What is the future of Aircraft Fuel Tank Inerting System Market? Know Covid Impact on Size, Share & Forecasts
June 15, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Fuel Tank Inerting System Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Fuel Tank Inerting System Market will reach an estimated value of US$ 493.6 million in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. The fuel tank inerting system is an essential part of the airframe fuel system. The aviation industry is increasingly incorporating advanced lightweight materials in both structural and semi-structural components to reduce the weight of an aircraft. Reduction in the weight of an aircraft considerably improves fuel efficiency. Fuel tank inerting systems are also not untouched with such dynamics and experiencing a greater usage of lightweight materials, such as aluminum and advanced high-strength steel (AHSS), in order to align with the airlines’ requirements.
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Aircraft Fuel Tank Inerting System Market Segment Insights:
By Platform Type:
Commercial aircraft are expected to remain the larger segment of the market during the forecast period. Increasing deliveries of commercial and regional aircraft owing to rising air passenger traffic, growing demand for fuel-efficient aircraft, and expanding aircraft fleet size are the key growth drivers of the segment’s market. Boeing anticipated that approximately 44,040 commercial and regional aircraft will be delivered from 2019 to 2038. A320 family, B737, B787, and A350XWB would remain the growth engines of the market.
By Method Type:
Inert gas supply is expected to remain the most preferred choice in the market during the forecast period, driven by its higher penetration in the commercial and regional aircraft. Since the development of hollow-fiber membrane air separation technology, on-board inert gas generating system (OBIGGS) is widely used in the aerospace industry as it eliminates the usage of an inert gas storage systems in the aircraft.
By Region:
North America is projected to remain the largest market for aerospace fuel tank inerting systems during the forecast period. The USA is the growth engine of the region’s market and has the largest fleet of military aircraft and one of the largest fleets of commercial aircraft in the world. The presence of all major aircraft OEMs, tier players, fuel tank inerting system suppliers, and raw material suppliers are primarily driving the aircraft fuel tank inerting system market in the country.
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This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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