Aircraft Fuel Systems Market worth 9.15 Billion USD by 2020

The report “Aircraft Fuel Systems Market by Application (Commercial, Military and UAV), Engine Type (Jet engine, Turboprop engine, Helicopter engine and UAV engine), Component, Technology & Region - Global Forecasts to 2020 ” defines and segments the global aircraft fuel systems market with an analysis and forecast of the market size. The global aircraft fuel systems market is expected to reach USD 9.15 Billion by 2020 from USD 6.52 Billion in 2015, at a CAGR of 7.0% during the forecast period.

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A number of factors, such as increasing commercial aircraft deliveries, modernization of military aircrafts, and development in the commercial aviation sector are driving the growth of aircraft fuel system market. With oil prices being highly fluctuating, aircraft operators are looking for more fuel-efficient aircrafts. The weight of the aircraft plays a very important role in increasing the fuel efficiency aircrafts. Innovations are being made by the aircraft fuel system manufacturers to develop fuel systems made of lightweight composites to make the aircrafts more fuel-efficient. The increase in the fuel efficiency of the aircrafts has led to decline in operating costs, thus resulting in growth in the aircraft fuel systems market.
The economic slowdown in North America and Europe are forcing the countries in this regions to decrease their defense spending’s, which is one of the restraints for the growth of the aircraft fuel systems market.

In the year 2015, the number of commercial aircraft deliveries is expected to be the highest in Asia-Pacific making it the largest market for aircraft fuel systems, which is anticipated to be followed by North America and Europe. The Middle East being a central hub between Asia-Pacific and North America is expected be the fastest-growing market for aircraft fuel systems followed by Asia-Pacific.

Some of the key players operational in this market include Eaton Corporation Plc (U.S.), Parker Hannifin Corporation (U.S.), Woodward, Inc. (U.S.), Honeywell International, Inc. (U.S.), Triumph Group, Inc. (U.S.), Meggitt PLC (U.K.), United Technologies Corporation (U.S.), GKN PLC (U.K.), and Zodiac Aerospace (France).

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