Aircraft Refueling Hose Market Analysis
Aircraft Refueling Hose Market size of more than USD 1.8 billion in 2018 and is forecasted to grow with over 4.5% CAGR from 2019 to 2025.
The increasing aircraft manufacturing because of growing air passenger traffic combined with expanding defense budget worldwide are driving the aircraft refueling hose market size during the forecast period. The capability of these systems to refuel aircraft with ease in land and even in air during flight journey along with a considerable decrease in flight journey downtime further enhances the industry size growth during the forecast period.
Aircraft Refueling Hose Market Report Attributes
Report Attribute Details
Base Year 2018
Aircraft Refueling Hose Market Size in 2018 1.8 Billion (USD)
Forecast Period 2019 to 2025
Forecast Period 2019 to 2025 CAGR 4.5%
2025 Value Projection 2.5 Billion (USD)
Historical Data for 2014 to 2018
No. of Pages 300
Tables, Charts & Figures 452
Segments covered Application, Distribution Channel and Region
Growth Drivers
North America
Proliferating investments in the defense sector
Europe
Growing demand for low-cost carriers
Asia Pacific
Increasing aircraft deliveries
Latin America
Strong growth potential for the aviation industry
Middle East & Africa
Increasing demand for business aircraft and growing tourism sector
Pitfalls & Challenges
Enhancing aircraft fuel efficiency and alternative refueling technologies
What are the growth opportunities in this market?
Governments all over the world are enhancing their defense spending and budget to make their military operations more robust. For example, the U.S. government revealed a defense budgetary allocation of approximately USD 716 billion for 2019. In addition, the growth in commercial aviation because of rising air passenger traffic is offering a positive growth scenario for the aircraft refueling hose market. For example, Boeing revealed a delivery of 806 aircraft in 2018, decreasing backlogs and improving their business share.
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Technological developments and tough regulatory standards mandate industry players to invest constantly on R&D to increase their revenue percentage. Industry players are constantly investing on cutting-edge technologies and collaborating with researchers and research institutes for creating innovative systems and increasing their aircraft refueling hose market size. For example, Russian researchers in 2016 claimed to have developed an innovative laser refueling system to fuel aircraft and small satellites.
Strict regulatory standards compel industry participants to invest in hose technologies for introducing compliant & safe aircraft refueling hoses that are suitable for diversified operations in various environment & climatic conditions. For example, organizations like ICAO provide various safety & fire standards for refueling hoses that allow industry participants to provide high-quality and safe hoses, presenting a bright future for the expansion of the aircraft refueling hose market.
Aircraft refueling hose market is likely to see aggressive competition due to the implementation of various strategies such as new product development, mergers & acquisitions, and portfolio diversification by market players in order to receive greater market exposure. For example, in 2016, Husky Corporation finalized its acquisition of S.U.R.&R, a provider of refueling components and repair kits. This approach allowed the company to sell a variety of aircraft refueling hoses as well as aftermarket products and repair services.
Market Analysis of Aircraft Refueling Hose
Find out more about the major segments that influence this market
Military aircraft held a significant volume share of about 15% in 2018. This is due to the increased military spending globally. Companies are concentrating on bringing technologically advanced and lightweight aircraft refueling hoses to enhance system efficiency. Also, the arrival of aerial refueling systems together with probe and drogue refueling technologies using hoses plays an important role in enhancing operational efficiency and minimizing flight downtime.
Helicopters accounted for more than USD 300 million in the aircraft refueling hose market size during 2018. This is due to the rising demand across diversified uses such as tourism, defence, and individual travel. The versatility of helicopters in carrying out diversified operations such as vertical take-off & landing in addition to easier manoeuvring & hovering over areas with little open space will increase business share.
Commercial aircrafts expanded considerably at approximately 4% CAGR during the forecast period. The growth in the tourism industry and the increasing disposable income are some of the key drivers fueling the commercial aircraft business growth. The expansion of low-cost aircraft carriers providing extended air travel networks among various countries at reasonable prices is boosting the size of the aircraft refueling hose market. Airliners are also spending continuously on increasing the fleet size of their aircraft to accommodate the increasing passenger traffic in the air. For example, in 2019, Brazil’s Azul signed up to renew its aircraft fleet with the new purchase of Airbus A320neo and Embraer 195-E2 aircraft.
OEMs will increase substantially at approximately 3% CAGR in aircraft refueling hose market size. This can be attributed to the increasing aircraft production and deliveries worldwide. OEMs are always emphasizing the launch of lightweight and strong hoses with the aim of enhancing safety and adhering to strict regulatory requirements. In addition, material advancements as well as better fire resistance properties are some key developments in aircraft refueling hoses that are helping in the rising segment share.
The aftermarket aviation refueling hose had a share in revenue at approximately 3% in the year 2018 due to the need for periodic maintenance, which can generate replacement in the aircraft. Stringent regulations are also required by law to replace such parts & components to implement proper refueling, widening the segment share. The constant application of these hoses adds considerably towards wear, tear, and potential cracks in materials, further magnifying the growth of the segment.
Find out more about the major segments driving this market
Europe aircraft refueling hose market size will increase enormously due to increasing air travel throughout the region. The surging air passenger traffic due to increasing demand for low-cost air carriers coupled with increasing tourism sector will further increase the reginal share during the study period. Regional airliners are putting emphasis on augmenting their aircraft fleet for catering to the growing air passenger traffic. For example, in 2017, Surf Air had announced the development of its network routes and business aircraft fleet with new, low-cost, and subscription-based all-you-can-fly-model to target a broad air traveling customer base.
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Aircraft Refueling Hose Market Share
Prominent players in the aircraft refueling hose market size are
- Eaton
- JGB Enterprises, Inc
- Parker Hannifin Manufacturing S.r.l
- Husky Corporation
- Delafield Corporation
- Cobham plc.
- Elaflex
- Pear Hose Corp.
- Apache Inc
- Aero-Hose Corp
Strategic mergers & acquisitions are among the prominent strategies adopted by industry players to improve their market share. For instance, in February 2019, Parker Hannifin Corporation announced the acquisition of Markwel Hose Products Pvt. Ltd. to complement its hose product offerings and enhance its presence in Asia Pacific.
