The aircraft fuel tank market has been witnessing the surging demand from the military and the commercial aviation sector. The upward moving statistics of the number of aircraft fleets and the boosting passenger traffics, interwoven with the rising R&D activities aircraft fuel tank manufacturing and installation procedure is anticipated to contribute to the market growth of aircraft fuel tanks in the forecast period.
The manufacturers of the aircraft fuel tanks are concentrating on the fuel efficiency, operational advantage and safety parameters to prevent accidents. For instance, the companies have designed the New-gen catalyst inserting solution and the foam-based flammability solution in the after-market segment, which is to improve the revenue to the market in the forthcoming years.
According to MarkNtel Advisors’ research report “Global Aircraft Fuel Tanks Market Analysis, 2020”, the global Aircraft Fuel Tanks market is anticipated to grow at a CAGR of around 2% during 2020-25. The rising aircraft deliveries, advancement in the fuel system technologies, rising demand for Arial un-manned fighter planes from the defense sector, uptick global fleet size, and increasing aircraft deliveries are certainly major factors driving the demand for fuel tanks in the aircraft industry.
According to the Airbus and Boing analysis, the global passenger traffic is projected to grow at a CAGR of 4.6 percent. According to Boing’s, around 38,050 new aircraft is expected to be delivered between the tenure of 20 years from 2015 – 2034. Whereas, the Airbus concluded for 32,600 aircraft with the sitting capacity of more than 100 seats, during the same tenure.
Further, according to the Airbus analysis, the passengers and freighter fleets are going to rise by more than 50% from 19000 in 2015 to 38,500. Furthermore, around 13,100 passenger and freight aircraft would be replaced by the more fuel-efficient category.
Based on the Aircraft Fuel Tank Type, External Segment to grow at the Highest CAGR During the Forecast Period
The internal fueling segment held the largest market share, especially in the commercial and general aircraft. However, the demand for external fuel tanks has been witnessing the expediting demand and it expected to attain the highest CAGR growth in the upcoming years due to increasing demand for military fighter aircraft.
However, with technology enhancement, the aviation fuel system has significantly evolved. The market is experiencing the rising trend for Mid-air fueling or the air-to-air fueling system, majorly in the military and defense sector. for instance, recently in September 2018, the Light Combat Aircraft (Tejas LSP8) of the Indian Air Force, had successfully completed the test run of mid-air refilling using the Russian –built IL-78 MKI tanker.
Asia-Pacific to Outpace the North America Aviation Market Growth
Based on the geographical segmentation, the global aircraft fuel tank market has been dominated by the North America region followed by Europe. However, according to Boing, the Asia-Pacific region is expected to generate the high demand for new-aircrafts with an estimated volume14,330 through 2034 and China is projected to be the world’s largest contributor to the aviation market within 2015-25, owing to the increasing traffic- growth in the Asia region, and the rising Long-haul traffic from and between the megacities promulgating from 0.9 passengers a day to 2.3 passengers per day by 2034.
The surging demand for air crafts from the Asia Pacific region in addition to the soaring investment by the defense sector on the up-gradation of the available aviation tools would be generating favorable outcomes for the global fuel system market during 2020-25.
According to MarkNtel Advisors’, some the of key competitors operating in the Global Aircraft Fuel Tanks market includes Reytheon, Thales, Lockheed Martin, L3, Ultra Electronics, Kongsberg Gruppen, Teledyne, Sonardyne, etc.
“Global Aircraft Fuel Tanks Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots and opportunities available for Aircraft Fuel Tanks providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Material (Carbon-Based Composites, Metallic Alloys, Hybrid, Polymers)
2. By Type (External, Internal)
3. By End User (Aftermarket, OEM)
4. By Platform (Commercial Aviation, Military Aviation, Unmanned Arial vehicles (UAV)
5. By Region (North America, South America, Europe, Middle East, and Africa, Asia- Pacific)
6. By Country (US, Canada, Mexico, Brazil, Sweden, Italy, France, UK, Russia, Saudi-Arabia, Israel, Turkey, China, India, Japan, Australia, South Korea, Philippines)
7. By Company (Aero Tec Laboratories Inc. (ATL), Northstar, Robertson Fuel Systems LLC, Cobham PLC, Meggitt PLC, GKN Aerospace, General Dynamics Corporation, Safran S.A., and Others)
Key questions answered in the study:
1. What are the current and future trends of the Global Aircraft Fuel Tanks industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global Automatic Weapons industry?
5. What are the customer orientation, purchase behavior, and expectations from the Aircraft Fuel Tanks suppliers across various regions?