesses/Competitive threats     150

10.1.5    MARADYNE      151

10.1.5.1 Business overview 151

10.1.5.2 Products/Services/Solutions offered 152

10.1.6    KH EQUIPMENT             153

10.1.6.1 Business overview 153

10.1.6.2 Products/Services/Solutions offered 154

10.1.7    GALI     155

10.1.7.1 Business overview 155

10.1.7.2 Products/Services/Solutions offered 156

10.1.8    SPICO   157

10.1.8.1 Business overview 157

10.1.8.2 Products/Services/Solutions offered 157

10.1.9    POWER WORKS (PTY) LTD.       158

10.1.9.1 Business overview 158

10.1.9.2 Products/Services/Solutions offered 158

10.1.10  MASCO 159

10.1.10.1             Business overview 159

10.1.10.2             Products/Services/Solutions offered 159

10.1.11  INDUSTRIAL POWER UNITS LTD            160

10.1.11.1             Business overview 160

10.1.11.2             Products/Services/Solutions offered 160

10.1.12  TLD      161

10.1.12.1             Business overview 161

10.1.12.2             Products/Services/Solutions offered 161

10.1.13  GUINAULT        162

10.1.13.1             Business overview 162

10.1.13.2             Products/Services/Solutions offered 162

10.1.14  TEXTRON SPECIALIZED VEHICLES        163

10.1.14.1             Business overview 163

10.1.14.2             Products/Services/Solutions offered 163

10.1.15  JETALL 164

10.1.15.1             Business overview 164

10.1.15.2             Products/Services/Solutions offered 164

10.1.16  YSWINCH.COM 165

10.1.16.1             Business overview 165

10.1.16.2             Products/Services/Solutions offered 165

10.1.17  HILLIARD CORPORATION         166

10.1.17.1             Business overview 166

10.1.17.2             Products/Services/Solutions offered 166

10.1.18  TDI       167

10.1.18.1             Business overview 167

10.1.18.2             Products/Services/Solutions offered 168

10.1.19  MAK CONTROLS            169

10.1.19.1             Business overview 169

10.1.19.2             Products/Services/Solutions offered 169

10.1.20  DÜSTERLOH FLUIDTECHNIK GMBH     170

10.1.20.1             Business overview 170

10.1.20.2             Products/Services/Solutions offered 170

10.1.21  SAFRAN             171

10.1.21.1             Business overview 171

10.1.21.2             Products/Services/Solutions offered 171

11          APPENDIX         172

11.1       INSIGHTS FROM INDUSTRY EXPERTS   172

11.2       DISCUSSION GUIDE      173

11.3       KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL             176

11.4       CUSTOMIZATION OPTIONS      178

11.5       RELATED REPORTS       178

11.6       AUTHOR DETAILS         179

LIST OF TABLES

TABLE 1             INCLUSIONS AND EXCLUSIONS, BY END-USE INDUSTRY              22

TABLE 2             INCLUSIONS AND EXCLUSIONS, BY TYPE           22

TABLE 3             AIR STARTER MARKET SNAPSHOT        37

TABLE 4             ROLE OF PLAYERS IN ECOSYSTEM         50

TABLE 5             IMPORT DATA FOR HS CODE 841239-COMPLIANT PRODUCTS,

BY COUNTRY, 2021–2023 (USD THOUSAND)       52

TABLE 6             EXPORT DATA FOR HS CODE 841239-COMPLIANT PRODUCTS,

2021–2023 (USD THOUSAND)     54

TABLE 7             LIST OF MAJOR PATENTS (MARCH 2020–JUNE 2024)       56

TABLE 8             AIR STARTER MARKET: LIST OF CONFERENCES AND EVENTS              57

TABLE 9             INDICATIVE PRICING TREND OF AIR STARTERS, BY END-USE INDUSTRY,

2021 TO 2023 (USD PER UNIT)    58

TABLE 10           AVERAGE SELLING PRICE TREND OF AIR STARTERS, BY REGION,

2021–2023 (USD PER UNIT)         59

TABLE 11           IMPORT TARIFF DATA FOR HS CODE 841239-COMPLIANT PRODUCTS,

BY COUNTRY, 2023        60

TABLE 12           NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT

AGENCIES, AND OTHER ORGANIZATIONS         61

TABLE 13           EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 61

TABLE 14           ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 61

TABLE 15           MIDDLE EAST AND AFRICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS         62

