The global aircraft turbine fuel system 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 5. 91% during 2020-2028.
New York, June 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Turbine Fuel System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type [Hydromechanical, Full Authority Digital Engine Control, and Hydromechanical/Electronics] and Application" - https://www.reportlinker.com/p06099441/?utm_source=GNW
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.
To cater the dynamic challenges of the defense industry, market players are investing in the development of robust and innovative systems. 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.
Impact of COVID-19 Pandemic on Aircraft Turbine Fuel System Market
Amid COVID-19 outbreak pandemic, 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.
The overall aircraft turbine fuel system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the segments.It also provides the overview and forecast for the global aircraft turbine fuel system market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic.The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the aircraft turbine fuel system market.
A few major players operating in the market are Collins Aerospace; Eaton Corporation plc; Honeywell .; Jihostroj a.s.; Mascott Equipment Co.; Parker-Hannifin Corporation; Safran ; Silver Atena GmbH; Triumph Group , Inc.; and Woodward, Inc.
Read the full report: https://www.reportlinker.com/p06099441/?utm_source=GNW
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