Airline companies are increasing their focus towards attaining advanced aircraft efficiencies and reducing operational costs, thereby fuelling growth of aircraft fuel system market. Demand for next-generation aircraft fuel system is increasing at a rapid pace, which is compelling the aviation industry towards innovation and adoption of alternative fuel systems in aircraft. This is expected to drive the revenue growth of aircraft fuel system market in the near future. In addition, stringent government norms and burgeoning preference for lightweight aircraft is anticipated to shape the growth of aircraft fuel system market.
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Increasing Long-term Contracts to Remain the Key Strategy of Aircraft Fuel System Market Players
Leading aircraft fuel system market players are focusing on acquiring new companies and local market players for maintaining a competitive edge at the global level. Moreover, strategic collaborations and joint ventures are trending steadily in aircraft fuel system market. Aircraft manufacturers are planning to incorporate advanced and new lightweight materials in semi-structural and structural components of aircraft for reducing aircraft weight, thereby improving aircraft fuel efficiency. Introduction of the composite-manufactured aircraft fuel system that helps in attaining fuel efficiency is expected to create lucrative growth avenues for associated companies in the aircraft fuel system market.
- Meggitt PLC recently made heavy investments in opening up new facilities in China and Vietnam, which in turn marks the significant increase of the company’s capabilities in Asia. The wide-ranging capabilities of both the facilities is expected to be highly beneficial for aircraft fuel systems market.
- Airbus lately announced that it has plans to team up with Zodiac Aerospace SA for development and sale of lower deck sleeping services for the passengers that would be effective in the A330 wide-body jets by end of 2020. These sleeping berths are expected to improve passenger comfort and overall flight experience, which in turn enables airliners to add value to their commercial operations. This consecutively results in demand for advanced aircraft fuel system.
- Woodward Inc has lately shifted its California operation to Colorado, which is expected to be a strategic shift with increasing number of employees, offering the company with opportunities in producing world-class products, thereby delivering high-level of quality as well as customer service. Aircraft fuel system market is also expected to benefit with this shift as the company is planning to focus on delivering innovative aerospace components in the long-run.
Manufacturers in Developing Regions Take Efforts to Reduce Aircraft Weight, Stimulating Adoption of Aircraft Fuel System
Rapid increase in aircraft deliveries is one amongst the prominent factors driving demand for aircraft fuel system. Development of lightweight aircraft fuel system delivery systems is also expected to contribute significantly towards the growing sales of aircraft fuel system. Increasing need for unmanned aerial vehicles (UAVs) or drones will also create attractive business opportunities in the aircraft fuel system market. Volatile oil prices have been significantly prompting aircraft operators to develop fuel-efficient aircraft.
Increasing passenger traffic and rising aircraft fleet are key factors driving aircraft fuel system market across the aviation industry. Reluctance of various aircraft in installing advanced fuel system is likely to hinder growth of the aircraft fuel system market. However, development of innovative refueling systems and emergency fuel systems will presumably create a heap of investment opportunities in the aircraft fuel system landscape.
Notable Developments in the Commercial Aviation Sector to Boost Growth of the Aircraft Fuel System Market in Developing Economies
Rapid increase in commercial aircraft fleet is anticipated to be a major factor driving the APAC aircraft fuel system market. Significant increase in military expenditure by China and India is likely to stimulate growth of the region’s aircraft fuel system market. Growing number of investments for supporting oil and gas processes and development of new civil aircraft is expected to further drive aircraft fuel system market in APAC.
Rising development of assembly plants in China by leading commercial aircraft OEMs and surging defense budget is expected to drive the APAC aircraft fuel system market. Immense efforts are being taken up by several Indian technological firms such as CSIR-NAL (Council of Scientific and Industrial Research – National Aerospace Laboratory) in manufacturing carbon components that would benefit in delivering combat aircraft that are 20% lightweight.
The U.S, a prominent territory for the aircraft sector and a major hub for the aerospace industry, has been witnessing growing presence of large sized to small sized manufacturers, raw material suppliers, tier players and MRO players. Rapidly increasing expenditure on modernizing military aircraft will further drive growth of North America’s landscape of aircraft fuel system.
Aircraft Fuel System Market Is Exclusively Segmented Based On Engine Type, Application and Components
- Based on engine type, the aircraft fuel system ecosystem is segmented into jet engine, UAV engine, turboprop engine and helicopter engine. Jet engine type segment is attracting significant revenue on account of rapidly increasing demand from regional and commercial aircraft manufacturers.
- Based on application, aircraft fuel system market is fragmented into UAV, commercial and military, among which the first two segments are currently witnessing remarkable growth.
- According to components, aircraft fuel system market is categorized into inerting systems, fuel control monitoring systems, fuel filters, fuel valves, fuel gauges and piping.
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