Global Aircraft Fuel Tanks Market is projected to reach USD 992.52 Million by 2026, expanding at a CAGR of 1.8% between 2020 and 2026. An aircraft fuel tank enables fuel to be loaded, stored, managed, and delivered to the engine of an aircraft. The aircraft fuel tank is a major component of aircraft fuel systems. Fuel tanks differ greatly from aircraft to aircraft due to the relative size and complexity of the aircraft in which they are installed.
In multi-engine passenger or cargo aircraft, the fuel system consists of multiple fuel tanks, which may be located in the wings, the fuselage, and in the empennage. Each tank is equipped with internal fuel pumps and has the associated valves and plumbing to supply fuel to the engines and for refueling and defueling.
The global aircraft fuel tanks market has witnessed high growth in recent years owing to increasing defense expenditures and increasing passenger traffic and a significant increase in demand for new aircraft. Moreover, the increasing use of UAVs for defense and commercial applications is driving the growth of the market.
Stringent safety regulations would increase the demand for advanced fuel tanks
- Increasing Defense Expenditures: Globally, military spending has increased significantly in recent years. According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure rose by 2.6% to approximately USD 1.82 trillion from 2017 to 2018. The increase in defense expenditure is expected to boost the demand for technologically advanced aircraft such as fighter jets, UAVs, and helicopters.
- Increasing Passenger Traffic and Significant Increase in Demand for New Aircraft
- Increasing Use of UAVs in Commercial and Civil Applications
- Introduction of New Aircraft Programs
- External: The segment is expected to grow at the highest CAGR during the forecast period. The external fuel tank segment includes conformal tanks and drop tanks. These types of tanks are largely used in military fighter jets. Therefore, the increasing demand for technologically advanced fighter jets by the military agencies globally is expected to drive the growth of this segment.
- Internal: The segment accounted for the largest market share in 2019. Internal fuel tank segment includes integral tanks, bladder tanks, rigid removable tanks, tip tanks, and auxiliary tanks. These types of tanks are largely used in passenger, cargo, and business aircraft. Therefore, with the increase in air passenger traffic globally, the demand for these aircraft is increasing, which is expected to drive the growth of this segment.
- Civil Aviation: The segment accounted for the largest share in 2019 and is expected to witness higher growth during the forecast period from 2020 to 2026. There has been a rise in air passenger traffic globally. According to the International Air Transport Association (IATA), global air travel is likely to double by 2036. Thus, to cater to the increasing passenger traffic, there has been a corresponding increase in the demand for new aircraft. The fuel tank is a vital component of aircraft, which is expected to drive the market growth.
- Military Aviation: The segment expected to grow at a steady CAGR during the forecast period. This is due to the modernization of existing military aircraft with advanced systems. Moreover, the increasing demand for fighter jets globally is also expected to drive the growth of this segment.
- UAV: The segment is expected to witness the highest growth during the forecast period from 2020 to 2026. The increasing use of UAVs for surveillance, border patrol, intelligence, reconnaissance, missile detection, and satellite communications by the military agencies and commercial applications globally is driving the growth of this segment.
- North America: North America dominates the aircraft fuel tanks market. This trend is projected to continue during the forecast period due to the presence of prominent players such as Aero Tec Laboratories Inc., General Dynamics Corporation, and Robertson Fuel Systems LLC, and high investments by them in the development of aircraft fuel tanks.
- Europe: The increasing adoption of fighter jets and UAVs by the military forces for tactical missions is expected to drive the growth of the European market in the review period.
- Asia-Pacific: The aircraft fuel tanks market in this region is projected to expand at a high CAGR during the forecast period. Increasing demand for new aircraft and increasing defense expenditure in countries such as India and China are driving regional growth.
- Middle East & Africa: The increase in defense expenditures by countries such as Saudi Arabia, UAE, and Israel. Moreover, the presence of major airlines such as Etihad Airways and Saudi Arabian Airlines is driving the market growth in the Middle East & African region.
- Latin America: In Latin America, there has been an increase in the use of UAVs for intelligence gathering on drug trafficking and rebel groups, deforestation monitoring, and control of illegal migration, which is expected to drive the market growth.
- Aero Tec Laboratories Inc. (US)
- Cobham plc (UK)
- Elbit Systems Ltd. (Israel)
- General Dynamics Corporation (US)
- GKN Aerospace (UK)
- Marshall Aerospace and Defense Group (UK)
- Meggitt PLC (UK)
- Northstar (US)
- Robertson Fuel Systems LLC (US)
- Safran SA (France)
Frequently Asked Questions (FAQ) :
The Aircraft fuel tanks market can expand at 1.8% CAGR by 2026.
By 2026, the Aircraft fuel tanks market value can touch USD 992.52 Mn.
Teledyne Technologies Incorporated (US), Aselsan AŞ (Turkey), and Ultra Electronics (UK) are some reputed names in the Aircraft fuel tanks market.
Growing application of UAVs can promote the Aircraft fuel tanks market.
The launch of several new aircraft policies can create growth opportunity for the Aircraft fuel tanks market.