The Aircraft Turbine Fuel System Market Growth impelled by increasing year-on-year government budgets for national security, growing commercial aviation industry owing to rise in disposable income among middle class population coupled with the growing MRO operation across the world is bolstering the aircraft production rate.
Pune, India., July 22, 2021 (GLOBE NEWSWIRE) -- Aircraft Turbine Fuel System Market: Key Insights
According to our new research study on “Aircraft Turbine Fuel System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the Aircraft Turbine Fuel System Market Size is expected to grow from US$ 2,135.99 million in 2021 to US$ 3,303.73 million by 2028 at a CAGR of 6.4%.
Aircraft Turbine Fuel System Market: Competitive Landscape and Key Developments
Eaton; Honeywell International, Inc.; Jihostroj; Mascott Equipment Co.; Parker Hannifin Corp; Safran; Triumph, Group, Inc.; Silver Atena GmbH; and Woodward, Inc. are among the key players that are profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global aircraft turbine fuel system market and its ecosystem.
In 2021, Honeywell International Inc. announced the development of a turbogenerator for hybrid-electric aircraft. The new turbogenerator will run on jet fuel, diesel, and sustainable fuel alternatives.
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In 2016, Woodward, Inc. had formed a 50-50 joint venture with GE Aviation to develop large engine fuel systems for GE’s commercial aircraft portfolio. The joint venture expects to design, develop, source, supply, and service fuel system components, including the inlet and fuel nozzle for GE’s high-thrust engines such as GE90, GEnx, GE9X, and all large commercial engines to be developed by GE Aviation in the future.
The significant growth of the aircraft turbine fuel system market is mainly attributed to increasing year-on-year government budgets for national security. Governments are significantly investing in the procurement of advanced state-of-the-art commercial as well as military aircraft fleet. The aircraft turbine fuel system market players are investing on the development of robust and innovative systems to assist the defense industry in overcoming their prominent challenges. Additionally, proliferation of the commercial aviation industry owing to rise in disposable income among middle class population, coupled with the growing MRO operations across the world, is bolstering the aircraft production operations, further boosting the demand for aircraft turbine fuel systems. However, the COVID-19 pandemic led to disruptions in the supply chain of aircraft systems and components as well as temporary shutdown of component and aircraft production facilities, which hampered the adoption aircraft turbine fuel systems in 2020.
In 2020, North America led the global aircraft turbine fuel system market with a 34.7% revenue share. The North American region comprise of significantly large number of aircraft (commercial, military, and general aviation) manufacturers as well as numerous components or part suppliers. The presence of both in the region especially in the US has boosted the aircraft turbine fuel system market over the years. During the pre-covid period, the aircraft manufacturers in the region were experiencing huge volumes of orders which led the aircraft manufacturers to pressurize their component suppliers including different types of aircraft turbine fuel systems.
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As the manufacturing of commercial and military aircraft is witnessing significant growth, the spending for MRO operations for military and commercial aircraft has risen significantly. For instance, In March 2021, Sichuan Airlines awarded a five-year MRO services contract to MTU Maintenance for its fleet of A319, A320, and A321 aircraft. In April 2021, IndiGo Airlines extended its MRO contract with Air France Industries KLM Engineering & Maintenance for its A320 fleet.
In November 2020, SupplyCore and Noble Supply & Logistics were jointly awarded contract worth US$ 90 million by Department of Defense of US for MRO services of Air Force, Marine Corps, U.S. Army, Navy, and Coast Guard air fleet. In November 2020, Boeing was awarded MRO contract of worth US$ 9.8 billion for Saudi Arabia’s F-15 fleet. In September 2020, RUAG was awarded MRO contract for US Navy’s F/A-18 Hornet fleet. The MRO operations comprises periodic inspection, defect rectification, overhaul, replacement, and the embodiment of modification of aircraft for continuous airworthiness of an aircraft and its parts. The aircraft turbine fuel systems are periodically serviced as well as replaced in aircraft for optimal functioning of aircraft. Thus, the increasing MRO spending for military and commercial aircraft is subsequently driving the growth of the aircraft turbine fuel system market.
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Aircraft Turbine Fuel System Market: Type Overview
Based on the type, the aircraft turbine fuel system market is segmented into hydromechanical, Full Authority Digital Engine Control (FADEC), and hydromechanical/electronics. The aircraft turbine fuel system is one of the crucial parts of an aircraft as it is utilized to optimize the fuel combustion in an aircraft. Initially all the aircraft turbine fuel systems were manually operated and over the period with advancement in technology the automated aircraft turbine fuel system were introduced in the market. The aircraft turbine fuel system market is witnessing steady growth opportunities owing to the retrofitting of aircraft turbine fuel system in order aircraft coupled the growing production of aircraft.
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