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The tanker aircraft market share is expected to increase by USD 37.82 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.31%.
This tanker aircraft market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers tanker aircraft market segmentation by end-user (fixed wing, rotary wing, and UAV) and geography (North America, Europe, APAC, Middle East and Africa, and South America). The tanker aircraft market report also offers information on several market vendors, including Airbus SE, BAE Systems Plc, Cobham Plc, Elbit Systems Ltd., Israel Aerospace Industries Ltd., Lockheed Martin Corp., Marshall of Cambridge (Holdings) Ltd., Northrop Grumman Corp., Northstar, Protankgrup, Raytheon Technologies Corp., Rolls-Royce Plc, Safran SA, Serco Group Plc, Thales Group, The Boeing Co., United Aircraft Corp., and Eaton Corp. Plc among others.
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The increase in combat aircraft procurement is notably driving the tanker aircraft market growth, although factors such as high installation and maintenance costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the tanker aircraft industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Tanker Aircraft Market Driver
The increase in combat aircraft procurement is one of the key drivers supporting the tanker aircraft market growth. The majority of countries are focusing on improving their military capabilities. For instance, in February 2021, F-35A aircraft was inducted into BAE Systems Australia's (BAESA) maintenance depot as part of the next major milestone in the Joint Strike Fighter Program, and twelve countries have committed to ordering the F-35 joint strike fighter aircraft either as formal partner nations or through foreign military sales. Thus, owing to the increased demand for refueling these combat aircraft, the demand for tanker aircraft will increase, which will drive the growth of the market in focus during the forecast period.
Key Tanker Aircraft Market Trend
Rising demand for the military aircraft fleet is one of the key tanker aircraft market trends that is contributing to the tanker aircraft market growth. For instance, in 2021, military aircraft held around 90% share in the market owing to the utilization of air to air refueling systems to enhance the range of defense missions and allow them to fly farther. In-flight refueling plays a crucial role in strategic missions and aerial conflicts. Several countries are expanding their tanker fleets in order to reinforce their air forces. Moreover, in April 2021, the Indian Air Force (IAF) leased six mid-air refueling aircraft from France to improve combat capabilities and to support its increasing military aircraft fleet. Further, less susceptibility to pilot error and fatigue at receiving aircraft will positively influence the market penetration across various applications during the forecast period.
Key Tanker Aircraft Market Challenge
High installation and maintenance costs are some of the factors hindering the tanker aircraft market growth. Air-to-air refueling is a strategic imperative that military aircraft groups strive for. The high installation cost of aerial refueling systems prevents all countries from adopting them. For instance, the cost of manufacturing and installing the Multipoint Refueling System (MPRS) per aircraft is expected to range between $ 5-6 million, with 6,000-7,000 labor hours. Due to such factors, market growth will be hampered during the forecast period.
This tanker aircraft market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global tanker aircraft market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the tanker aircraft market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the tanker aircraft market encompasses successful business strategies deployed by the key vendors. The tanker aircraft market is concentrated and the vendors are deploying growth strategies such as quality, price, service, brand image, distribution, and marketing to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The tanker aircraft market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the tanker aircraft market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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42% of the market's growth will originate from North America during the forecast period. The US is the key market for the tanker aircraft market in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.
The ongoing research and development of advanced military aircraft platforms will facilitate the tanker aircraft market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
.In 2020, the COVID-19 pandemic adversely impacted several countries in the region. However, in Q4 2020 and H1 2021, the initiation of large-scale COVID-19 vaccination drives led to the resumption of manufacturing operations in the region. Thus, the regional tanker aircraft market is expected to have a positive impact during the forecast period.
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The tanker aircraft market share growth by the fixed wing segment will be significant during the forecast period. In 2021, fixed-wing accounted for the major share in the global tanker aircraft market, and it is expected to grow at a significant rate during the forecast period. A fixed-wing aircraft flies by using wings attached to the fuselage to produce lift from the aircraft's forward motion. Fixed-wing aircraft are getting more popular as they can travel longer distances and have superior aerodynamic structures than rotary-wing aircraft. Thus, the rise in the procurement of tanker aircraft is expected to increase the demand for fixed-wing, thereby driving the growth of the market segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the tanker aircraft market size and actionable market insights on post COVID-19 impact on each segment.
Tanker Aircraft Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.31% |
Market growth 2022-2026 |
$ 37.82 billion |
Market structure |
Concentrated |
YoY growth (%) |
6.97 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 42% |
Key consumer countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Airbus SE, BAE Systems Plc, Cobham Plc, Elbit Systems Ltd., Israel Aerospace Industries Ltd., Lockheed Martin Corp., Marshall of Cambridge (Holdings) Ltd., Northrop Grumman Corp., Northstar, Protankgrup, Raytheon Technologies Corp., Rolls-Royce Plc, Safran SA, Serco Group Plc, Thales Group, The Boeing Co., United Aircraft Corp., and Eaton Corp. Plc |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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