Market Introduction
European region consists of Germany, France, the UK, Italy, Russia, and the Rest of Europe; among which France and Russia have the biggest aircraft manufacturing hub. The aviation industry is among the largest sectors, which contribute massively to the GDP of the region. Owing to high GDP per capita, the air travel is considered the most preferred means of travel among European population. Further, the presence of robust technological infrastructure and favorable economic conditions have paved the way for the aerospace and aviation industry to flourish in this region, thereby propelling the growth of aircraft turbine fuel system market in Europe. Europe houses manufacturing facilities of some of the major aircraft manufacturers such as Airbus, Dassault Aviation, Leonardo, and Thales Group. The presence of such leading players has paved the growth path for military and civil aircraft and helicopters. The existence of various aircraft and helicopter manufacturers in the region is one of key driving factors for the growth of the aircraft turbine fuel system market.
European countries have been experiencing a continuous surge in the COVID-19 cases. The European aviation industry is composed of aircraft OEMs, component suppliers, airlines, and MRO service providers. The outbreak has affected each aviation business stakeholders' business in the region. Several airlines in the region have postponed the pending aircraft fleet's procurement dates to manage their current operational costs. The aircraft OEMs and component suppliers are suffering economic losses due to this move of the airlines. Airbus, a forerunner in terms of aircraft production volume, delivered 566 aircraft in 2020, compared to 863 aircraft in 2019. Apart from Airbus, other aircraft OEMs such as Dassault Aviation, Leonardo, Sukhoi, Tupolev, and Ilyushin, among others, also faced severe challenge in delivering substantial number of aircraft models to respective customers. This has lowered the demand for aircraft turbine fuel systems in Europe. France, Italy, the UK, and Russia are among the European countries that have a greater number of aircraft manufacturers; they are also among the severely hit countries by the pandemic.
Market Overview and Dynamics
The aircraft turbine fuel system market in Europe is expected to grow from US$ 645.60 million in 2021 to US$ 1,115.04 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. Moreover, growing air travel and increasing government budgets for military aircraft and helicopters have stimulated the MRO services, which has significantly boosted the revenue stream of aircraft turbine fuel system market players operating in Europe. With more than 20,000 flights a day and ~500 million passengers flying every year, Europe accredits to be the world’s busiest airspace. The airlines in the European countries, irrespective of full service or low-cost airlines, are facing extreme pressure for air travel. This is influencing the companies to procure a high number of aircraft.
Key Market Segments
The Europe aircraft turbine fuel system market is segmented into type and aircraft type. Based on type, the aircraft turbine fuel system market is segmented into hydromechanical, full authority digital engine control (FADEC), and hydromechanical/electronics. The full authority digital engine control (FADEC) segment held the largest share in 2020 based on type. Based on aircraft type, the Europe aircraft turbine fuel system market is segmented as commercial aircraft, military aircraft, and general aviation aircraft. The commercial aircraft segment held the largest share in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the aircraft turbine fuel system market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Collins Aerospace; Eaton Corporation plc; Honeywell International Inc.; Jihostroj a.s.; Mascott Equipment Co.; Parker-Hannifin Corporation; Safran; Silver Atena GmbH; and Triumph Group, Inc.
Reasons to buy report
Europe Aircraft Turbine Fuel System Market Segmentation
Europe Aircraft Turbine Fuel System Market - By Type
Europe Aircraft Turbine Fuel System Market - By Aircraft Type
Europe Aircraft Turbine Fuel System Market - By Country
Europe Aircraft Turbine Fuel System Market - Company Profiles