According to our new research study on " Airport Fueling Equipment Market Forecast to 2030 – Global Analysis – by Tanker Capacity, Aircraft Type, Power Source, and Geography," the market is projected to reach US$ 287.4 million by 2030 from US$ 184.8 million in 2022. It is expected to register a CAGR of 5.7% during 2022–2030.
The demand for airport fueling equipment is also increasing with the rapidly growing aviation industry over the last few years. Emerging economies in APAC are showcasing a significant rise in the adoption of airport fueling equipment for commercial and military airport applications. The upcoming or pipelined airport projects in India, Singapore, Malaysia, and Thailand, among others, produce large revenue generation opportunities for the market players. For instance, India will build more than 70 airports between 2022 and 2025. The country has announced the potential investment of US$ 12 billion over the next two years from 2023 to build new airports by reaching 220 airports by 2025, from 148 airports in 2022. There are numerous projects under progress, driving market growth, such as the Sardar Vallabhbhai Patel International Airport Expansion Project, the New International Airport at Navi Mumbai, Noida International Airport, Kempegowda International Airport Expansion Project, and the Indira Gandhi International Airport Expansion Project, among others.
Similarly, pipelined and under-progress airport project of Changi Airport's Terminal 5 (T5) in Singapore is expected to start in 2025. Also, Thailand is accelerating expansion plans of airports in three locations: Suvarnabhumi, Don Mueang and U-Tapao, and Bangkok-area airports.
Thus, the growth in the number of airports and increased aircraft fleet volumes in APAC is creating a favorable business environment for the airport fueling equipment market players and driving the market growth.
North America heavily invests in commercial and defense sectors to address the increasing demand for aircraft fleets for international travel and defense strengthening. Additionally, as North America attracts numerous technological developments due to presence of prominent manufacturers, the demand for airport fueling equipment is growing rapidly in the region. With an increasing number of airports and aircraft, the demand for airport fueling equipment and services is also rising to ensure safe flight operations. Most of the countries in the region have a significant number of air flights and airports. The US dominates with ~13,513 airports, followed by Mexico with ~1,714 airports and Canada with ~1,467.
North America has the largest number of aircraft manufacturing companies and service providers, leading to strong competition in the market. The rising competition in the region has encouraged market players to provide enhanced integration of advanced systems such as electrically powered equipment and hydrogen-based vehicles through continuous development at competitive pricing.
The aviation industry is also enhancing airport fueling equipment operations to ensure flights are ready to fly within the minimum required time for fueling. Furthermore, there is a rise in investments in airport expansion and new projects. For instance, in 2022, Federal Aviation Administration announced an investment of US$ 1 billion in 2023 for airport expansions. Also, in June 2022, Tucson International Airport (TUS) formed a partnership with Burns & McDonnell to introduce a new 500,000-gallon bulk jet fuel storage facility project worth US$ 28.8 million. It includes a trio of 168,000 above-ground jet fuel tanks and the replacement of eight underground single-walled tanks. The increasing number of flights and airports in the region contributes heavily to the market growth, and it is expected to create a lucrative opportunity for market players to make more advancements in airport fueling equipment solutions.
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