The increasing incidences of aircraft fires and fuel tank explosions, coupled with stringent enforcements of Federal Aviation Administration (FAA) regulations, is prompting market players to incorporate advanced technologies to deliver safer and more efficient fuel systems. An inclination towards efficient aircraft fuel systems, coupled with increasing adoption of more fuel-efficient engines are factors fueling growth of the fuel tank inerting systems market. Inerting systems in the aircraft reduce the possibility of combustion of materials stored in a fuel tank, by maintaining an inert gas in a confined space. Lightweight aircraft design significantly enhances fuel efficiency which, in turn, is propelling the fuel systems market. According to the International Air Transport Association, the global aerospace industry was valued at $812 billion in 2018. Increasing demand for lightweight aircrafts in the aerospace industry is a key factor for growth of the fuel systems market. The global fuel tank inerting and fuel systems market was valued at $8.18 billion in 2018, and is expected to grow at a CAGR of 6.48% throughout the forecast period 2019-2025.

Modernization of aircraft, to include innovative refueling and emergency fuel systems, is likely to create greater opportunities for the fuel systems market. Rising preference for air travel among individuals, coupled with the increasing air cargo, are factors expected to create demand for efficient aircrafts thereby fueling growth of the fuel tank inerting systems market. Nowadays, aircraft operators are on the lookout for more fuel-efficient aircrafts due to a high amount of fluctuations in oil prices. The increase in fuel efficiency of aircrafts results in lower operating costs of planes, thus resulting in growth of the aircraft fuel systems market. Increasing aircraft deliveries fuelled by rising passenger traffic and increasing demand for unmanned aerial vehicles are major factors bolstering the demand for aircraft fuel systems. Furthermore, airlines are demanding fuel-efficient aircrafts which mitigate their operational costs, as fuel roughly accounts for 30% of an airline’s operational cost. Aircraft manufacturers are shifting their focus towards incorporating advanced lightweight materials to reduce the weight of the aircraft. Planes can produce less carbon dioxide by enhancing aerodynamics and improving engines. For instance, Dutch-based airlines KLM revealed a new fuel-efficient “Flying V” aircraft which uses 20% lesser fuel as compared to contemporary airbuses. This new aircraft design will reduce the carbon footprint in the aviation sector.

APAC Holding Major Share of the Fuel Tank Inerting and Fuel Systems Market

APAC registered 35.34% of the fuel tank inerting and fuel systems market share in 2018. Growing commercial aircraft fleets, indigenous production of commercial and regional aircrafts, the establishment of assembly plants in China by major commercial aircraft OEMs such as Boeing and Airbus, and increase in defense budgets of countries in the region are the major factors aiding growth of the fuel systems market in the Asia-Pacific region. According to the Association of Asia-Pacific Airlines, in 2017, the Asia-Pacific aviation industry was valued at $186 billion. Factors including the increasing demand for new aircrafts to cater to the growing air passenger traffic in emerging economies such as China and India are driving the fuel tank inerting systems market in this region.

The application segment that will be creating the most lucrative opportunities for the fuel tank inerting and fuel systems market is unmanned aerial vehicles (UAV), projected to grow at a CAGR of 14.17% through to 2025. Countries around the world are focusing on the development of highly sophisticated and powerful weapons with cost-efficient sources. With visual superiority, capability for performing pre-emptive strikes and surveillance on specific locations, UAVs are being used by military forces globally for current warfare scenarios. The world military expenditure was valued at $1.8 trillion in 2018, as per the World Economic Forum. Rise in the usage of unmanned aerial vehicles in the military sector is, in turn, inciting demand for the fuel systems market. Increasing focus on improvement of flight control systems for improving effectiveness in combat situations, coupled with technological advancements in unmanned aerial vehicles, is fueling demand for fuel tank inerting systems.

Major Players in the Fuel Tank Inerting and Fuel Systems Market:

Prominent players in the fuel tank inerting and fuel systems market include Cobham plc, Eaton Corporation, Meggitt PLC, Honeywell International Inc., Parker-Hannifin Corporation, Safran S.A., Triumph Group, Inc., UTC Aerospace Systems, and Woodward, Inc.

Mergers and acquisitions are among the key strategies adopted by players to stay ahead of competitors. Parker-Hannifin Corporation, a U.S.-based provider of motion and control technologies, announced its acquisition of a motion-management device, coatings, and adhesives manufacturer in April 2019. With this acquisition, Parker-Hannifin enhanced its product portfolio for the aerospace, oil and gas, and automotive industries, and its position in the global market. In February 2018, France-based aircraft and rocket engine manufacturer Safran announced its acquisition of Zodiac Aerospace, a France-based aircraft equipment supplier. Such mergers and acquisitions aid market players in expanding their geographical boundaries and accentuating their footprint in the global fuel tank inerting and fuel systems market.

Talk to one of our sales representative about the full report by providing your details in the link below:

https://www.industryarc.com/support.php?id=18924

Related Reports:

A. Avionics Systems Market

 https://www.industryarc.com/Report/15110/avionics-systems-market.html

B. Unmanned Aircraft Systems (UAS) Market               

https://www.industryarc.com/Report/15014/unmanned-aircraft-systems-market.html

Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]  to discuss more about our consulting services.

To request for a proposal, provide your details in the below link:

https://www.industryarc.com/reports/request-quote?id=18924

Media Contact:

Mr. Venkat Reddy

Sales Manager         

Email: [email protected]

Contact Sales: +1-614-588-8538 (Ext-101)

About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.