Newark, Oct. 27, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global aviation gasoline market is expected to grow from USD 1.57 billion in 2022 to USD 2.64 billion by 2030, at a CAGR of 6.73% during the forecast period 2022-2030.
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Private aircraft services are occasionally used by multinational firms, governmental organizations, celebrities, and other high-net-worth individuals. The global market for aviation fuel will be driven by the need for commercial aviation by the previously mentioned stakeholders. The commercial sector uses aviation for light cargo transportation, the service sector uses them for business trips, the consumer sector uses them for passenger taxis, and the agricultural sector uses them for land surveying and mapping. Therefore, the growing application of aviation will drive the avgas market. The worldwide aviation gasoline market will also be driven by the rising demand for UAVs for monitoring, surveillance, aerial photography, asset inspection, emergency response, and product deliveries. Additionally, the use of light aircraft carriers for air sports and leisure pursuits will aid in the growth of the aviation gasoline market. There has been a surge in research and development of better aircraft carriers with enhanced quality, safety, and comfort due to the growing worries of aviation industry owners and operators regarding the deteriorating safety standards in the sector. Increased spending on aircraft avionics will present profitable chances for industry players with a growing customer base. The market will experience excellent growth possibilities during the projection period, given these technological developments and product breakthroughs. Developments by industry participants will increase aviation gasoline's efficiency and help it maintain its importance in a market heavily skewed toward electric and hybrid vehicles.
Increasing hybrid and electric aircraft carriers will restrict the market's growth. The supply shock and low market demand for aviation services caused by the pandemic will challenge the market's growth. However, the increasing number of high-net-worth individuals, air sports, and adventure sports enthusiasts will aid the market in recovering from the previously mentioned shortcomings.
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Competitive Strategy
To enhance their market position in the global aviation gasoline market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• To deliver sustainable aviation fuel (SAF) at Ryanair airports throughout Austria, Germany, and Romania, OMV, an international integrated oil, gas, and chemicals corporation, and Ryanair signed a Memorandum of Understanding on September 14, 2022. Although the restricted supply of SAF continues to be a problem for international aviation, this MoU agreement grants Ryanair exclusive access to buy up to 160,000 tonnes of SAF from OMV over the following eight years (starting in 2023). This would result in a CO2 reduction of more than 400,000 tonnes.
Market Growth & Trends
The aviation gasoline industry will grow and develop as the demand for aircraft increases. For instance, the inexpensive nature of light/ultralight aircraft, which are faster, more efficient, and environmentally sustainable, given their low fuel consumption, contribute to its rising demand across industries ranging from agriculture to defense. The increase in the number of HNIs globally is driving the demand for chartered flights for private business and personal and recreational affairs to expedite their activities, which will contribute to the development of the aviation gasoline market. Governments and private market participants are working together to develop the aviation gasoline market, providing profitable prospects for the 2022-30 global gasoline market. The aviation gasoline market will increase due to the growing trend of deploying unmanned aerial vehicles (UAVs) for sensitive remote missions in the military. Integration of advanced avionics to improve the safety and quality standards of the aviation sector will also boost the market during the forecast period.
Key Findings
• In 2022, the fixed-wing aircraft segment dominated the market with the largest market share of 63% and market revenue of 0.98 billion.
The aircraft type segment is divided into fixed-wing, rotorcraft, and others. In 2022, the fixed-wing aircraft segment dominated the market with the largest market share of 63% and market revenue of 0.98 billion.
• In 2022, the avgas 100LL segment accounted for the largest share of the market, with 38% and a market revenue of 0.59 billion.
The fuel type segment is divided into avgas 100, avgas 100LL, avgas 80, avgas 115, avgas UL91, avgas UL94, and others. In 2022, the avgas 100LL segment accounted for the largest share of the market, with 38% and a market revenue of 0.59 billion.
• In 2022, the private segment dominated the market with the largest market share of 58% and market revenue of 0.91 billion.
The end-user segment is divided into private, commercial, and military. In 2022, the private segment dominated the market with the largest market share of 58% and market revenue of 0.91 billion.
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Regional Segment Analysis of the Aviation Gasoline Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global aviation gasoline market, with a market share of around 38.34% and 0.60 billion of the market revenue in 2022. The North American region is expected to be the largest market forecast period. The aviation gasoline market in North America has been expanding rapidly. The United States of America dominates the aviation gasoline market in the North American region. The growing need to constantly monitor the adversaries of the US has increased the expenditure on developing UAVs that can provide 24/7 real-time surveillance cost-effectively. The increasing number of people opting for aircraft training to gain a flying license for air sports and recreational activities will also drive the region's growth. The growing presence of pilot training schools is also a positive growth contributor to the market.
Key players operating in the global aviation gasoline market are:
• BP Plc
• ExxonMobil
• Hjelmco Oil AB
• Indian Oil Corporation Limited
• Naftal
• Philips 66
• Repsol
• Shell
• Total
• Vitol Group
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global aviation gasoline market based on the below-mentioned segments:
Global Aviation Gasoline Market by Aircraft Type:
• Fixed-Wing
• Rotorcraft
• Others
Global Aviation Gasoline Market by Fuel Type:
• Avgas 100
• Avgas 100LL
• Avgas 80
• Avgas 115
• Avgas UL91
• Avgas UL94
• Others
Global Aviation Gasoline Market by End User:
• Private
• Commercial
• Military
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About the report:
The global aviation gasoline market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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