North America will witness around 3% CAGR in the aircraft refueling hose market share owing to the increasing investments by industry participants to advance technologies. For instance, in February 2016, Boeing tanker KC-46 carried out the successful fueling of F/A-18 during its flight. Additionally, the deployment of multiple tankers with probe & drogue systems including the KC-130, C-160 NG, and KC-135 will further support the aircraft refueling hose market expansion over the projected timeframe.
The aircraft refueling hose market is registering significant growth in recent times owing to exponential rise in deployment of aircraft fleets worldwide. Increased tourism and spending on business travel has also propelled the aviation sector in the past couple of years.
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Expansion in commercial airline fleets along with a high-rise demand for lighter airplanes will boost aircraft refueling hose market share. Exponential increase air passenger traffic will positively influence product demand. For instance, IATA claims that, with present trends in air transport, it is likely that passenger numbers will double to 8.2 billion by 2037.
Rising efforts by domestic airlines to increase their flight network by adding new, advanced aircrafts will drive the industry share. Expanding aircraft fleets helps to increase the size of the airline’s network and will eventually help to boost aircraft refueling hose market trends.
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Aircraft major Boeing recently projected that the worldwide need for new airplanes will grow rapidly between 2018 and 2037, during which about 42,730 new airplanes deliveries are expected with a market value of $6.3 trillion. This growth will be increasingly witnessed across Asian countries like China and India and will drive the regional industry. In fact, Boeing claims that China alone is expected to order 6,810 new airplanes worth over $1.025 trillion over the aforementioned period.
The U.S. Navy plans to finalize its MQ-25 drone program by 2019 with an aim to craft drones that could fly off an aircraft carrier and refuel other aircraft mid-flight. Proliferating trends pertaining to drone development and deployment will propel North America aircraft refueling hose market size.
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Helicopters are gaining traction in aircraft refueling hose market owing to increasing use of helicopter in-flight refueling (HIFR) systems. In the past decade, the worldwide fleet of civil helicopters has grown by 37.38% to reach 30,895 aircraft, claims the General Aviation Manufacturers Association (GAMA). Increased helicopter usage in O&G industry for getting to offshore oil rigs and conducting rescue operations in remote locations will drive aircraft fueling hose industry size from helicopters .
The global aircraft refueling hose market is driven by rapid deployment of commercial and military aircraft fleets in the aviation sector. Increasing number of air passengers and rising defense budget will augment business growth.
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