TABLE 16           SOUTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT

AGENCIES, AND OTHER ORGANIZATIONS         62

TABLE 17           AIR STARTER MARKET: REGULATORY FRAMEWORK     62

TABLE 18           AIR STARTER MARKET: PORTER’S FIVE FORCES ANALYSIS              64

TABLE 19           INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 5

END-USE INDUSTRIES (%)         66

TABLE 20           KEY BUYING CRITERIA FOR TOP 5 END-USE INDUSTRIES              67

TABLE 21           AIR STARTER MARKET, BY TYPE, 2021–2023 (USD MILLION)              70

TABLE 22           AIR STARTER MARKET, BY TYPE, 2024–2029 (USD MILLION)              71

TABLE 23           TURBINE AIR STARTER: AIR STARTER MARKET, BY REGION,

2021–2023 (USD MILLION)          71

TABLE 24           TURBINE AIR STARTER: AIR STARTER MARKET, BY REGION,

2024–2029 (USD MILLION)          72

TABLE 25           VANE AIR STARTER: AIR STARTER MARKET, BY REGION,

2021–2023 (USD MILLION)          72

TABLE 26           VANE AIR STARTER: AIR STARTER MARKET, BY REGION,

2024–2029 (USD MILLION)          73

TABLE 27           ELECTRIC AIR STARTER: AIR STARTER MARKET, BY REGION,

2021–2023 (USD MILLION)          73

TABLE 28           ELECTRIC AIR STARTER: AIR STARTER MARKET, BY REGION,

2024–2029 (USD MILLION)          74

TABLE 29           AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 USD MILLION)          76

TABLE 30           AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION) 77

TABLE 31           OIL & GAS: AIR STARTER MARKET, BY REGION, 2021–2023 (USD MILLION)          78

TABLE 32           OIL & GAS: AIR STARTER MARKET, BY REGION, 2024–2029 (USD MILLION)          78

TABLE 33           MILITARY & AVIATION: AIR STARTER MARKET, BY REGION,

2021–2023 (USD MILLION)          79

TABLE 34           MILITARY & AVIATION: AIR STARTER MARKET, BY REGION,

2024–2029 (USD MILLION)          79

TABLE 35           MARINE: AIR STARTER MARKET, BY REGION, 2021–2023 (USD MILLION)          80

TABLE 36           MARINE: AIR STARTER MARKET, BY REGION, 2024–2029 (USD MILLION)          80

TABLE 37           MINING: AIR STARTER MARKET, BY REGION, 2021–2023 (USD MILLION)          81

TABLE 38           MINING: AIR STARTER MARKET, BY REGION, 2024–2029 (USD MILLION)          82

TABLE 39           OTHERS: AIR STARTER MARKET, BY REGION, 2021–2023 (USD MILLION)          82

TABLE 40           OTHERS: AIR STARTER MARKET, BY REGION, 2024–2029 (USD MILLION)          83

TABLE 41           AIR STARTER MARKET, BY REGION, 2021–2023 (USD MILLION)              86

TABLE 42           AIR STARTER MARKET, BY REGION, 2024–2029 (USD MILLION)              86

TABLE 43           AIR STARTER MARKET, BY REGION, 2021–2023 (THOUSAND UNITS) 86

TABLE 44           AIR STARTER MARKET, BY REGION, 2024–2029 (THOUSAND UNITS) 87

TABLE 45           NORTH AMERICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          88

TABLE 46           NORTH AMERICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          89

