Global Aircraft Engine Fuel Systems Market Information Report by Application (Commercial Aircraft, Military Aircraft, and UAV), by Engine Type (Jet Engine, Helicopter Engine, Turboprop Engine, and UAV Engine), by Region (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America) – Forecast to 2023
The aircraft engine fuel systems can be of various types, depending on the type of aircraft. For example, a single engine aircraft is equipped with a different fuel system as compared to a twin engine or multi engine plane. The chief function of the aircraft engine fuel system is its operability as a shut-off valve. In addition, it provides the option to the aircraft pilot, to select the tank that would feed the aircraft engine. As a result, it is expected that the global aircraft engine fuel systems market would surpass USD XX billion, by 2023, growing at a CAGR of more than 6%, during the forecast period.
The rapidly growing aircraft deliveries is one of the primary factors driving the global aircraft engine fuel systems market. In addition, the development of lightweight fuel delivery systems have also contributed towards the market growth. Moreover, as the airline companies are focusing on the attainment of increased aircraft efficiencies and reduction of the operational costs, the market for aircraft engine fuel systems is expected to witness a significant growth, during the forecast period.
Since, the fuel costs approximately account for 30-40% of the airline’s total operating costs, there has been an increased demand for the next-generation fuel efficient aircraft. Concurrently, the aircraft manufacturers have been incorporating advanced lightweight materials in both the aircraft’s structural and semi-structural components, in order to reduce the aircraft weight, which improves the aircraft fuel efficiency. Furthermore, with the emergence of composite-manufactured fuel systems that make the aircraft more fuel efficient, the market provides immense opportunities for the associated companies. Therefore, it is expected that innovative refueling systems, in the next generation planes, along with the presence of emergency fuel systems would create ample opportunities for the market players to maximize their profits and in turn contribute towards the growth of the global aircraft engine fuel systems market.
North America is expected to dominate the aircraft engine fuel systems market by 2023, primarily due to the presence of the established firms in the US. Moreover, since the region is a major hub of the aerospace industry, it directly contributes to the growth of the market in the region.
It is expected that by 2023, the Asia-Pacific region would attain the fastest growth in the market, largely due to the rapidly rising commercial aircraft fleets in the region. Moreover, the high military expenses by countries like India and China, have also resulted in the market growth for the region.
The key players of the global aircraft engine fuel systems market are Eaton Corporation Plc, Parker Hannifin Corporation, United Technologies Corporation, Triumph Group, Woodward, Inc., GKN Plc, Honeywell International, Inc., Zodiac Aerospace, and Meggitt Plc.
Scope of Report
The report for Global Aircraft Engine Fuel Systems Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.