Aircraft Fuel Tanks Market is projected to reach USD 992.52 Million by 2026, expanding at a CAGR of 1.8% between 2020 and 2026.
The global aviation fuel tanks market has grown rapidly in recent years as a result of rising defence spending, increased passenger traffic, and a major increase in demand for new aircraft. Additionally, the growing use of unmanned aerial vehicles (UAVs) for defence and commercial purposes is propelling the growth of the Aircraft Fuel Tanks Market.
Global passenger traffic growth will also benefit airlines and the aviation sector, resulting in the expansion of the Aircraft Fuel Tank Market over the predicted period. Additionally, the research and development conducted on aviation fuel tank material to improve its strength and reduce the aircraft's weight has resulted in an increase in the aircraft's efficiency in recent years.
Additionally, the rising emphasis on aircraft weight reduction without sacrificing strength or quality of work is predicted to enhance demand for high-strength, lighter-weight materials used in aviation fuel tanks. Apart from this, the aeroplane fuel tank is a vital part of all aircraft, and thus the aerospace sector's growth will contribute to the worldwide aviation fuel tank market's growth.
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However, factors such as stringent regulatory requirements and guidelines and high manufacturing setup costs are likely to hinder the growth of the Aircraft Fuel Tank Market throughout the forecast period. However, the increasing trend toward the adoption of updated and upgraded technology equipment in order to get superior outcomes will contribute to the growth of the Aircraft Fuel Tank Market over the forecast period
By Type, the Internal sector commanded the lion's share of the market in 2019. External is predicted to expand at the fastest rate of growth during the projection period.
Civil Aviation accounted for the highest share of the Platform market in 2019 and is predicted to grow at a faster rate during the forecast period from 2020 to 2026. The UAV segment is predicted to develop at the fastest rate between 2020 and 2026. Globally, the growing usage of UAVs for surveillance, border patrol, intelligence, reconnaissance, missile detection, and satellite communications by military agencies and commercial applications is propelling this segment's rise.
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North America controls the market for aircraft fuel tanks. This trend is expected to continue during the forecast period, owing to the presence of major players such as Aero Tec Laboratories Inc., General Dynamics Corporation, and Robertson Fuel Systems LLC, as well as their significant investments in the development of aviation fuel tanks.
The growing use of fighter aircraft and unmanned aerial vehicles (UAVs) by armed forces for tactical tasks is likely to fuel the European market's growth over the assessment period.
The market for aviation fuel tanks in this region is expected to rise at a rapid clip throughout the forecast period. Regional development is being fueled by rising demand for new aircraft and increased defence spending in nations such as India and China.
Increased defence spending by countries such as Saudi Arabia, the United Arab Emirates, and Israel. Additionally, the Middle East & African region's expansion is being fueled by the presence of major carriers such as Etihad Airways and Saudi Arabian Airlines.
In Latin America, the use of UAVs for information gathering on drug trafficking and rebel groups, monitoring deforestation, and policing illegal migration has increased, which is projected to boost market expansion.
The notable players of the market are Aero Tec Laboratories Inc. (US), Cobham plc (UK), Elbit Systems Ltd. (Israel), General Dynamics Corporation (US), GKN Aerospace (UK), Marshall Aerospace and Defense Group (UK), Meggitt PLC (UK), Northstar (US), Robertson Fuel Systems LLC (US), Safran SA (France).
Aircraft Fuel Tanks Market