Press Releases

Thriving Aircraft Market Drives Global Aircraft Fuel System Market Growth

January 07, 2019

WELLESLEY, Mass., Jan. 07, 2019 – Stemming from the rise in the aircraft market, the increase in military and unmanned aerial vehicles (UAVs), the global aircraft fuel systems market is at a point of considerable growth, according to BCC Research.

The global market for aircraft fuel systems was valued at $7.7 billion in 2018 and is expected to reach $10.6 billion by 2023 at a compound annual growth rate (CAGR) of 6.6% during the forecast period, according to the report “Aircraft Fuel Systems: Global Markets to 2023.”

Prominent players in the market include: Woodward Group, Honeywell International Inc. (HON), Meggitt plc (MEGGF), Parker-Hannifin Corp. (PH), Eaton Corp. plc (ETN), Triumph Group, Inc. (TGI), GKN plc and others.

Research Highlights:

  • In the advanced airport technologies market, the Asia-Pacific region is expected to grow at the fastest rate due to rapid growth in the aviation sector.
  • Airplanes were the largest segment in the global aircraft manufacturing market, with a 75.6% share worth $354 billion. This can be attributed to the high demand for passenger aircraft from airline companies and fighter jets from military organizations across the globe.
  • North America has the largest aircraft manufacturing market due to the presence of many large-to-small aircraft manufacturing companies.

“The global aircraft fuel systems industry encompasses a wide variety of companies involved in everything from supplying components to designing and manufacturing aircraft fuel systems,” the report notes. “Fuel system manufacturers connect with aircraft engine manufacturers who supply the fuel systems and engines to the aircraft manufacturers.”

Increasing Passenger Traffic in the Asia Pacific Region Driving Market Growth 

According to an International Air Transport Association (IATA) report, air travel in Asia will surpass the combined air travel in Europe and North America by 2030 due to factors such as urbanization, increasing population and rising per capita income in countries such as China, Australia, India, Singapore and Indonesia. The Asia-Pacific region is estimated to the fastest-growing market for aircraft fuel systems in the forecast period due to the rise in demand for commercial aircraft and the rise in passenger counts, especially in China and India.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Aircraft Fuel Systems: Global Markets to 2023( ENG017A )
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