Aircraft Turbine Fuel System Market Demand and Growth Analysis
, 2022-11-24 10:13:00,
According to the new research report published by The Insight Partners, titled “Aircraft Turbine Fuel System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the 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 6.4% from 2021 to 2028.
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, an 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 global 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…
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