The global aircraft airframe fuel systems market is characterized by a wide array of factors which are directly or indirectly stimulating the growth of the market. The biggest factor is the increase in number of deliveries of commercial aircraft to support rising passenger and cargo traffic. Both Boeing and Airbus have massive plans to raise the production capacity of their best-selling aircraft (B737, A320, B787, and A350XWB) to meet the huge order backlogs.
Another factor impacting the overall market is the volatility in crude oil prices that plummets the operating margin of airlines severally as crude oil roughly accounts for 30% of the operating cost of an airline company. This pushes the airline companies to demand fuel-efficient aircraft for improving their profit margins. This imprints huge pressure in the entire supply chain of the aerospace industry. Engine manufacturers are also not untouched with such factors and have started developing fuel-efficient engines utilizing advanced technology and lightweight materials that can withstand high temperature with greater durability. Development of LEAP and GE9x engines are such examples. The aircraft airframe fuel systems need to be redesigned meeting emerging requirements of such fuel-efficient high-thrust engines.
Similarly, increasing carbon emissions has alarmed the world and has resulted in implementation of several stringent regulations. ICAO proposed the first ever standard for new aircraft that will mandate improvements in fuel efficiency and reduction in carbon dioxide (CO2) emissions for the aviation sector. This again impacts the demand for composite-based lightweight aircraft airframe fuel systems as the component offers fair reduction in carbon emissions by enhancing the fuel efficiency.
Another important factor is strategic alliances/acquisitions by key fuel system component suppliers in the aircraft industry. In 2017, Woodward and GE formed a joint venture for developing Large Engine Fuel Systems for the commercial engines. Triumph group acquired the pump and engine control system of Goodrich Cooperation (Goodrich Pump & Engine Control Systems or GPECS) from United Technologies Corporation.
The global aircraft airframe fuel systems market is likely grow at a strong CAGR to reach US$ 4,743.1 million in 2023.
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