DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "Aircraft Fuel Tanks Market by Type (External, Internal), End Use (Aftermarket, OEM), Platform (Commercial Aviation, Military Aviation), Material (Carbon-Based Composites, Metallic Alloys, Hybrid, Polymers), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The aircraft fuel tanks market is projected to grow from USD 869 million in 2019 to USD 954 million by 2025, at a CAGR of 1.6% during the forecast period.
The aircraft fuel tanks market comprises major players such as Meggitt PLC (UK), Cobham plc (UK), Safran S.A. (France), GKN Aerospace (UK), Robertson Fuel Systems LLC (US), Aero Tec Laboratories, Inc. (US), Elbit Systems - Cyclone Ltd. (Israel), General Dynamics Corporation (UK), and Marshall Aerospace and Defence Group (UK).
Safety of fuel tanks is of prime importance in order to prevent fatal accidents due to leaks and the flammable nature of the fuel. Proper inserting is necessary to prevent such accidents. New-gen catalytic inserting solution and foam-based flammability solution in the aftermarket are driving the innovation in the industry. Along with this, the 3D printing technology trend could lead to the faster, cheaper, and efficient manufacturing of fuel tanks.
By platform, the military aviation segment is expected to grow at a higher rate than the commercial aviation segment during the forecast period.
By platform, the military aviation segment is expected to witness a higher CAGR than the commercial aviation segment because of the high growth and demand for UAVs, along with the addition of auxiliary tanks to military platforms as well as their frequent replacement cycle when compared to the commercial aviation platform.
By type, internal fuel tanks segment is expected to lead the market for aircraft fuel tanks during the forecast period.
Internal fuel tanks are expected to be the most consumed type of aircraft fuel tanks during the forecast period. This is due to their MRO costs being high as well as the frequency of their maintenance. Commercial aircraft mainly have internal fuel tanks that are part of the wing aerostructure and need regular maintenance, as these tanks are not only present for fuel storage but also act as loads for the structural integrity of the wings.
Asia Pacific aircraft fuel tanks market is expected to witness the highest CAGR during the forecast period.
The aircraft fuel tanks market in the Asia Pacific region is projected to grow at the highest rate during the forecast period. The rise in demand for low-cost carriers (LCCs) in Asia Pacific is one of the factors driving the growth of the global aircraft fuel tanks market. With the GDP forecast to rise in the next ten years, developing countries, such as China and India, have huge potential for the market. China, in recent times, has attracted substantial foreign investments due to its stable economic growth and robust developments.
- Increasing Aircraft Orders and Upcoming New Programs
- Hydrogen Fuel Cells
- Lack of Skilled Labor for MRO
- Increasing Cost of Maintenance
- Restricted Designing Prospects Due to Stringent Flammability Requirements
- Aero Tec Laboratories Inc (ATL)
- Cobham PLC
- Elbit Systems - Cyclone Ltd.
- General Dynamics Corporation
- GKN Aerospace
- Marshall Aerospace and Defence Group
- Meggitt PLC
- Robertson Fuel Systems LLC
- Safran S.A.
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