The Aircraft Fuel Systems Market is projected to grow at a healthy rate over the next five years to reach US$ 6,869.7 million in 2023. Increasing aircraft deliveries fuelled by rising passenger traffic, increasing demand for unmanned aerial vehicles, an advancement in the fuel system technology, and rising global aircraft fleet size are the major factors that are bolstering the demand for fuel systems in the aircraft industry.
Aircraft Fuel Systems Market - Insights by Aircraft Type:
The aircraft fuel systems market is segmented based on the aircraft type as Commercial Aircraft, Military Aircraft, and Unmanned Aerial Vehicle. Commercial aircraft is expected to remain the largest segment of the aircraft fuel systems market during the forecast period. Increasing commercial aircraft deliveries, higher demand for fuel-efficient aircraft, and rising aircraft fleet size are key growth drivers of the segment’s market. Airbus anticipated that approximately 34,900 commercial and regional aircraft will be delivered during 2017 to 2036. A320 family, B737, B787, and A350XWB would remain the growth engines of the market. The UAV segment is also projected to witness the highest growth over the next five years, propelled by an increasing investment for the development of UAVs across the world.
Aircraft Fuel Systems Market - Insights by Engine Type:
The Aircraft Fuel Systems Market is also segmented based on the engine type as Jet Engine, Turboprop Engine, Helicopter Engine, and UAV Engine. The jet engine is expected to remain the growth engine of the global aircraft fuel systems market during the forecast period, driven by a higher penetration in the commercial and regional aircraft.
Aircraft Fuel Systems Market - Insights by Region:
North America is projected to remain the largest aircraft fuel systems market during the forecast period, driven by the USA. The region is the manufacturing capital of the aerospace industry with the presence of several large- to small-sized aircraft manufacturers, MRO players, tier players, and raw material suppliers. The North American aerospace industry is well-developed and possesses strong technological capabilities.
Asia-Pacific is the fastest-growing market for aircraft fuel systems during the same period, driven by high commercial aircraft fleet, indigenous production of commercial and regional aircraft, the opening of assembly plants in China by both major commercial aircraft OEMs (Boeing and Airbus), and increasing the defense budget. China and India are the key growth engines of the Asia-Pacific’s aircraft fuel systems market.
The supply chain of this market comprises raw material suppliers, component manufacturers, fuel system suppliers, engine OEMs, aircraft OEMs, MRO companies, airline companies and aircraft leasing companies. Eaton Corporation Plc, Parker Hannifin Corporation, United Technologies Corporation, Triumph Group, Woodward, Inc., GKN Plc, Honeywell International, Inc, Zodiac Aerospace, and Meggitt Plc are the key players in the aircraft fuel systems market. Formation of the long-term contracts, the development of lightweight components, and collaboration with customers are the key strategies adopted by major players to gain a competitive edge in the market throughout the globe.
