Northbrook, IL -- (SBWIRE) -- 09/17/2019 -- The aircraft fuel tanks market is projected to grow from USD 869 million in 2019 to USD 954 million by 2025, at a CAGR of 1.6% during the forecast period. The growing demand for aircraft across various aviation platforms is a major factor driving the growth of the aircraft fuel tanks market. New aircraft programs for military and business aircraft also contribute to the market's growth.
By platform, the commercial aviation segment is expected to be a larger contributor to the aircraft fuel tanks market during the forecast period.
Commercial aviation has been witnessing strong growth over the past few years. One of the major factors driving this growth is the increased demand for aircraft. The growing aircraft fleet must go through regular and mandatory maintenance services. The internal tanks present in commercial aviation aircraft are an important part of the aerostructure requiring frequent checks and repairs. These maintenance requirements are expected to drive the market for commercial aviation fuel tanks.
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North America is projected to lead the aircraft fuel tanks market during the forecast period.
North America is expected to be the largest market for aircraft fuel tanks during the forecast period. The demand for aircraft is continuously increasing, due to which aircraft manufacturers are expanding their product line, thus creating a significant requirement for aircraft fuel tanks. Therefore, increasing aircraft orders offer a significant advantage for the aircraft fuel tanks market. Moreover, there is a growing trend to upgrade existing/older aircraft in the aircraft industry. This, along with the high military expenditure of the US, is expected to drive the market in the North American region.
Key Market Players
Some of the major vendors in the aircraft fuel tanks market include Meggitt PLC (UK), Cobham plc (UK), Safran S.A. (France), GKN Aerospace (UK), Robertson Fuel Systems LLC (US), Aero Tec Laboratories, Inc. (US), Elbit Systems – Cyclone Ltd. (Israel), General Dynamics Corporation (UK), and Marshall Aerospace and Defence Group (UK). These vendors provide crash-resistant fuel tanks, bladder tanks, and auxiliary internal and external fuel tanks, among others, for aircraft such as fixed-wing, rotorcraft, and UAVs across both commercial and military platforms.
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