VANCOUVER, BC, Dec. 16, 2021
VANCOUVER, BC, Dec. 16, 2021 /PRNewswire/ -- The global aircraft fuel systems market size was USD 9.13 Billion in 2020. Rising demand for Unmanned Aerial Vehicles (UAVs), increasing production of new aircraft, increasing investment in lightweight aircraft fuel systems, increase in air passenger traffic volumes, rising demand for electric aircraft propulsion systems, rising disposable income, and rapid urbanization in developing countries are key factors driving market revenue growth.
Drivers: Increase in air passenger traffic
Increasing air passenger traffic, resulting in steady increase in delivery of new aircraft to cater to rising demand among domestic and international airlines to increase fleet size is a key factor driving demand for aircraft fuel systems. As per International Civil Aviation Organization's statistics, by 2035, passenger traffic and freight volume is estimated to increase two-fold, driven significantly by changing demographics and economic growth, particularly due to rising disposable income among individuals in various developing countries. It has been estimated that a growth of around 3% yearly in economy till 2035 will lead to air passenger traffic growth by around 6% annually over the same period. In addition, increasing number of low-cost airlines (accounting for approximately one-fourth of global passenger traffic) offering competitive air fare on common destinations is fueling air passenger traffic growth.
Click Here to Access Free sample PDF Copy of the Report@ https://www.emergenresearch.com/request-sample/856
Restraints: Effect of changing flying condition on management of aircraft fuel
Effect of changing flying conditions on management of aircraft fuel may hamper market revenue growth over the forecast period. Fuel systems used in aircraft vary considerably from aircraft to aircraft owing to many-sided quality and relative size of aircraft in which these are installed. This restricts manufacturers in designing a fuel system that can efficiently handle fuel management in various types of aircraft.
Global aircraft fuel systems market size is expected to reach USD 14.95 Billion in 2028 and register a revenue CAGR of 6.3% over forecast period. Rising demand for technologically advanced aircraft fuel systems is a major driver for market revenue growth. Incorporation of advanced inerting systems in fuel tanks improve aircraft fuel system safety by removing the oxygen in the fuel tank, and this as a result, immensely decreases potential explosion risk arising due to spark generation.
COVID-19 Direct Impacts
Aircraft fuel systems market growth has been impacted by the COVID-19 pandemic, due to imposed lockdowns and restrictions and supply chain disruption, which have severely impacted activities related to raw material procurement for fuel system production. additionally, halt in aircraft production, primarily due to severe losses suffered by airlines during the pandemic owing air travel restrictions, led to a major dip in market revenue growth.
Current Trends and Innovations
Rising demand for Unmanned Aerial Vehicles (UAVs) is driven by technological advancements, especially in the military & defense sector, is driving demand for aircraft fuel systems. Recently, demand for UAVs registered an exponential rise as these vehicles play a critical role in modern armed forces with an increasing number of civil and dual use applications. Various developed and developing countries such as the US, China, Japan, and India are making significant investments to obtain UAVs to better equip and facilitate their respective armed forces.
Make Payment [Buy your Exclusive copy]@ https://www.emergenresearch.com/select-license/856
North America aircraft fuel systems market accounted for a significantly large revenue share in 2020, attributed to increasing investments in research and development of advanced fuel systems for aircraft, increased military and defense budget, and presence of leading market players such as Parker Hannifin Corporation.
In August 2021, Parker Hannifin Corporation, which is a company engaged in manufacturing of aircraft, made an announcement about its decision to expand its aerospace systems business by about two-fold by acquisition of Meggitt, which a firm based in UK, in a cash transaction of USD 8.8 billion. Parker Hannifin and Meggitt possess portfolio of complementary products, and the acquisition is expected to expand core product lines, augment new capabilities and allow novelties on low-carbon, more-electric, key technologies. Also, Parker Hannifin expects this initiative will produce savings through synergies of USD 300.0 million in three years.
Some Key Highlights From the Report
Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/aircraft-fuel-systems-market
Emergen Research has segmented the global aircraft fuel systems market on the basis of engine type, technology, component, application, and region:
Avail Special Year End Limited Time Discount@ https://www.emergenresearch.com/request-discount/856
Explore Latest Published Blogs by Emergen Research:
Top 10 Leading Companies Offering Path-breaking Blockchain AI Solutions
Top 10 Companies in the AI-Enabled Medical Imaging Solutions Market
Top 10 IoT Medical Device Companies Leading the Digital Revolution in Healthcare
Top 7 Companies Offering Blockchain Technology In Energy Sector
World's Top 10 Leading Companies Incorporating SLAM Technology to Offer Next-level Mapping and Location Tracking Solutions
Top 10 Companies in the World Providing Top-tier Edge Analytics Solutions
Top 10 Globally Leading Companies Offering Next-Generation Smart Factory Solutions
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
Explore Our Custom Intelligence services | Growth Consulting Services
Facebook | LinkedIn | Twitter | Blogs
Read Full Press Release@ https://www.emergenresearch.com/press-release/global-aircraft-fuel-systems-market