TABLE 47           NORTH AMERICA: AIR STARTER MARKET, BY TYPE, 2021–2023 (USD MILLION) 89

TABLE 48           NORTH AMERICA: AIR STARTER MARKET, BY TYPE, 2024–2029 (USD MILLION) 89

TABLE 49           NORTH AMERICA: AIR STARTER MARKET, BY COUNTRY,

2021–2023 (USD MILLION)          89

TABLE 50           NORTH AMERICA: AIR STARTER MARKET, BY COUNTRY,

2024–2029 (USD MILLION)          90

TABLE 51           US: AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 (USD MILLION) 90

TABLE 52           US: AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION) 91

TABLE 53           CANADA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          91

TABLE 54           CANADA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          92

TABLE 55           MEXICO: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          92

TABLE 56           MEXICO: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          93

TABLE 57           EUROPE: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          94

TABLE 58           EUROPE: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          95

TABLE 59           EUROPE: AIR STARTER MARKET, BY TYPE, 2021–2023 (USD MILLION)          95

TABLE 60           EUROPE: AIR STARTER MARKET, BY TYPE 2024–2029 (USD MILLION)          95

TABLE 61           EUROPE: AIR STARTER MARKET, BY COUNTRY, 2021–2023 (USD MILLION)          95

TABLE 62           EUROPE: AIR STARTER MARKET, BY COUNTRY, 2024–2029 (USD MILLION)          96

TABLE 63           GERMANY: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          96

TABLE 64           GERMANY: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          97

TABLE 65           UK: AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 (USD MILLION) 97

TABLE 66           UK: AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION) 98

TABLE 67           ITALY: AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 (USD MILLION)     98

TABLE 68           ITALY: AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION)     99

TABLE 69           FRANCE: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          99

TABLE 70           FRANCE: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          100

TABLE 71           RUSSIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          100

TABLE 72           RUSSIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          101

TABLE 73           REST OF EUROPE: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          101

TABLE 74           REST OF EUROPE: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          102

TABLE 75           ASIA PACIFIC: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          102

TABLE 76           ASIA PACIFIC: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          103

TABLE 77           ASIA PACIFIC: AIR STARTER MARKET, BY TYPE, 2021–2023 (USD MILLION)          103

TABLE 78           ASIA PACIFIC: AIR STARTER MARKET, BY TYPE, 2024–2029 (USD MILLION)          103

TABLE 79           ASIA PACIFIC: AIR STARTER MARKET, BY COUNTRY, 2021–2023 (USD MILLION) 104

TABLE 80           ASIA PACIFIC: AIR STARTER MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 104

TABLE 81           CHINA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          105

TABLE 82           CHINA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          105

TABLE 83           JAPAN: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          106

TABLE 84           JAPAN: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          106

TABLE 85           INDIA: AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 (USD MILLION)     107

TABLE 86           INDIA: AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION)     107

TABLE 87           SOUTH KOREA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          108

TABLE 88           SOUTH KOREA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          108

TABLE 89           AUSTRALIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          109

TABLE 90           AUSTRALIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          109

TABLE 91           REST OF ASIA PACIFIC: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          110

TABLE 92           REST OF ASIA PACIFIC: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          110

TABLE 93           MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          111

TABLE 94           MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          111

TABLE 95           MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY TYPE,

2021–2023 (USD MILLION)          111

TABLE 96           MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY TYPE,

2024–2029 (USD MILLION)          112

TABLE 97           MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY COUNTRY,

2021–2023 (USD MILLION)          112

TABLE 98           MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY COUNTRY,

2024–2029 (USD MILLION)          112

TABLE 99           GCC: AIR STARTER MARKET, BY COUNTRY, 2021–2023 (USD MILLION)          113

TABLE 100         GCC: AIR STARTER MARKET, BY COUNTRY, 2024–2029 (USD MILLION)          113

TABLE 101         GCC: AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 (USD MILLION)     113

TABLE 102         GCC: AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION)     114

TABLE 103        SAUDI ARABIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          114

TABLE 104        SAUDI ARABIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          115

TABLE 105         UAE: AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 (USD MILLION) 115

TABLE 106         UAE: AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION) 116

TABLE 107         REST OF GCC: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          116

