The global Aircraft Refueling Hose market is expected to witness a market value of US$ 2.3 Billion in 2023 and is expected to accumulate a market value of US$ 3.75 Billion by registering a CAGR of 5.0% in the forecast period 2023 to 2033. The market for Aircraft Refueling Hose market registered a CAGR of 3.1% in the historical period 2018 to 2022. Surge in demand for air-to-air refueling systems to support overseas deployments, coupled with increase in defense expenditure of countries across the globe are expected to augment the market growth.
As per Future Market Insights - a market research and competitive intelligence provider, the global market value for Aircraft Refueling Hose has been propelled, attributed to the factors such as increase in combat aircraft procurement, rise in commercial aircraft deliveries, as well as development of autonomous refueling.
The growth in the tourism industry benefits the demand for commercial aircrafts across the globe, which in turn acts as a driving factor for the demand for aircraft refueling hose. The rise in tourism sector also contributes to the rising demand for helicopters. In addition, augmented applications of helicopters in numerous industries, such as mining, oil and gas, and installing refueling hoses for higher fuel flow assurance and augmented reliability, are other factors fueling the market growth.
Moreover, factors such as rising investment for defense globally, to strengthen their military operations are anticipated to bolster the growth of the aircraft refueling hose market in the near future. Also, rising commercial vehicles due to rapid growth in air passenger traffic is expected to provide a positive outlook for the market growth. For instance, in 2018, Boeing announced the delivery of 806 aircraft, reducing backlogs and enhancing their business share.
On the regional basis, the aircraft refueling hose market in North America is anticipated to hold a significant share over the analysis period, attributed to the high expenditure for defense budget as well as an increase in the number of air passengers.
On the other hand, in Europe, the market is expected to witness a significant growth, owing to rising air travel across the region. The escalating air passenger traffic due to the increasing demand for low-cost air carriers, coupled with the improving tourism sector in Europe are other factors that are likely to boost the regional market growth during the forecast period.
Additionally, increasing technological advancements by major market players offer significant lucrative opportunities in the targeted market. The market players have been continuously investing in innovative technologies and are partner with research organizations and scientists, in order to develop advanced systems and increase their aircraft refueling hose market size. For instance, in 2016, Russian scientists announced the development of an advanced laser refueling system, which is capable of fueling small satellites and aircraft.
Moreover, the stringent regulatory standards also require market players to invest in hose technologies to introduce safe and compliant aircraft refueling hoses perfect for varied operations across many environments and climatic conditions. For instance, organizations such as ICAO provide several safety and fire standards for refueling hoses that allow market players to provide safe and superior hoses. This in turn is expected to act as a driving factor for the growth of the aircraft refueling hose market in the near future.
Further, the merger & acquisitions as well as product launches are considered as the key strategies adopted by the market players, which are anticipated to stimulate the growth of the aircraft refueling hose market during the analysis period. For instance, in February 2019, Parker Hannifin Corporation acquired Markwel Hose Products Pvt. Ltd. This strategic acquisition complements and enhances the presence of its hose products in Asia-Pacific.
According to latest research, the aircraft refueling hose market is projected to expand between 4.0% and 6.0% CAGR during the 2020 to 2026 assessment period. An aircraft refueling hose is used for fuelling and defueling purposes of private and commercial aircraft.
It handles jet fuel along with higher grade aromatic aviation gasoline. The ability of these systems to easily refuel aircraft in land and air during flight journey coupled with a considerable reduction in flight journey downtime significantly supports the industry size expansion over the projected timeframe.
Moreover, advancements in materials along with superior fire resistance capabilities are few major innovations in aircraft refueling hoses, contributing to the increasing segment share.
Growing demand for advanced refuellers and sales is driving the aircraft refueling hose market over the study timeframe.
Availability of wide range of built-in hose assembly with different diameter will further support the business growth.
Stringent government regulations across the globe mandating periodic maintenance of products and replacements of old products not meeting the standards are supporting the revenue generation process.
Developments in tourism sector and parallel rise in disposable income are some of the key influencing factors boosting the industry growth of commercial aircraft.
The proliferation of economical aircrafts providing affordable air travel networks across multiple countries is expected to uplift the refueling hose market growth over the time period.
In addition, airliners are constantly enhancing their aircraft portfolio in order to cater the growing air passenger traffic. In 2019, for instance, Azul airlines (Brazil) announced the up gradation of its aircraft fleet with new orders of Embraer 195-E2 aircraft and Airbus A320neo.
Increase in the tourism industry across the globe to benefit the demand for commercial aircraft and ultimately rise the demand for aircraft refueling hose. Helicopters will showcase considerable growth in the market size on account of the rising prevalence of Helicopter In-Flight Refueling (HIFR) systems.
Upsurge in the tourism industry is significantly contributing to the growing demand for helicopters.
Moreover, increased applications of helicopters in several industries, including oil & gas and mining, along with the installation of refueling hoses for increased reliability and higher fuel flow assurance will further propel the market size till 2031.
The Europe market size will grow significantly due to the rising air travel across the region.
The proliferating air passenger traffic owing to the rising demand for low-cost air carriers along with improving tourism sector will further expand the regional share over the forecasted period.
Airliners across the region are focusing on expanding their aircraft fleet for catering to the rising air passenger traffic.
For instance, in 2017, Surf Air announced the expansion of its network routes and business aircraft fleet with innovative, low-cost, and subscription-based all-you-can-fly-model to target a wide air travelling customer base.
North America will account for a significant share in the aircraft refueling hose market size.
The massive defense budget along with the rising air passenger travels are some of the major factors supporting the regional growth.
For instance, the USA Pentagon has proposed a defense budget amount to USD 718 billion for FY 2020. Moreover, Canada defense expenditure accounted for around USD 16 billion in 2018, positively influencing the regional share over the study timeframe.
Several key market participants are focusing on new & innovative product development to cater the growing demand from the end use sector.
Key players are investing an enormous amount in research and development to introduce new products and they are also investing to manufacture products in a sustainable way, to decrease the carbon emission.
Key players are also focusing on acquisitions of small and medium size players and collaborations with other market participants either for the R&D or to manufacture the product at a large scale.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Aircraft Refueling Hose Market
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