According to our latest market study on “Aircraft Turbine Fuel System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Appl
According to our latest market study on “Aircraft Turbine Fuel System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market was valued at US$ 2,087.63 million in 2020 and is projected to reach US$ 3,303.73 million by 2028; it is expected to grow at a CAGR of 6.4% from 2021 to 2028.
The aircraft turbine fuel system is one of the crucial systems in aircraft. The aircraft turbine fuel system manages the flow of fuel for optimum performance of the aircraft during various stages of flight, such as rapid maneuvering, changes in altitude, and sudden acceleration or deceleration. Initially, the aircraft turbine fuel system was operated manually by the flight operators; however, with the advancement in technology, self-calibrating aircraft turbine fuel systems, such as Full Authority Digital Engine Control (FADEC), were introduced in the market. The aircraft turbine fuel system market is experiencing significant growth owing to the increasing year-on-year government budgets for national security. Governments across the world are significantly investing in the procurement of advanced state-of-the-art commercial as well as military aircraft fleet. Additionally, 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, which is propelling the demand for aircraft turbine fuel system market globally.
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Impact of COVID-19 Pandemic on Aircraft Turbine Fuel System Market
The COVID-19 outbreak is adversely affecting the world and is continuing to shatter several countries. Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production, despite huge backlogs from the aircraft manufacturers. Also, the global aviation industry witnessed a significant rise in the number of passengers count and increase in aircraft procurement. Unfortunately, the COVID-19 outbreak have decimated the demand for aircraft globally. The decline in production volumes hampered the businesses of various component manufacturers and associated technologies. Thus, the businesses of the aircraft turbine fuel system market players have been severely affected by destabilization in aircraft production.
During the outbreak, the entire commercial aviation industry came to a halt with minimal resources to foresee the future. Several production units in the US, France, Russia, and China were temporarily paused to adhere to the government rules regarding the lockdown and physical distancing. The aircraft manufacturers witnessed 30%–50% reduction in demand for most of the aircraft models, especially, commercial aircraft models. The lower aircraft production and assembly declined the demand for aircraft turbine fuel system, resulting in lower revenue generation. This factor restrained the growth of the aircraft turbine fuel system market. Moreover, the strategy to retire various wide body jets and narrow body jets by different airlines across the globe with an objective to cut down operational costs is hindering the aviation aftermarket industry. Also, this is expected to l the demand for turbine fuel system in the coming years. Hence, the negative impact on aviation aftermarket also affected the businesses of numerous aircraft turbine fuel system market players.
The players operating in the aircraft turbine fuel system market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- 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.
- In 2021, Triumph Group, Inc. announced that it has secured multiple contract extensions with Boeing Commercial Airplanes, which would extend their collaboration on critical system components. The contracts highlight Triumph’s strategic focus on high-value systems offerings including actuation, hydraulic and fuel systems, geared solutions, as well as maintenance, repair, and overhaul offerings.
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