TABLE 108         REST OF GCC: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          117

TABLE 109         SOUTH AFRICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          117

TABLE 110         SOUTH AFRICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          118

TABLE 111         NIGERIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          118

TABLE 112         NIGERIA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          119

TABLE 113         REST OF MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY END-USE INDUSTRY, 2021–2023 (USD MILLION) 119

TABLE 114         REST OF MIDDLE EAST & AFRICA: AIR STARTER MARKET, BY END-USE INDUSTRY, 2024–2029 (USD MILLION) 120

TABLE 115         SOUTH AMERICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          120

TABLE 116         SOUTH AMERICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          121

TABLE 117         SOUTH AMERICA: AIR STARTER MARKET, BY TYPE, 2021–2023 (USD MILLION) 121

TABLE 118         SOUTH AMERICA: AIR STARTER MARKET, BY TYPE, 2024–2029 (USD MILLION) 121

TABLE 119         SOUTH AMERICA: AIR STARTERS MARKET, BY COUNTRY,

2021–2023 (USD MILLION)          122

TABLE 120         SOUTH AMERICA: AIR STARTERS MARKET, BY COUNTRY,

2024–2029 (USD MILLION)          122

TABLE 121         BRAZIL: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          123

TABLE 122         BRAZIL: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          123

TABLE 123         ARGENTINA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          124

TABLE 124         ARGENTINA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          124

TABLE 125         REST OF SOUTH AMERICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2021–2023 (USD MILLION)          125

TABLE 126         REST OF SOUTH AMERICA: AIR STARTER MARKET, BY END-USE INDUSTRY,

2024–2029 (USD MILLION)          125

TABLE 127         AIR STARTER MARKET: OVERVIEW OF STRATEGIES ADOPTED

BY KEY PLAYERS, 2021–2023       126

TABLE 128         AIR STARTER MARKET: DEGREE OF COMPETITION, 2023              127

TABLE 129         AIR STARTER MARKET: REGION FOOTPRINT    132

TABLE 130         AIR STARTER MARKET: TYPE FOOTPRINT         133

TABLE 131         AIR STARTER MARKET: END-USE INDUSTRY FOOTPRINT              134

TABLE 132         AIR STARTER MARKET: PRODUCT LAUNCHES, JANUARY 2020–APRIL 2024        137

TABLE 133         AIR STARTER MARKET: DEALS, JANUARY 2020–APRIL 2024              137

TABLE 134         INGERSOLL RAND: COMPANY OVERVIEW          138

TABLE 135         INGERSOLL RAND: PRODUCTS/SOLUTIONS/SERVICES OFFERED          139

TABLE 136         INGERSOLL RAND: PRODUCT LAUNCHES          140

TABLE 137         CATERPILLAR: COMPANY OVERVIEW   142

TABLE 138         CATERPILLAR: PRODUCTS/SOLUTIONS/SERVICES OFFERED              143

TABLE 139         RHEINMETALL AG: COMPANY OVERVIEW         145

TABLE 140         RHEINMETALL AG: PRODUCTS/SERVICES/SOLUTIONS OFFERED          146

TABLE 141         RHEINMETALL AG: DEALS         147

TABLE 142         HONEYWELL INTERNATIONAL INC.: COMPANY OVERVIEW              148

TABLE 143         HONEYWELL INTERNATIONAL INC.: PRODUCTS/SERVICES/SOLUTIONS OFFERED   149

TABLE 144         MARADYNE: COMPANY OVERVIEW       151

TABLE 145         MARADYNE: PRODUCTS/SERVICES/SOLUTIONS OFFERED              152

TABLE 146         KH EQUIPMENT: COMPANY OVERVIEW             153

TABLE 147         KH EQUIPMENT: PRODUCTS/SERVICES/SOLUTIONS OFFERED              154

TABLE 148         GALI: COMPANY OVERVIEW     155

TABLE 149         GALI: PRODUCTS/SERVICES/SOLUTIONS OFFERED      156

TABLE 150         SPICO: COMPANY OVERVIEW   157

TABLE 151         SPICO: PRODUCTS/SERVICES/SOLUTIONS OFFERED    157

TABLE 152         POWERWORKS (PTY) LTD.: COMPANY OVERVIEW         158

TABLE 153         POWERWORKS (PTY) LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED   158

