(I-BusinessNews.Com, January 28, 2020 ) According to the latest report by IMARC Group, titled “Aircraft Fuel Systems Market Growth: Global Industry Trends, Share, Size, Opportunity and Forecast 2019-2024”, the global aircraft fuel systems market size reached US$ 7.7 Billion in 2018. The aircraft fuel system comprises one or more gravity feed fuel tanks with associated fuel line, which is connected to the aircraft engine. Additionally, it consists of pumps, filters, valves, fuel lines, storage tanks, metering devices and monitoring devices to provide an uninterrupted flow of contaminant-free fuel. The fuel system is not only utilized for loading, storing and managing the fuel in an aircraft but also for delivering fuel to the propulsion system. It is further employed to reduce the weight of the aircraft while optimizing its center of gravity (COG) by enabling fuel dumping. These systems are majorly efficient enough to operate under all conditions, regardless of changes in altitude, attitude, fuel loads and engine power.
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Global Aircraft Fuel Systems Market Trends:
The global market is primarily driven by the increasing need for the development of lightweight aircraft components. Consequently, the enhanced focus on lowering the weight of structural and semi-structural aircraft components has led to an improvement in fuel efficiency. On account of fluctuating oil prices, the deployment of lightweight fuel system components has reduced the overall operating costs, thereby providing a thrust to the market growth. A significant rise in air passenger traffic, owing to reduced airplane prices is also acting as a growth-inducing factor for the market. Additionally, the growing adoption of modernization in military aircraft is boosting the market growth. Furthermore, extensive research and development (R&D) by manufacturers has led to the advent of advanced technologies to improve the efficiency of new-generation aircraft. For instance, Eaton Corporation, a Dublin-based company, has designed and developed fuel products that are compatible with composite structures and are characterized by excellent thermal performance. On account of the aforementioned factors, the market is projected to reach a value of US$ 11.6 Billion by 2024, expanding at a CAGR of around 6.5% during 2019-2024.
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Key Market Segmentation:
Market Breakup by Engine Type:
1. Jet Engine
2. Helicopter Engine
3. Turboprop Engine
4. UAV Engine
On the basis of the engine type, the market has been divided into the jet, helicopter, turboprop and unmanned aerial vehicle (UAV) engines.
Market Breakup by Component:
1. Piping
2. Inerting Systems
3. Pumps
4. Valves
5. Gauges
6. Fuel Control Monitoring Systems
7. Filters
Based on the component, the market has been classified into piping, inerting systems, pumps, valves, gauges, fuel control monitoring systems and filters.
Market Breakup by Technology:
1. Fuel Injection
2. Pump Feed
3. Gravity Feed
On the basis of the technology, the market has been categorized into fuel injection, pump feed and gravity feed.
Market Breakup by Application:
1. Commercial
2. Military
3. UAV
Based on the application, the market has been segregated into commercial, military and UAV.
Market Breakup by Region:
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On the geographical front, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has been studied in the report, with the detailed profiles of the key players operating in the market. Some of these include Eaton Corporation, Parker-Hannifin Corporation, Woodward, Inc., Honeywell International Inc., Triumph Group, Inc., Meggitt PLC, GKN plc., Safran SA, Crane Co., and United Technologies Corporation.
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