Aircraft Fuel Tanks Market is expected to grow at a CAGR of 1.69% during 2020 – 2026 and segmented into By Type, By End Use, By Platform, By Material and By Region
Aircraft Fuel Tanks Market set for healthy growth at a CAGR of 1.69% between 2020 and 2026. Increasing number of aircraft orders, growth in aviation sector and R&D investments with the potential to improve productivity and efficiency of aircraft boost aircraft fuel tanks market growth opportunities, finds OG Analysis’s 2020, recent analysis.
Further, growing adoption of green fuels and penetration of hydrogen fuel cells will drive the aircraft fuel tanks market revenues, says Ramesh Saini, project head renewables, OG Analysis.
With lucrative advances in automation techniques, robotics and other emerging IoT based approaches for designing aircraft fuel tank along with inclined focus towards designing low weight aircraft fuel tanks drive the aircraft fuel tanks market size during the forecast period till 2026.
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Safety of fuel tanks being one of the prime factors results in emergence of key fuel types across the aircraft fuel tanks market scope. Amid key types, internal fuel tanks hold major market share with its large consumption across the military aviation sector.
Based on trends of new-gen catalytic inserting approach and foam-based flammability solutions by key end-user, aftermarket drives the aircraft fuel tanks industry, followed by aircraft fuel tanks OEMs. In addition, wide adoption of 3D printing technology triggers faster and efficient manufacturing of aircraft fuel tanks.
Although there are many prospects in aircraft fuel tanks market, challenges including high maintenance cost, lack of skilled professionals, and flammability complications associated with designing are hindering the aircraft fuel tanks market growth opportunities, said Ramesh.
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Furthermore, being relatively nascent, the industry is still in the process of clearing existing backlogs of aircraft deliveries remains a task to tackle for aircraft fuel tanks market growth.
Commercial aviation platform and military aircraft manufacturing strongly emerge to shape the market value and size during the forecast period
Key aircraft fuel tanks market vendors have strengthened their product portfolios to harness lucrative growth prospects across commercial aviation platforms driven by increased aircraft traffic by domestic and business passengers. Furthermore, the task of mandatory maintenance of aircraft, aircraft fleet requiring frequent checks and repairs to increase the demand for commercial aviation fuel tanks.
Whereas, the large consumption of polymers by military aircraft manufacturers to obtain advantages of self-sealing capabilities, places aircraft fuel tank polymer market as the largest market shareholder, amidst metallic alloys, carbon-based composites, and hybrid.
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Furthermore, rapid proliferation in military aircraft is observed across emerged and emerging countries. Therefore, increasing expenditure on military aircraft drives the aircraft fuel tanks market growth.
Growth in expenditure towards aircraft manufacturing and military spurs aggressive expansion of aircraft fuel tanks companies across North America
From regional perspective, North America is the major contributor to overall aircraft fuel tank market value long driven by demands from key aircraft manufacturers engaged in expanding their product. The growing trend to upgrade existing aircraft along with rising investments in R&D activities in the aircraft technologies boosts market growth opportunities.
To capitalize on future possibilities vendors focus on strategic M&A, contracts and innovative product portfolio
Aircraft fuel tanks market participants are exploring market growth opportunities by entering into contracts, developing products based on latest technology and strategic agreements.
For instance, in 2019, Meggitt PLC signed 3-year agreement with Lockheed Martin and the Defense Logistics Agency to supply assembly components. The contracts jointly have a value of $85 million. In addition, in 2019, StandardAero received an order for crash-resistant fuel tank (CRFT) from the Los Angeles County Sheriff’s Department (LASD).
Further, key market players are focus to capture aircraft fuel tanks market share by opting merger activities, for example, in 2018, Zodiac Aerospace merged with Safran (SAF) to streamline growth prospects of Safran.
The list of key companies contributing to the aircraft fuel tanks market includes Northstar, Robertson Fuel Systems LLC, Aero Tec Laboratories Inc (ATL), Meggitt PLC, Cobham PLC, General Dynamics Corporation, GKN Aerospace, Safran S.A., Elbit Systems – Cyclone Ltd., and Marshall Aerospace and Defence Group among others.
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