TABLE 154         MASCO: COMPANY OVERVIEW 159

TABLE 155         MASCO: PRODUCTS/SERVICES/SOLUTIONS OFFERED  159

TABLE 156         INDUSTRIAL POWER UNITS LTD: COMPANY OVERVIEW              160

TABLE 157         INDUSTRIAL POWER UNITS LTD: PRODUCTS/SERVICES/SOLUTIONS OFFERED   160

TABLE 158         TLD: COMPANY OVERVIEW      161

TABLE 159         TLD: PRODUCTS/SERVICES/SOLUTIONS OFFERED       161

TABLE 160         GUINAULT: COMPANY OVERVIEW        162

TABLE 161         GUINAULT: PRODUCTS/SERVICES/SOLUTIONS OFFERED              162

TABLE 162         TEXTRON SPECIALIZED VEHICLES: COMPANY OVERVIEW              163

TABLE 163         TEXTRON SPECIALIZED VEHICLES: PRODUCTS/SERVICES/SOLUTIONS OFFERED   163

TABLE 164         JETALL: COMPANY OVERVIEW 164

TABLE 165         JETALL: PRODUCTS/SERVICES/SOLUTIONS OFFERED  164

TABLE 166         YSWINCH.COM: COMPANY OVERVIEW 165

TABLE 167         YSWINCH.COM: PRODUCTS/SERVICES/SOLUTIONS OFFERED              165

TABLE 168         HILLIARD CORPORATION: COMPANY OVERVIEW          166

TABLE 169         HILLIARD CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED          166

TABLE 170         TDI: COMPANY OVERVIEW       167

TABLE 171         TDI: PRODUCTS/SERVICES/SOLUTIONS OFFERED        168

TABLE 172         MAK CONTROLS: COMPANY OVERVIEW            169

TABLE 173         MAK CONTROLS: PRODUCTS/SERVICES/SOLUTIONS OFFERED          169

TABLE 174         DÜSTERLOH FLUIDTECHNIK GMBH: COMPANY OVERVIEW              170

TABLE 175         DÜSTERLOH FLUIDTECHNIK GMBH: PRODUCTS/SERVICES/SOLUTIONS OFFERED   170

TABLE 176         SAFRAN: COMPANY OVERVIEW 171

TABLE 177         SAFRAN: PRODUCTS/SERVICES/SOLUTIONS OFFERED 171

LIST OF FIGURES

FIGURE 1           MARKET SEGMENTATION AND REGIONAL SCOPE         21

FIGURE 2           AIR STARTER MARKET: RESEARCH DESIGN       25

FIGURE 3           KEY METRICS CONSIDERED TO ANALYZE DEMAND FOR AIR STARTERS         29

FIGURE 4           MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH       30

FIGURE 5           MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH       31

FIGURE 6           KEY STEPS CONSIDERED TO ASSESS SUPPLY OF AIR STARTERS              33

FIGURE 7           SUPPLY-SIDE ANALYSIS             33

FIGURE 8           DATA TRIANGULATION             35

FIGURE 9           NORTH AMERICA DOMINATED AIR STARTER MARKET IN 2023              38

FIGURE 10         TURBINE AIR STARTER SEGMENT TO CAPTURE LARGEST SHARE OF

AIR STARTER MARKET DURING FORECAST PERIOD      38

FIGURE 11         OIL & GAS SEGMENT TO COMMAND AIR STARTER MARKET THROUGHOUT FORECAST PERIOD       39

FIGURE 12         RISING DRILLING ACTIVITIES AND GROWING AVIATION SECTOR

TO DRIVE AIR STARTER MARKET GROWTH       40

FIGURE 13         TURBINE AIR STARTER AND US WERE LARGEST SHAREHOLDERS

IN AIR STARTER MARKET IN NORTH AMERICA IN 2029  40

FIGURE 14         OIL & GAS INDUSTRY TO DOMINATE AIR STARTER MARKET IN 2029      41

FIGURE 15         TURBINE AIR STARTER SEGMENT TO DOMINATE AIR STARTER MARKET IN 2029         41

FIGURE 16         AIR STARTER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,

