International Aircraft Fuel Tanks Market is expected to reach 992.52 million USD by the review period of 2026. This growth figure is speculated to be achieved upon expanding at a CAGR of 1.8 percent. Here the review period has been taken as 2020 and 2026. Prime purpose of aircraft fuel tank is that it is capable of loading, keeping, handling, and delivering to the aircraft engine. It is here to note that aircraft fuel tank is a prime section of aircraft fuel unit. In general, the fuel tanks vary from one aircraft to another in terms of size and sophistication.
The fuel system is comprised of several fuel tanks that might be positioned within the wings or fuselages. Every tank comes with native fuel pumps and also comes with related valves and units of plumbing for supplying fuel within the engines, at the same time filling in the fuel and removing it. Growing budget in defense and growing level of passenger traffic is stated as the prime reason behind the expanding international aircraft fuel tanks market. Demand for fresh aircraft has also increased, contributing towards growth of the market.
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Greater usage of UAVs in defense sector and commercial application is the reason behind the growing aircraft fuel tanks market. To be specific, the market has grown in a noteworthy fashion in recent past owing to greater expenses in military department. Reports suggest that the international military expense has increased by 2.6 percent, thus reaching USD 1.82 trillion. This feat has been achieved between 2020 and 2020. Growing level of expenses in defense sector is expected to demand more advanced aircraft, thus contributing aircraft fuel tanks market.
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) and Safran SA (France)
Latest reports suggest that global Aircraft Fuel Tanks Market is going to remain most significant during the review period. Among these, North America is speculated to be the most dominant during the review period. Growing budget in defense department by different governments makes the market so much stabilized across the globe.
International fuel tanks market is segmented based on product type, in terms of platform, and regionally. Based on type, the market is further segmented into external fuel tanks and internal. To be specific, the external fuel tank is expected to grow at the most significant CAGR during the review period. Being highly used in military fighter jets makes it such noteworthy. Based on platform, the market is further segmented into civil aviation, military aviation, and UAV. Among these, civil aviation is expected to grow at highest CAGR between 2020 and 2026.
Regionally, global fuel tanks market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South Africa. Among these, North America is considered the most dominant. To be specific, the US is speculated to be the major contributor. Greater adoption of fighter jets by the military forces makes European market equally significant. Coming to Asia Pacific market, this part of the global fuel tanks market is also expected to grow at a higher CAGR during forecast period, powered by mainly India and China. Greater defense expenses by nations like UAE, Saudi, and Israel make Middle East market.
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