Market Forecast
Global Aircraft Fuel Tanks Market is projected to be valued at USD 992.52 Million by 2026, expanding at a CAGR of 1.8% between 2020 and 2026. The increasing demand for new aircraft is primarily driving the growth of the market. Furthermore, increasing use of UAVs for military & commercial applications is driving the growth of the market.
Market USP
Stringent safety regulations would increase the demand for advanced fuel tanks
Growth Opportunities in the Market
• Internal fuel tank segment is expected to witness a higher growth in the market: The internal fuel tank segment accounted for the largest market share and is expected to grow at a higher CAGR during the review period. Internal fuel tanks are largely used for all commercial aircraft. This includes integral tanks, bladder tanks, rigid removable tanks, tip tanks, and auxiliary tanks.
• The external tanks segment is expected to grow at a steady CAGR during the forecast. The segment is further categorized into conformal tanks and drop tanks. These tanks are largely installed into military aircraft.
• OEM segment is expected to register the highest growth in the market: The OEM segment accounted for the largest market share in 2019 and is expected to grow at the highest CAGR during the review period. The increase in the development of advanced fuel tanks requiring less maintenance and allow easy inspection is expected to drive the growth of this segment.
• Civil aviation segment accounted for the largest market share in 2019: The civil aviation segment is also expected to grow at the highest CAGR during the forecast period from 2020 to 2026. There has been a considerable increase in air passenger traffic from the last few years, which has significantly increased the demand for new aircraft for civil aviation. UAV segment is expected to witness the highest growth rate during the forecast period. This is due to the increase in demand for UAVs for commercial and defense applications.
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Key Players
• Aero Tec Laboratories Inc. (US)
• Cobham plc (UK)
• Elbit Systems Ltd. (Israel)
• General Dynamics Corporation (US)
• GKN Aerospace (UK)
• Marshall Aerospace and Defence Group (UK)
• Meggitt PLC (UK)
• Northstar (US)
• Robertson Fuel Systems LLC (US)
• Safran SA (France)