The global aircraft fuel systems market is anticipated to grow at a CAGR of 6.8% during the forecast period. The rising number of daily flights is a major factor driving the growth of the market. The Federal Aviation Administration handles more than 45,000 flights and 2.9 million airline passengers across more than 29 million square miles of airspace every day in 2020. The rising disposable income and the increasing number of private aircraft for business or recreational activities are also driving the growth of the aircraft fuel systems market. However, the fluctuating prices of raw materials required for manufacturing aircraft fuel systems may hinder the growth of the market during the forecast period.
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The COVID-19 pandemic had negatively impacted the global aircraft fuel systems market due to international trade restrictions. The supply chain disruptions had also postponed the manufacturing of aircraft fuel systems. Moreover, the lockdown norms had also restrained the traveling activities, which in turn drastically reduced the number of regular flights. This had reduced the demand for aircraft maintenance and fuel systems globally. The market is expected to show a U-shaped recovery as the COVID-19 situation gets normalized during the forecast period.
Segmental Outlook
The global aircraft fuel systems market is segmented based on technology and application. Based on the technology, the market is segmented into gravity feed, pump feed, and fuel injection systems. Based on the application, the market is sub-segmented into commercial aircraft, military aircraft, and UAVs. Among these applications, the commercial aircraft segment holds the major share in the market owing to the rising e-commerce and international trade globally. However, the military aircraft segment is expected to grow fastest during the forecast period due to the rising defense spending of several developing nations due to their geopolitical tension. For instance, the Government of India had allotted a budget of around $60 million for defense activities, out of which 23% was allotted to the air force. The above-mentioned segments can also be customized as per the requirements.
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Market Players Outlook
The major companies serving the global aircraft fuel systems market include Eaton Corp. Plc, Honeywell International Inc., The Boeing Co., Collins Aerospace, GKN Aerospace, Parker Hannifin Corp., and Triumph Group Inc., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance-
- In August 2021, Parker Hannifin Corp. announced an agreement on the terms of a recommended cash acquisition of Meggitt, one of the global leaders in aerospace and defense motion and control technologies.
- In October 2020, Ballard Unmanned Systems, a wholly-owned subsidiary of Southborough, Massachusetts-based Ballard Power Systems Inc., sold its assets to Honeywell. Ballard Unmanned Systems develops and manufactures stored-hydrogen proton exchange membrane fuel cell systems for unmanned aerial systems (UAS), including those used for energy inspection, cargo delivery, and other commercial and defense applications where demand for UAS services is increasing.
- Maverick Helicopters had declared up-gradation of its entire fleet of 34 EC130 B4 helicopters with Airbus crash-resistant fuel system at Heli-Expo in January 2020.
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