The world of engineering is vast and constantly evolving. The new age of digital enabled manufacturing, known as Industry 4.0 is arriving in the next few years. Despite the importance of the presence of autonomous manufacturing methods, we shouldn’t turn a blind eye to the industry trends in the traditional engineering markets.
With the new year almost upon us, now is the perfect time to review the industry trends.
In our full report, 2019 Engineering Research Review, we take a deep-dive into each market of the global engineering industry, including:
- Industrial Furnaces
- Aircraft Fuel Systems
- Airport Security
In today’s post, we look the above markets, providing you with insights and key highlights that you can use in your reports or projects.
The past few years have seen a careful expansion and opportunity for growth within the global furnace industry. This industry is one that is made-up of niche sub-markets. These markets provide custom and semi-custom- tailored furnace solutions as well as standardized packaged-type systems. It is a market with a high rate of innovation and customization and is currently advancing at a rapid pace.
- Herein, the key regional and national technology-level and application-oriented opportunities for development will drive strong growth in the industrial furnace market through 2023.
- By 2023, the global market will advance at a strong CAGR of 9.1% to reach the considerable rate of $16.4 billion.
- Most industrial furnace applications considered here are expected to show moderate to strong growth through 2023.
Aircraft Fuel Systems
Aircraft fuel systems are in demand due to the rise of passenger air traffic, increased amounts of unmanned aerial vehicles and military aircrafts. While more people are traveling via air, there is a need for increased efficient aircraft fuel. Companies must find ways to deliver on these demands while remaining within the environmental constraints that are placed on the market.
A big goal for aircraft manufacturers is improving the fuel efficiency while reducing the weight of the craft. They address these issues through three types of aircraft fuel systems:
- Fuel injection-based systems
- Pump feed technology-based systems
- Gravity feed technology-based systems
- The global aircraft fuel systems market is estimated to grow at a CAGR of 6.6%, reaching $10.6 billion by 2023.
- Fuel injection-based systems hold the largest share at 85.1%. This is followed by pump feed technology-based systems at 11.7% and gravity feed fuel systems at 3.2%.
- Airplanes accounted for the largest share of the market in 2017 at 75.6%, however helicopters are projected to have high growth rates in the future.
Since the attack on September 11th on the U.S. there has been continuous efforts being made to increase airport security. It comes as no surprise that the airport security industry has been revolutionized in the past decade. There are now robust solutions that airports globally are working to implement, in access control, cybersecurity and perimeter security.
- The global market for airport security will reach $15.1 billion by 2023, growing at a CAGR of 8.9%.
- By 2023, it is estimated that the fleet size of passenger aircrafts will more than double their present size.
- The demand for the technologies, such as screening and surveillance, are expected to grow at the highest CAGR through 2023.
Learn more about the Global Engineering Market
To learn more about other markets in the global engineering industry, read our blog post, “Engineering Market Trends 2018-2019.”