Asia Pacific Aircraft Turbine Fuel System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type [Hydromechanical, Full Authority Digital Engine Control (FADEC), and Hydromechanical/Electronics] and Aircraft Type (Commercial Aircraft, Military Aircraft, and General Aviation Aircraft)
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The aircraft turbine fuel system market in APAC is expected to grow from US$ 395.74 million in 2021 to US$ 575.84 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028.
Australia, China, India, Japan, and South Korea are major economies in APAC. Exponential growth of aviation industry in China is the major factor driving the APAC aircraft turbine fuel system market. Since the beginning of the 21st century, the aviation industry has flourished in China. At present, China holds the second-largest aviation market after the US. Boeing, American aircraft giant, in November 2020 announced that Chinese carriers are projected to acquire 8,600 new airplanes over the next 20 years. Also, the country’s commercial jet fleet has expanded sevenfold since 2000, which is ~25% of all aviation growth worldwide over the past decade. According to Carnoc, about 25% of the APAC single-aisle aircraft were procured by Chinese carriers. The incremental growth of the aviation industry in China is attributed to rapid growth in middle-class consumers coupled with robust economic growth and growing urbanization. Further, the Aircraft giants such as Boeing and Airbus have manufacturing assemblies in China, which complements the growth of the aircraft turbine fuel system market. Also, in setback of Boeing 737, two consecutive crash and the announcement of discontinuation of Airbus A320 is projected to complement the adoption of COMAC C919 and C929 aircraft as these are considered the immediate substitute to Boeing 737 and Airbus A320. Meanwhile, the country has the second-largest defense budget across the world after the US, and a significant portion of the defense is allotted to the procurement of advanced military aircraft and upgradation & MRO operations. Thus, all these are bolstering the aviation industry in China, which is projected to create ample growth opportunities for aircraft turbine fuel system market players.
The COVID-19 outbreak has resulted in a massive financial loss to APAC countries. The governments of these countries have been continuously taking possible steps to reduce the intensity of the pandemic by announcing lockdown and rolling out physical distancing measures (post lockdown). China is one of the leading aerospace manufacturing countries in the region and has been one of worst-affected countries in the Q1 and Q2 of 2020. The Airbus and Boeing manufacturing facilities in China were shut down for a longer period, which resulted in substantially low demand for various components and systems, including turbine fuel systems. Similarly, COMAC, China’s indigenous aircraft manufacturer, halted its production of C919 during Q1. India, Japan, and South Korea are still combating the virus. However, the countries have eased the lockdown measures, which is reflecting the resumption of manufacturing facilities. Nonetheless, the remarkable lower volumes of air travel passengers have slowed down the demand for various components among the OEMs regionally and internationally. This has been negatively affecting the aircraft turbine fuel system market in APAC.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC aircraft turbine fuel system market. The APAC aircraft turbine fuel system market is expected to grow at a good CAGR during the forecast period.
APAC Aircraft Turbine Fuel System Market Segmentation
APAC Aircraft Turbine Fuel System Market – By Type
- Hydromechanical
- Full Authority Digital Engine Control (FADEC)
- Hydromechanical/Electronics
APAC Aircraft Turbine Fuel System Market – By Aircraft Type
- Commercial Aircraft
- Military Aircraft
- General Aviation Aircraft
APAC Aircraft Turbine Fuel System Market, by Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC Aircraft Turbine Fuel System Market - Companies Mentioned
- Collins Aerospace
- Eaton Corporation plc
- Honeywell International Inc.
- Parker-Hannifin Corporation
- Safran
- Triumph Group, Inc.
- Woodward, Inc.
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- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the aircraft turbine fuel system market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution