Top Companies in Aircraft Fuel Tanks Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Aircraft Fuel Tanks Market is projected to reach USD 1007.6 million by 2028 at a CAGR of 1.5% over the forecast period.
The Global Aircraft Fuel Tanks Market is valued at USD 921.5 million in 2021 and is projected to reach USD 1007.6 million by 2028 at a CAGR of 1.5% over the forecast period. Both enormous oil systems and changes in oil pricing drive the demand for fuel-efficient aeroplanes. Because operating expenses are now lower due to the increased fuel efficiency, the expansion of the global market has slowed. The rise of air travellers contributes to the expansion of the world market. Increased passenger air traffic leads to greater demand for new aircraft and more need for aviation fuel systems. New civil helicopter purchases and increased investment in oil and gas activities are two factors that impact market growth globally. The market for fuel systems in the aviation sector is heavily influenced by factors such as the growth in passenger traffic, the rise in demand for drones, technological advancements in fuel systems, and the expansion of the world fleet of aircraft.
An important factor in the market expansion for Aircraft Fuel Tanks is the rising demand for aircraft on various aviation platforms. The modernization of military aircraft, commercial aircraft transport, and aviation is accelerating the expansion of the global market for airplane fuel systems.
However, the high cost and complexity of aeroplane fuel tanks and tight government requirements on the safety of fuel tank designs limit the quick growth of businesses.
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Amidst Exponential Growth in Aircraft Fuel Tanks Adoption, What Trends Should We Look Forward to?
- The global increase in aeroplane production is mostly to responsible for the growth of the market for Aircraft Fuel Tanks. The gradual increase in traveller traffic around the world is causing people to become more interested in flying.
- The rising demand for aircraft across various aviation platforms is a major factor fueling the market for aeroplane fuel tanks. New corporate and military aircraft programmers are also assisting in the market's expansion throughout the forecast period.
- Increased international traveller volume will support the growth of the airline and aviation sectors, leading to an increase in aircraft manufacturing and, consequently, an increase in demand for Aircraft Fuel Tanks during the projection period.
- The growth in the number of aircraft worldwide is a major factor in the development's popularity for the market for Aircraft Fuel Tanks. The gradual increase in traveller traffic over the next years is causing people to become more interested in aeroplanes.
The Aircraft Fuel Tanks Market is dominated by globally established players such as Meggitt PLC (UK), Cobham PLC (UK), Safran S.A. (France), GKN Aerospace (UK), Robertson Fuel Systems LLC (US), Aero Tec Laboratories Ltd (UK), Elbit Systems Ltd. (Israel), General Dynamics Corporation (US), Marshall Aerospace & Defence Group (UK), Applied Aerospace Structures Corporation (US).These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Aircraft Fuel Tanks Market.
Let's Look at the Top 5 Companies That are Taking the Aircraft Fuel Tanks Market by Storm
The aircraft fuel tank market is expected to grow from USD 921.5 million in 2021 to USD 1007.6 million in 2028 spurred by the growing tendency toward creating fuel tanks made of lightweight, high-capacity composite or alloy materials. The expanding demand for aircraft fleet from commercial airlines, business aviation, military forces, and general aviation is continually driving the market for Aircraft Fuel Tanks.
- Meggitt PLC (UK)
Parker Meggitt is a British multinational firm focusing on parts and systems for the aerospace, defence, fuel tank, and some energy markets. Its global sites give back to their local communities, and we acknowledge this by fostering safe, fulfilling work that gives its people the skills they need to be successful and by embracing sustainable methods to protect the environment.
- Cobham PLC (UK)
British aerospace fuel tank manufacturer Cobham Limited is situated in Bournemouth, England. In 1934, Sir Alan Cobham established Cobham as Flight Refuelling Limited. Using technology supplied by FRL, the British airline Imperial Airways completed numerous non-stop transatlantic flights in 1939.
- Safran S.A.(France)
Safran is a global high-tech company with operations in the aerospace, defence, and space industries (propulsion, gear, tanks, and interiors). Its main goal is to help create a safer, more sustainable world with more accessible, comfortable, and ecologically friendly air travel.
- GKN Aerospace (UK)
The pioneer in the aerospace industry is GKN Aerospace. By combining engineering excellence and technological leadership to produce fuel tanks, GKN Aerospace technologies have been influencing and industrializing the aerospace sector for decades.
- Applied Aerospace Structures Corporation (US)
The Applied Aerospace Structures Corporation (AASC) is dedicated to providing the aerospace industry with sophisticated composite and metal-bonded structural assemblies in a creative and timely manner. To meet the demands of its customers, AASC makes ongoing investments in its infrastructure and tools.
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