AND CHALLENGES        42

FIGURE 17         WORLDWIDE CRUDE OIL PRODUCTION, 2015–2023 (MILLION BARRELS PER DAY)       43

FIGURE 18         INVESTMENT AND FUNDING SCENARIO IN AIR STARTER MARKET,

2023 (USD MILLION)     47

FIGURE 19         TRENDS INFLUENCING USERS OF AIR STARTERS           48

FIGURE 20         AIR STARTER MARKET: VALUE CHAIN ANALYSIS            49

FIGURE 21         AIR STARTER MARKET: ECOSYSTEM ANALYSIS 51

FIGURE 22         IMPORT DATA FOR HS CODE 841239-COMPLIANT PRODUCTS IN TOP 5 COUNTRIES, 2021–2023 (USD THOUSAND)       53

FIGURE 23         EXPORT DATA FOR HS CODE 841239-COMPLIANT PRODUCTS IN TOP 5 COUNTRIES, 2021–2023 (USD THOUSAND)       54

FIGURE 24         INNOVATIONS AND PATENT REGISTRATIONS PERTAINING TO AIR

STARTERS, 2013–2023    55

FIGURE 25         AVERAGE SELLING PRICE TREND OF AIR STARTERS, BY END-USE

INDUSTRY, 2021–2023 (USD PER UNIT)  58

FIGURE 26         AVERAGE SELLING PRICE TREND OF AIR STARTERS, BY REGION,

2021–2023 (USD PER UNIT)         59

FIGURE 27         AIR STARTER MARKET: PORTER’S FIVE FORCES ANALYSIS              64

FIGURE 28         INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR

TOP 5 END-USE INDUSTRIES     66

FIGURE 29         KEY BUYING CRITERIA FOR TOP 5 END-USE INDUSTRIES              67

FIGURE 30         IMPACT OF GENERATIVE AI/AI ON AIR STARTER TYPES, BY REGION             68

FIGURE 31         AIR STARTER MARKET SHARE, IN TERMS OF VALUE, BY TYPE, 2023      70

FIGURE 32         AIR STARTER MARKET SHARE, BY END-USE INDUSTRY, 2023              76

FIGURE 33         AIR STARTER MARKET IN ASIA PACIFIC TO GROW AT FASTEST RATE

DURING FORECAST PERIOD     85

FIGURE 34         AIR STARTER MARKET, BY REGION, 2023            85

FIGURE 35         NORTH AMERICA: AIR STARTER MARKET SNAPSHOT   88

FIGURE 36         EUROPE: AIR STARTER MARKET SNAPSHOT      94

FIGURE 37         AIR STARTER MARKET SHARE ANALYSIS OF MAJOR PLAYERS, 2023      127

FIGURE 38         INDUSTRY CONCENTRATION, 2023       128

FIGURE 39         REVENUE ANALYSIS OF TOP 4 PLAYERS, 2019–2023        128

FIGURE 40         AIR STARTER MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2023 130

FIGURE 41         AIR STARTER MARKET: COMPANY FOOTPRINT 131

FIGURE 42         COMPANY VALUATION, 2023 (USD BILLION)     135

FIGURE 43         FINANCIAL METRICS (EV/EBITDA), 2023            135

FIGURE 44         AIR STARTER MARKET: BRAND/PRODUCT COMPARISON              136

FIGURE 45         INGERSOLL RAND: COMPANY SNAPSHOT         139

FIGURE 46         CATERPILLAR: COMPANY SNAPSHOT   143

FIGURE 47         RHEINMETALL AG: COMPANY SNAPSHOT         146

FIGURE 48         HONEYWELL INTERNATIONAL INC.: COMPANY SNAPSHOT              149