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.
“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.
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Aircraft Fuel Systems: Global Markets to 2023( ENG017A )
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