Global Aircraft Fuel Tanks Market Size To Worth USD 1046.4 Million by 2033 | CAGR of 1.05 %

Global Aircraft Fuel Tanks Market Size To Worth USD 1046.4 Million by 2033

According to a research report published by Spherical Insights & Consulting, the Global Aircraft Fuel Tanks Market Size to grow from USD 942.5 million in 2023 to USD 1046.4 million by 2033, at a Compound Annual Growth Rate (CAGR) of 1.05% during the forecast period.

Browse key industry insights spread across 260 pages with 122 Market data tables and figures & charts from the report on the "Global  Aircraft Fuel Tanks Market Size, Share, and COVID-19 Impact Analysis, By Type (External and Internal), By Platform (Commercial Aviation, Military Aviation, and Unmanned Aerial Vehicles (UAV)), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/aircraft-fuel-tanks-market

The market for aircraft fuel tanks is driven by the development of aviation technology and the increasing need for fuel-efficient aircraft. These tanks are vital parts of general, military, and commercial aircraft because they store and provide fuel to engines. The need for new and updated aircraft is rising due to rising defence budgets and an increase in air passenger traffic, which is driving market growth. Furthermore, the use of lighter composite materials in tanks improves fuel economy and lowers carbon emissions. To comply with strict safety and environmental laws, major industrial participants are concentrating on creating tanks that are lighter and more robust. The market is being further expanded by the increase of unmanned aerial vehicles (UAVs) and drones.

Aircraft Fuel Tanks Market Value Chain Analysis

From sourcing raw materials to final assembly, there are various important steps in the market value chain for aircraft fuel tanks. The first step is to acquire the raw materials, which are essential for building sturdy, lightweight tanks. These materials include carbon fibre, composites, and aluminium alloys. Pumps, sensors, and valves are among the gasoline tank parts that are produced by component makers. The gasoline tanks are assembled by tier-1 suppliers or aircraft manufacturers using these components, which guarantee adherence to strict aviation safety and regulatory requirements. Original equipment manufacturers, or OEMs, incorporate these tanks into aeroplanes while they are being manufactured. Long-term support for functional fuel tanks is provided by after-market services, such as maintenance, repair, and overhaul (MRO), which are an essential component of the value chain.

Aircraft Fuel Tanks Market Opportunity Analysis

The market for aircraft fuel tanks is expected to rise significantly due to factors such as increased air traffic, the defence industry's expansion, and technological advancements in aviation. Innovative composite-based fuel tanks that are lighter and more fuel-efficient are in demand as aeroplanes become lighter and more fuel-efficient. Specialised fuel tank designs have additional prospects due to the increasing use of drones and unmanned aerial vehicles (UAVs) for defence, commerce, and leisure. The aviation industries of emerging nations in the Middle East and Asia-Pacific are growing, which is driving up demand for new aircraft and fuel tanks. Long-term growth potential for manufacturers is also provided by the development of sustainable, energy-efficient fuel systems, which are fuelled by the increased focus on green aviation and strict environmental requirements.

The market for aircraft fuel tanks is expanding due in large part to the growing demand for sustainable aviation fuel, or SAF. Sustainable aviation fuel (SAF) is made from renewable resources and has lower carbon emissions than traditional jet fuel. This is in line with the aviation industry's efforts to use greener technologies. This change encourages innovation in fuel storage systems by giving manufacturers the chance to develop gasoline tanks that work with biofuels and other alternative fuels. In order to fulfil strict worldwide emission reduction targets, airlines and aircraft manufacturers are investing more and more in SAF, which is driving up demand for sophisticated fuel tanks that facilitate sustainable operations. The adoption of SAF is also being fuelled by environmental rules and government incentives, which is further boosting the market's growth.

