Aircraft Fuel Tanks Market was worth US$ xx million in 2020, and it is estimated to reach a valuation of US$ xx million by the end of 2025, expanding at an annual compound rate of xx% between 2020 and 2025.
The passage of aviation or jet fuel to the auxiliary power unit and the propulsion system is possible through the fuel system. Fuel systems include pumps, storage tanks, filters, valves, measurement units, monitoring units and fuel lines. This fuel system may vary depending on the performance of the installed aircraft. The growing demand for drones is accelerating the growth of the global market for aircraft fuel systems.
COMAC ordered more than 1,000 C919 aircraft from Chinese airlines and owners.
The SAFER COMBUSTIBLE (SAFUEL) project, financed with community funds, promotes the development of systems that can meet the limitations caused by electrical connectivity and flammable compounds used in modern airplanes.
Boeing expects around 44,040 commercial and regional aircraft to be supplied from 2019 to 2038. The A320, B737, B787 and A350XWB family will continue to be engines of market growth.
The growing demand for aircraft on various aviation platforms is an essential driver of the growth of the market for aircraft fuel tanks.
Accelerations in the growth of the global market for aircraft fuel systems are increasing with the modernization of military aircraft, commercial aircraft transport, and aviation. Together with massive oil systems, fluctuations in oil prices are driving the demand for fuel-efficient airplanes. As a result, the higher fuel economy has reduced operating costs, which has resulted in lower global market growth. The increase in the number of air passengers is a supplement of global market growth. Passenger air traffic increases the demand for new aircraft, which increases the need for aircraft fuel systems. Growth in the worldwide market is influenced by factors such as increased investment to support oil and gas operations and the acquisition of new civil helicopters. The increase in passenger traffic, the rise in demand for drones, advances in fuel system technology and the increase in the size of the global fleet of aircraft are critical factors in the market of the fuel system for the industry aeronautics.
Strict government regulations on the safety of aircraft fuel tank designs, along with the high cost and complexity associated with aircraft fuel tanks restrict rapid business expansion.
The external tank segment is expected to have a higher CAGR than the internal tank segment during the forecast period. As the demand for military aircraft increases, the external tank sector is expected to grow at a higher CAGR than the internal tank sector, owing to the rising demand for drop tanks and conformal tanks. Along with the demand for fighter jets, the replacement of external tanks is more frequent compared to the interior. This is another reason why the external tanks segment is expected to increase at a higher rate during the forecast period.
The global aircraft fuel tanks market is divided into original equipment manufacturers (OEMs) and aftermarket. Both the segments account for a considerable revenue share; however, the aftermarket segment is likely to weigh more in the coming years compared to the OEMs.
The polymer segment is expected to grow at the highest growth rate during the forecast period because it is widely used in self-sealing military aircraft. Military aircraft spending has grown significantly in several countries, such as the United States, China, and other European countries. This increase in military aircraft spending will boost the demand for fuel tanks made of polymers in the future.
Aircraft Fuel Tanks Market Regional Analysis:
North America aircraft fuel tank market accounted for most of the business in 2019. The United States spent most of the military spending in 2019, and much of the investment focused on the acquisition of several military aircraft. Demand for commercial and general aviation aircraft continues to grow. This creates a significant need for jet fuel tanks, as aircraft manufacturers are expanding their product lines. Therefore, increasing aircraft order offers substantial advantages for the aircraft fuel tank market. In addition, the trend of improving existing/old aircraft in the aviation industry is expanding.
Asia-Pacific is the fastest-growing market for aircraft fuel systems in the same period, with significant commercial aircraft fleets, business and regional aircraft production, and the leading commercial aircraft OEM (Boeing and Airbus) assembly plants in China. Increase of the defence budget. China and India are the main growth engines for the Asia Pacific aircraft fuel tanks market.
Top Leading Company:
Hannifin Corporation needs to upgrade its products to aircraft OEMs every 10 years, especially in the military, as aircraft designs change so they can continue to participate in the competition.
Leading Key Players Involved in this report:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Aircraft Fuel Tanks Market, By Type
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Aircraft Fuel Tanks Market, By End-Use
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Aircraft Fuel Tanks Market, By Material
6.3.3 Metallic Alloys
6.3.4 Carbon-based Composites
6.3.5 Market Size Estimations & Forecasts (2019-2024)
6.3.6 Y-o-Y Growth Rate Analysis
6.3.7 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Type
7.2.3 By End-Use
7.2.4 By Material
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Type
7.3.3 By End-Use
7.3.4 By Material
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By End-Use
7.4.4 By Material
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Type
7.5.3 By End-Use
7.5.4 By Material
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Type
7.6.3 By End-Use
7.6.4 By Material
8. Key Player Analysis
8.1 Honeywell International, Inc.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Eaton Corporation Plc
8.3 GKN PLC
8.4 Parker Hannifin Corporation
8.5 United Technologies Corporation
8.6 Triumph Group, Inc
8.7 Meggitt PLC
8.8 Woodward, Inc
8.9 Zodiac Aerospace
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures