Global aerospace and defense (A&D) fuel market valuation was around USD 8.4 billion in 2014 and is expected to grow at an estimated CAGR of over 6% from 2015 to 2022. Global economic growth, increasing entry of low cost airlines, and rising aircraft demand from emerging economies such as China and India is expected to foster industry development.
Increasing global passenger traffic of around 10 to 12% annually is likely to boost aerospace fuel demand. Rapid recovery from a steep decline in recent years and expanding production plans in the aircraft manufacturing sector are also expected to drive phenomenal growth over the forecast period.
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Expansion of production activities by major market players such as Boeing and Airbus of around 46 and 42 per month respectively is likely to increase fuel demand. Increasing access to low-cost carriers, particularly in Asian and Latin American countries, coupled with enhancements in global fiscal conditions is expected to increase market revenue as well.
Rising demand for surveillance aircrafts and pilot training in civil and military applications is another major factor promoting industry development. Growing need for transportation of goods owing to increased trade activities as well as rising per capita income and positive GDP growth in emerging economies such as Brazil, Mexico, Thailand, China, and India is also likely to boost market demand.
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Stringent governmental regulations and increasing awareness regarding carbon emissions, after the Copenhagen Climate Conference 2009, are likely to foster replacement of older airplane models with new, efficient carriers that promote fuel savings and reduce overall emissions. Despite the fact that carbon emissions from aircraft account for only around 2% of global emissions, the aviation segment is actively taking steps towards carbon-neutral growth by improving average fuel efficiency by 1.5% per annum until 2020.
Changing nature of warfare and increasing global security concerns are also promoting the development and investment in unmanned drones and defense aircrafts. Fuel demand is anticipated to increase even further with addition of innovative aircraft in civil and defense applications.
Several companies are increasing their capacities for network expansion by adding new routes and carriers in their existing services. Recently, IndiGo, an Indian airline, launched eight new direct flights connecting major cities across the nation along with induction of new Airbus A320 into its fleet. Increasing application of civilian helicopters of around 5% is also expected to boost fuel demand over the forecast period.
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