The global aircraft fuel systems market is experiencing growth due to the factors such as an increase in demand for sustainable aviation fuel (SAF), the government support for development of new aviation fuel system for fuel-efficient aircraft and increase in aircraft deliveries.
PORTLAND, Ore., June 30, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Aircraft Fuel Systems Market by Application (Military, Commercial, UAV), by Technology (Gravity Feed, Fuel Feed, Fuel Injection), by Engine Type (UAV Engine, Turbojet Engine, Turbofan Engine, Turboprop Engine), by Component (Piping, Pump, Valve, Gauges, Inerting Systems, Filters): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global aircraft fuel system industry generated $8.5 billion in 2022, and is anticipated to generate $15.7 billion by 2032, witnessing a CAGR of 6.5% from 2023 to 2032.
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Prime determinants of growth
Factors such as increase in demand for sustainable aviation fuel (SAF), the government support for development of new aviation fuel system for fuel-efficient aircraft and increase in aircraft deliveries boost the growth of the aircraft fuel systems market. However, high manufacturing and maintenance cost, and lack of standardization are anticipated to hinder market growth. On the other hand, growth in space tourism provides a remarkable growth opportunity for the market players operating in the market.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$8.5 billion |
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Market Size in 2032 |
$15.7 billion |
|
CAGR |
6.5 % |
|
No. of Pages in Report |
326 |
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Segments covered |
Application, Technology, Engine Type, Component, and Region. |
|
Drivers |
Increase in demand for sustainable aviation fuel (SAF) The government support for development of new aviation fuel system for fuel-efficient aircraft Increase in aircraft deliveries |
|
Opportunities |
Rise in adoption of hydrogen aircraft fuel system Surge in next-generation aircraft demand |
|
Restraints |
The challenges associated with incorporating advanced fuel systems into traditional airplanes High installation and maintenance costs |
Covid-19 Scenario
The COVID-19 pandemic had significantly impacted the Aircraft Fuel Systems Market. The aviation industry greatly affected, and these effects are expected to continue during the projected period.
Despite the challenges posed by the pandemic, the aircraft fuel systems market is expected to recover as the aviation industry rebounds.
The increasing number of narrow-body jet deliveries, driven by the demand for domestic flights, is projected to stimulate the market in 2023 and surpass pre-pandemic delivery levels.
The Commercial segment to maintain its leadership status throughout the forecast period
Based on application, the commercial segment held the highest market share in 2022, accounting for more than three-fifths of the global aircraft fuel systems market revenue and is estimated to maintain its leadership status throughout the forecast period due to factors such as increasing global trade, economic growth, and improved connectivity. However, the UAV segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032, as UAVs have become an integral part of modern military and defense operations.
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The Turbojet Engine segment to maintain its leadership status throughout the forecast period
Based on engine type, the turbojet engine segment held the highest market share in 2022, accounting for more than two-fifths of the global aircraft fuel systems market revenue and is estimated to maintain its leadership status throughout the forecast period, as turbojet engines are extensively used in military aircraft, particularly fighter jets. However, the UAV engine segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032, as the use of UAVs in various sectors, including defense, agriculture, aerial mapping, surveillance, and military delivery services, is expanding rapidly.
The Piping segment to maintain its lead position during the forecast period
Based on component, the piping segment accounted for the largest share in 2022, contributing to nearly one-third of the global aircraft fuel systems market revenue, as older aircraft undergo retrofitting and upgrades, there is a demand for improved piping systems to replace outdated or inefficient components. Upgrading the piping system may enhance fuel flow, reduce weight, and ensure compliance with updated regulations. However, the inerting systems is expected to portray the largest CAGR of 7.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to an increase in passenger safety and integration with fuel management systems the inerting systems segment has seen steady growth.
The Fuel Injection segment to maintain its lead position during the forecast period
Based on technology, the fuel injection segment accounted for the largest share in 2022, contributing to more than two-fifths of the global aircraft fuel systems market revenue. Also, the same segment is expected to portray the largest CAGR of 7.1% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to the need to improve combustion efficiency, reduce emissions, and enhance engine performance. Stringent environmental regulations and the focus on sustainability contribute to the adoption of fuel injection systems in aircraft engines.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global aircraft fuel systems market revenue. Also, the same region is expected to witness the fastest CAGR of 7.2% from 2022 to 2031 and is likely to dominate the market during the forecast period. This is owing to the huge population of Asia-Pacific and the percentage of the population that has enough disposable income to make air travel a viable proposition.
Leading Market Players: –
GKN AEROSPACE SERVICES LIMITED.
HONEYWELL INTERNATIONAL INC.
PARKER HANNIFIN CORPORATION
COLLINS AEROSPACE
SAFRAN S.A.
TRIUMPH GROUP, INC.
CRANE COMPANY
WOODWARD, INC
SECONDO MONA S.P.A.
The report provides a detailed analysis of these key players of the global aircraft fuel systems market. These players have adopted different strategies such as new product launches, expansion, contract, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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