The strict legal requirements pertaining to gasoline tank design, which must adhere to strict safety and performance criteria, provide a significant difficulty. Smaller companies' ability to enter the market is restricted by the need to comply with these rules, which raises development costs and times. Furthermore, substantial R&D expenditures are needed to employ cutting-edge materials like composites to lower weight and increase fuel economy, which drives up production costs. The cost burden is further increased by the price volatility of raw materials, especially for metals and carbon fibres. Furthermore, the growing emphasis on sustainability forces producers to create gasoline tanks that work with biofuels and other alternative energy sources, which complicates the design process. Last but not least, changes in the aviation sector, such as declines in air traffic or reductions in defence spending, may impede market expansion.

Insights by Type

The internal segment accounted for the largest market share over the forecast period 2023 to 2033. The growing need for lightweight and fuel-efficient aircraft, especially in the commercial and military aviation sectors, favours this market. Inward tanks are using advanced materials like carbon fibre and composites to increase fuel capacity and decrease weight, helping industry efforts to cut emissions and improve fuel efficiency. The expansion of military aircraft and unmanned aerial vehicles (UAVs), which frequently need complex internal fuel storage systems, is another factor driving this market's expansion. Long-haul commercial flights and military missions are examples of the extended-range aircraft trend that is driving demand for strong, large-capacity inbound fuel tanks and propelling market expansion.

Insights by Platform

The military aviation segment accounted for the largest market share over the forecast period 2023 to 2033. Global modernisation initiatives and growing defence budgets are driving the expansion. More improved fuel tank systems that provide higher fuel capacity, durability, and efficiency are required due to the increased demand for fighter jets, transport aircraft, helicopters, and unmanned aerial vehicles (UAVs). Due to the need for fuel tanks for military aircraft that can endure harsh environments, including battle, materials like composites and self-sealing technologies have been developed. The need for complex fuel storage solutions is further increased by the move towards multi-role aircraft, aerial refuelling capabilities, and extended-range missions.

Insights by Region

North America is anticipated to dominate the  Aircraft Fuel Tanks Market from 2023 to 2033. The region's market is growing because of the presence of key aircraft manufacturers like Boeing, Lockheed Martin, and Northrop Grumman, as well as top fuel tank suppliers. Increased defence spending by the US government and growing demand for both military and commercial aircraft are important factors. Advanced fuel tanks are becoming more and more in demand as aircraft get lighter and more fuel-efficient and as unmanned aerial vehicles (UAVs) become more common. Furthermore, the area is at the forefront of the creation and application of sustainable aviation fuels (SAF), driving advancements in biofuel-compatible fuel tank design. Canada's growing aircraft industry also helps the market flourish.

Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Countries are investing heavily in both military and commercial aircraft, greatly enhancing their aerospace capabilities. Modern fuel tanks are becoming more and more necessary as the number of low-cost airlines (LCCs) and airport facilities develop. These factors are also driving up demand for new, fuel-efficient aircraft. Additionally, fuel tank producers benefit from increased defence budgets in the region, especially for military jets and unmanned aerial vehicles (UAVs). The governments of the Asia-Pacific region are also pushing for innovative fuel tank designs and sustainable aviation, as well as the development of biofuel infrastructure. The industrialisation and strong economic growth of the area encourage long-term market expansion even further.

Recent Market Developments

• In March 2023, Collins Aerospace, a branch of Raytheon Technologies, led a team responsible for developing state-of-the-art thermoplastics technology in collaboration with the Clean Hydrogen Joint Undertaking.

Major players in the market

• Crane Company
• Parker Hannifin Corporation
• Secondo Mona S.p.A.
• GKN Aerospace Services Limited.
• Safran S.A.
• Eaton Corporation
• Honeywell International Inc.
• Woodward, Inc
• Collins Aerospace
• Triumph Group, Inc.

Market Segmentation

This study forecasts revenue at global, regional, and country levels from 2023 to 2033.

 Aircraft Fuel Tanks Market, Type Analysis

• External
• Internal

Aircraft Fuel Tanks Market, Platform Analysis

• Commercial Aviation
• Military Aviation
• Unmanned Aerial Vehicles (UAV)
   

Aircraft Fuel Tanks Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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