Aircraft Fuel Tanks Market is Estimated to Grow at a CAGR of 1.5% from 2022 to 2028
As stated in our extensive report; the Global Aircraft Fuel Tanks Market accounted for USD 921.5 Million in 2021.
Increasing the air traffic network has enhanced productivity and growth by offering greater access to the market, improving the links within and between businesses, and giving better access to resources and international markets. Fuel tanks of an aircraft play an essential part in this mounting aviation industry. This, in turn, is anticipated to propel the market expansion extensively in the future. Also, an increase in global passenger traffic will contribute toward the development of the airlines and aircraft industry, resulting in aircraft growth, thus, propelling the Global Aircraft Fuel Tanks Market growth.
Factors Influencing Global Aircraft Fuel Tanks Market Growth
The growth of the Global Aircraft Fuel Tanks Market can be attributable to the following:
- Intensifying demand for aircraft is attributed to the growing passenger traffic worldwide daily, which drives the Global Aircraft Fuel Tanks Market expansion. According to International Air Transport Association, about 700 routes are established for enhanced connectivity worldwide.
- Rising military expenses in various regions will influence the Aircraft Fuel Tanks Market.
- Surge in aircraft manufacturing to provide air passenger expansion, together with boosting the research and development budget to manufacture lightweight Aircraft Fuel Tanks, is among the essential aspects driving the growth of the Global Aircraft Fuel Tanks Market.
- China is observing the expansion of Aircraft Fuel Tanks owing to increased exports from China and globalized citizens of Chinese origins. China and India both have untapped potential for the augmentation of the aviation industry.
- High military aircraft production coupled with a defense budget expansion is expected to offer beneficial opportunities for the worldwide market in the coming years.
On the other hand, the lack of skillful labor for MRO and the development of alternative technology are restraining factors that are likely to hamper the market growth.
North America Region to Take Over the Market
Geographically, North America holds the largest market share in the Aircraft Fuel Tanks Market and will probably continue this trend in the coming years. Owing to the lack of public transport, airplanes are the preferred mode of transport in North America, which is a significant factor driving the regional market. Among regions of North America, the United States has many private aircraft users and private airports. In addition, many budget airlines are operated in the United States with a traditional airline. Such budget airlines make direct flights between locations available instead of the hub-based model followed by traditional airlines.
There is a higher demand for Aircraft Fuel Tanks because of the escalating production of aircraft worldwide, which positively impacts the overall Aircraft Fuel Tanks Market.
The well-known players of the Global Aircraft Fuel Tanks Market include 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) and others.