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The market is segmented by Type (Internal, External), Application (Commercial Aircraft, Military Aircraft, General Aviation Aircraft, UAVs), and Geography.
Fastest Growing Market:
The aircraft fuel tanks market is expected to witness a CAGR of over 3% during the forecast period.
The UAV segmentation covers both the commercial and military UAVs which are engine-powered and have fuel tanks aboard the UAV. Helicopters are not included in the study. Further, the report includes the following aspects:
|General Aviation Aircraft|
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Internal fuel tanks are found in almost every type of commercial and general aviation aircraft. The deliveries and production rate of the commercial and general aviation aircraft, which have these tanks pre-installed in them, are high. More than 4000 commercial and general aviation aircraft are delivered in 2018 and the numbers are expected to be higher for the year 2019 by the year-end. All these aircraft use internal fuel tanks, and compared to the external fuel tanks, the volumes are a lot more. Even in military aircraft, most of the aircraft like the tanker and transport aircraft come equipped with mandatory internal fuel tanks while the external fuel tanks are sometimes installed on those aircraft as an option. Thus, with higher installation volumes, the internal fuel tank segment is projected to lead the market during the forecast period.
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Due to the presence of many countries with large and fast-growing aviation sectors, Asia-Pacific is poised to be the fastest-growing market for aircraft fuel tanks in the world. The region comprises of countries like China and India, which are projected to become the largest aviation markets before 2030. In the commercial sector, with the growth in passenger traffic being faster than ever, airlines in these two countries are procuring commercial aircraft on a large scale, thereby generating demand for the parts and components of the aircraft like the fuel tanks. The demand for new aircraft that are being produced by the manufacturers present in this region, like the C919, CR929, Mitsubishi SpaceJet, is from the region itself. For instance, currently, COMAC has more than 1,000 orders for its C919 aircraft from Chinese airlines and lessors. Due to the procurement of these aircraft, the demand for fuel tanks is expected to escalate further from the region. Even in the military segment, many new aircraft are expected to enter the service in the region, driven by the growth in military spending in the wake of several geopolitical issues surrounding the countries in the region. All these factors are expected to make the market in the region grow with the highest CAGR during the forecast period.
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Meggitt PLC, Cobham plc, Safran S.A., GKN Aerospace, and Robertson Fuel Systems LLC are some of the prominent players in the market. With aircraft designs changing every decade, especially in the military, the fuel tank manufacturers also need to upgrade their offerings to the aircraft OEMs, to stay in the competition. The growing demand for long-range aircraft models is necessitating the demand for fuel tanks that have higher capacities. However, to increase the range of the existing aircraft models, manufacturers are also working to develop innovative designs for the existing fuel tanks to accommodate the extra fuel storage. Though there is less scope for innovation in the market, there is a growing emphasis on the weight reduction of the aircraft, and the players can find this as an opportunity to produce lightweight fuel tanks, thereby gaining new contracts to expand their market reach.
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2.1 Commercial Aircraft
5.2.2 Military Aircraft
5.2.3 General Aviation Aircraft
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Latin America
184.108.40.206 Rest of Latin America
5.3.5 Middle-East and Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Meggitt PLC
6.2.2 Cobham plc
6.2.3 Safran SA
6.2.4 GKN Aerospace (Melrose Industries)
6.2.5 Robertson Fuel Systems LLC
6.2.6 Aero Tec Laboratories Ltd
6.2.7 Elbit Systems Ltd.
6.2.8 General Dynamics Corporation
6.2.9 Marshall Aerospace and Defence Group
6.2.10 Applied Aerospace Structures Corporation
6.2.11 Avcorp Industries Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability