North America aircraft refueling hose market to amass commendable proceeds by 2025, OEMs to emerge as a prominent distribution channel
Publisher : Fractovia | Published Date : 2019-05-21Request Sample
Fueled by the surge in aircraft production, military jets, helicopters and fuel tankers, the global aircraft refueling hose market has attained substantial momentum in recent years. The product, constructed with highest precision and quality whilst keeping in mind the critical nature of its application, can have a direct impact on fuel quantity and operational safety. Moreover, its ability to easily conduct refueling operations on both land and in air has considerably enhanced the product’s significance in the past decades during which industry contenders have retained focus on the technological advancement of the system.
U.S. Aircraft Refueling Hose Market, By Application, 2018 & 2025, (USD Million)
Escalating air passenger traffic owing to expanding tourism industry and affordable air tariff will indirectly foster the usage of refuellers in commercial air carriers, boosting aircraft refueling hose market share. According to the International Civil Aviation Organization (ICAO), in 2018, a total of 4.3 billion passengers were reported to travel via air transport on scheduled services while over half of the world’s 1.4 billion tourists were recorded to travel by air across overseas borders in 2017. Irrefutably, the upsurge in air travel will impel the growth map of aircraft refueling hose market in the years to come.
How has the military sector helped augment the commercialization portfolio of aircraft refueling hose market?
Rising demand for military aircrafts along with a substantial increase in defense spending has contributed to the growth of the aircraft refueling hose market. Evidentially, to attain enhanced system performance and efficiency, eminent industry players are constantly focusing on developing lightweight and technologically advanced refueling hoses. Moreover, to conduct refueling operations in air, highly advanced new aerial refueling tankers and hoses are being deployed, further contributing toward improving operational efficiency and reducing flight downtime.
For instance, according to official reports, the new KC-46A aerial refueling tanker is reported to be delivered in the U.S. Air Force in the later part of 2019. The tanker is anticipated to come with probe and drogue refueling technologies to enhance the ability to refuel aircrafts in air, further extending the strike range of attack aircraft such as an F-15, F-22 or F-35. The influx of such tankers in the industry is certain to push the global aircraft refueling hose market trends in the future.
Aircraft refueling hose market will also register significant returns due to the surging demand for long range helicopters across diverse applications including tourism, military, and personal travel. The increasing deployment of helicopters for performing search and rescue operations in disaster-struck locations is expected to augment the growth of the aircraft refueling hose market.
Moreover, the growing use of helicopters in oil & gas and mining sectors to transport personnel is also likely propel aircraft refueling hose industry growth. Another factor that would be responsible for enhancing the commercialization portfolio of aircraft refueling hose industry is the increase in the production of helicopters across developing nations.
For instance, in 2018, India’s aerospace giant Hindustan Aeronautics Limited (HAL) had finalized plans to produce around 1,000 military helicopters and over a hundred airplanes, in line with the government's focus on speeding up defense indigenization.
OEMs are anticipated to push aircraft refueling hose market trends
Aircraft refueling hose market will also receive commendable traction owing to increased installation of OEM refuellers in commercial and defense aircrafts. Reportedly, industry players in the sector are constantly developing lightweight fueling hoses to offer easy handling capabilities for reel services whilst meeting stringent regulations.
Furthermore, aircraft makers are increasingly establishing strategic agreements to address midair fueling services for defense requirements. For instance, in 2018, Lockheed Martin and Airbus inked a deal to jointly explore opportunities to meet the surging demand for aerial refueling for U.S. defense customers.
Regionally speaking, the North America aircraft refueling hose industry is estimated to register massive gains over the coming years. Indeed, the region’s proliferating defense budget along with the rising number of air passengers are some of the key factors supporting industry growth. For instance, according to the U.S. Department of Transportation’s BTS (Bureau of Transportation Statistics) report, the region’s airlines, along with foreign airlines serving the country carried an all-time high of 965 million systemwide (both domestic and international) service passengers in 2017.
On March 11, 2019, President Donald J. Trump proposed the FY 2020 Budget, requesting $750 billion for national security, of which $718.3 billion will be allocated for the U.S. Department of Defense (DoD). Investments such as these are expected to boost aircraft refueling hose market in the U.S. and have broader effect on the global share of the industry as well.
As the demand graph of air transport continues to soar in the years ahead, aircraft refueling hose market size will depict a prominent upsurge. As pe estimates, aircraft refueling hose industry will register a valuation of USD 2.5 billion by 2025.
