Increasing aircraft demand is expected to drive the aircraft fuel tanks market growth.
The aircraft fuel tanks market is projected to grow from USD 869 million in 2019 to USD 954 million by 2025, at a CAGR of 1.6% during the forecast period. Safety of fuel tanks is of prime importance in order to prevent fatal accidents due to leaks and the flammable nature of the fuel. Proper inserting is necessary to prevent such accidents. New-gen catalytic inserting solution and foam-based flammability solution in the aftermarket are driving the innovation in the industry. Along with this, the 3D printing technology trend could lead to the faster, cheaper, and efficient manufacturing of fuel tanks.
- By platform, the military aviation segment is expected to grow at a higher rate than the commercial aviation segment during the forecast period.
- By platform, the military aviation segment is expected to witness a higher CAGR than the commercial aviation segment because of the high growth and demand for UAVs, along with the addition of auxiliary tanks to military platforms as well as their frequent replacement cycle when compared to the commercial aviation platform.
- By type, internal fuel tanks segment is expected to lead the market for aircraft fuel tanks during the forecast period.
Internal fuel tanks are expected to be the most consumed type of aircraft fuel tanks during the forecast period. This is due to their MRO costs being high as well as the frequency of their maintenance. Commercial aircraft mainly have internal fuel tanks that are part of the wing aerostructure and need regular maintenance, as these tanks are not only present for fuel storage but also act as loads for the structural integrity of the wings.
Asia Pacific aircraft fuel tanks market is expected to witness the highest CAGR during the forecast period.
The aircraft fuel tanks market in the Asia Pacific region is projected to grow at the highest rate during the forecast period. The rise in demand for low-cost carriers (LCCs) in Asia Pacific is one of the factors driving the growth of the global aircraft fuel tanks market. With the GDP forecast to rise in the next ten years, developing countries, such as China and India, have huge potential for the market. China, in recent times, has attracted substantial foreign investments due to its stable economic growth and robust developments.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation & technology directors, and executives from various key organizations operating in the aircraft fuel tanks marketplace.
- By Company Type: Tier 1: 40%, Tier 2: 40%, and Tier 3: 20%
- By Designation: C-level Executives: 20%, Directors: 20%, and Others 60%
- By Region: North America: 30%, Europe: 10%, Asia Pacific: 50%, and RoW: 10%
The aircraft fuel tanks market comprises major players such as Meggitt PLC (UK), Cobham plc (UK), Safran S.A. (France), GKN Aerospace (UK), Robertson Fuel Systems LLC (US), Aero Tec Laboratories, Inc. (US), Elbit Systems – Cyclone Ltd. (Israel), General Dynamics Corporation (UK), and Marshall Aerospace and Defence Group (UK). The study includes an in-depth competitive analysis of these key players in the aircraft fuel tanks market, with their company profiles, recent developments, and key market strategies.
The study covers the aircraft fuel tanks market and aims at estimating the market size and growth potential across different segments, such as type, end use, platform, material, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will provide market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall aircraft fuel tanks market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.