Global Aircraft Fuel Tanks Market Size to Reach USD 1,058.8 – GlobeNewswire

September 04, 2023 10:30 ET | Source: Emergen Research Emergen Research
Pune, INDIA
Vancouver, Sept. 04, 2023 (GLOBE NEWSWIRE) — The global market for aircraft fuel tanks attained a valuation of USD 899.00 Million in 2022. Projections from the latest analysis conducted by Emergen Research indicate a prospective compound annual growth rate (CAGR) of 1.7% in revenue, reaching the year 2032. This anticipated growth can be attributed to the escalating volume of aircraft orders on a global scale. This surge in orders subsequently drives a heightened demand for efficient fuel storage solutions within the industry.
A pivotal driver behind this upward trajectory is the increasing emphasis placed by aircraft manufacturers on achieving a delicate balance between weight reduction and uncompromised quality. This endeavor has translated into a significant demand for fuel tanks constructed from lighter-weight materials. By incorporating lighter aircraft fuel tanks, the overall weight of the aircraft is diminished, yielding several benefits such as reduced fuel consumption and operational costs.
Furthermore, this weight reduction facilitates an augmented fuel load capacity, consequently extending the aircraft’s operational range—an indispensable feature for long-haul flights. This extended range capability not only enhances operational flexibility but also contributes substantially to the expansion of revenue within the aircraft fuel tanks market.
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The surging demand for self-sealing fuel tanks within the domain of military aviation stands as an additional catalyst propelling the expansion of market revenue. Within the realm of military aviation, fuel tanks assume a critical role, acting as the primary reservoirs for fuel that enables aircraft to execute flights and accomplish missions. The integration of self-sealing fuel tanks introduces a pivotal advancement in this context, working to avert potentially catastrophic fires and explosions.
The primary objective of employing self-sealing tank technology is to prevent leakage from aircraft tanks that have been compromised by projectiles, particularly those ranging from 7.65mm to 14.5mm caliber bullets. These specialized tanks not only fortify aircraft against potential damage but also yield the advantage of extended aircraft range and autonomy. Furthermore, they contribute substantially to enhancing occupant safety, bolstering the overarching drive behind the revenue growth in the market.
However, it’s essential to acknowledge that the burgeoning expenses associated with maintenance present a notable impediment to the expansion of market revenue. Maintenance is a critical aspect to ensure the integrity of fuel tanks, preventing leaks and mitigating other associated risks. Additionally, the finite capacity of fuel tanks introduces a constraint on the aircraft’s operational range, thereby influencing the distance the aircraft can traverse before necessitating refueling operations.
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Scope of Research
Major Companies and Competitive Landscape
The global aircraft fuel tanks market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
Strategic Development
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Some Key Highlights From the Report
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For the purpose of this report, Emergen Research has segmented the global aircraft fuel tanks market on the basis of type, platform, material, end-use, and region:
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