According to latest Study “Aircraft Fuel Systems Market” by Application (Commercial, Military and UAV), Engine Type (Jet engine, Turboprop engine, Helicopter engine and UAV engine), Component, Technology & Region - Global Forecasts to 2020 ”.
The global aircraft fuel systems market is expected to reach USD 9.15 Billion by 2020 from USD 6.52 Billion in 2015, at a CAGR of 7.0% during the forecast period. Major drivers for the growth of this market include the increased aircraft deliveries, modernization of military aircrafts, and increased demand for unmanned aerial vehicle (UAV) and fuel management, and measurement system requirements in aircrafts.
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A number of factors, such as increasing commercial aircraft deliveries, modernization of military aircrafts, and development in the commercial aviation sector are driving the growth of aircraft fuel system market. With oil prices being highly fluctuating, aircraft operators are looking for more fuel-efficient aircrafts. The weight of the aircraft plays a very important role in increasing the fuel efficiency aircrafts. Innovations are being made by the aircraft fuel system manufacturers to develop fuel systems made of lightweight composites to make the aircrafts more fuel-efficient. The increase in the fuel efficiency of the aircrafts has led to decline in operating costs, thus resulting in growth in the aircraft fuel systems market.
The rise in the number of aircraft deliveries will be a major driver for the growth of the aircraft fuel systems market. There are 9000 commercial aircrafts, which are expected to be delivered globally over the next five years. These aircraft will be equipped with more advanced lightweight fuel systems, thus driving the growth of the market. Modernization of military aircrafts, which includes improved in-flight refueling system and emergency fuel systems, is also anticipated to drive the growth of fuel systems market.
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The geographic segments included in this report are North America, Europe, Asia-Pacific, The Middle East, and the Rest of the World (RoW). The report maps each type, technology, component, and application segment in geographic and regional segments. The Asia-Pacific is projected to account for ~31.1% share of the global aircraft fuel systems market in 2015. The market in Asia-Pacific is estimated grow at a CAGR of 7.7% from 2015 to 2020.
In the year 2015, the number of commercial aircraft deliveries is expected to be the highest in Asia-Pacific making it the largest market for aircraft fuel systems, which is anticipated to be followed by North America and Europe. The Middle East being a central hub between Asia-Pacific and North America is expected be the fastest-growing market for aircraft fuel systems followed by Asia-Pacific.
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Major players operational in this market include Eaton Corporation (Ireland), Parker Hannifin Corporation (U.S.), Woodward, Inc. (U.S.), Honeywell International, Inc. (U.S.), Triumph, Group, Inc. (U.S.), Meggitt PLC (U.K.), GKN Plc. (Worcestershire), Zodiac Aerospace SA (France), Crane CO. (U.S.), and United Technologies Corporation (U.S.).