Aircraft Fuel Systems Market Expected to Reach $15.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Aircraft Fuel Systems Market," The aircraft fuel systems market was valued at $8.5 billion in 2022, and is estimated to reach $15.7 billion by 2032, growing at a CAGR of 6.5% from 2023 to 2032.

Asia-Pacific dominated the aircraft fuel systems market in 2022. This was primarily due to rise in passenger traffic in countries such as China, India, and Japan. This growth is driven by several factors, including expanding airline fleets, increasing air connectivity, and economic development. The Asia-Pacific region has witnessed a surge in air travel due to a rise in disposable incomes, a growth in the middle class, and increased tourism. This surge has led to the expansion of airline fleets, driving the demand for advanced and efficient fuel systems. China, with its massive population and projected increase in air travel, is expected to drive significant demand for aircraft fuel systems in the Asia-Pacific region.The International Air Transport Association (IATA) projects that China expected to witness a substantial rise in passenger numbers, around 2.1 billion travelers a year by 2036, resulting in a need for new aircraft and supporting the aircraft fuel systems market. Japan is one of the major aviation industries in the globe. The government and local industry players supported and facilitated its development and growth. The increase in number of aircraft in Japan, including support from government grants contributes to the demand for aircraft fuel systems. The countries in the rest of Asia-Pacific region have witnessed a significant growth in air traffic in recent years, leading to a rising demand for new aircraft. This increased demand is evident in various developments. For instance, in November 2021, GMR Group received a bid to develop and operate the Kualanamu International Airport in Medan, Indonesia. These developments contribute to the expansion of the market in the rest of the Asia-Pacific region. Overall, the growing aviation industry and infrastructure projects create opportunities for the aircraft fuel systems industry.

The commercial aviation industry is experiencing notable growth due to various factors such as the expansion of global trade, economic advancement, and enhanced connectivity. This growth directly leads to an increased need for fuel systems in commercial aircraft.
Furthermore, airlines are enlarging their fleets globally in response to the growing demand for air travel. For instance, in May 2023, Ryanair, a budget carrier based in Ireland, announced its intention to purchase an additional 300 new Boeing 737 Max aircraft. This strategic decision is part of the objective of Ryanair to reach an annual passenger count of 300 million. The agreement with Boeing initially involves an order for 150 aircraft, with the option to acquire an additional 150 aircraft in the future. By operating approximately 3,000 flights daily throughout Europe, this expansion is projected to further solidify the position of Ryanair within the aviation industry. These expansions necessitate the procurement of aircraft fuel systems.

Fuel systems play a crucial role in optimizing fuel consumption and reducing operational expenses for airlines. These factors contribute to the growth of the commercial sector within the aircraft fuel systems market. Moreover, fuel pumps for aircraft fuel systems are designed to deliver fuel at precise flow rates and pressures, ensuring optimal engine performance. Fuel pumps need to be designed with lightweight materials as weight and space constraints are crucial considerations for aircraft fuel system components. Moreover, as fuel pump technology continues to advance, older aircraft may require upgrades or retrofits to enhance the efficiency of their fuel systems and comply with updated regulations. In such cases, fuel pump manufacturers can provide retrofit solutions tailored to specific aircraft models. Fuel pump manufacturers may offer retrofit solutions that enhance performance and fuel delivery. In addition, fuel pump manufacturers expanded their presence by introducing new products in the global market. For instance, in February 2023, Eaton Corporation demonstrated its advanced sustainable aerospace technologies and products at Aero India. These include hydraulic pumps, conveyance systems, electromechanical actuators, engine solutions, motors, and fuel systems. Thus, retrofitting of older aircraft and new products launch in this category boost the gloabal aircraft fuel systems market.

KEY FINDINGS OF THE STUDY

• By application, the UAV segment is expected to register significant growth during the forecast period.
• By component, the inerting Systems segment is expected to register significant growth during the forecast period.
• By technology, the fuel injection segment is expected to register significant growth during the forecast period.
• By application, the UAV engine segment is expected to register significant growth during the forecast period.
• By region, Asia-Pacific dominated the global aircraft fuel system industry in 2022 in terms of market share.

Key players profiled in the aircraft fuel systems market report include Eaton Corporation GKN Aerospace Services Limited., Honeywell International Inc., Parker Hannifin Corporation, Collins Aerospace, Safran S.A., Triumph Group, Inc., Crane Company, Woodward, Inc., and Secondo Mona SpA.