Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Tanker Aircraft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The tanker aircraft market is expected to register a CAGR of more than 2% during the forecast period.
Despite the significant impact of the COVID-19 pandemic on the economy, the market for tanker aircraft market remained unaffected, as the procurement projects were on track and the sales and revenues of the tanker aircraft market increased steadily for the manufacturing companies.
The increasing military expenditure of developing economies is driving the modernization plans of various countries to replace the old tanker aircraft fleet. This is anticipated to propel the growth of the key aircraft market during the forecast period.
The innovations in existing tanker aircraft, along with introducing the action of new tanker aircraft, are anticipated to attract new customers for the aircraft OEMs. Considering the new technology and innovation, the market is expected to grow in the coming year.
Tanker Aircraft Market Trends
Innovations in Aerial Refueling Aircraft
Each country across the world is increasing its defense expenditure and focusing on developing and strengthening the country's defense sector. In 2021 world military expenditure surpassed the two trillion US dollar mark for the first time, reaching USD 2113 billion. Global spending in 2021 was 0.7% higher than in 2020 and 12% higher than in 2012.
Countries are also focusing and spending more on the research and development of military equipment. The companies are developing new variants of tanker aircraft. One of the areas of investment is the development of unmanned tanker aircraft.
Boeing is currently developing the MQ-25 tanker drone. The company was awarded a contract worth USD 805 million to design, develop, test, and deliver four MQ-25 drones that can provide refueling services for the Boeing F/A-18 Super Hornet, Lockheed Martin F-35 Lightning II, and EA-18G Growler aircraft. The company was awarded a six-year development contract and plans the initial operational capability of the aircraft by 2024.
The US DoD intends to acquire about 72 aircraft with an investment of USD 13 billion in the coming years. Such investments of the armed forces into developing advanced tanker aircraft in partnership with the aircraft OEMs are anticipated to propel the growth of the tanker aircraft market.
North America Held the Highest Market Share
North America is currently dominating the market. It is expected to continue its dominance during the forecast period. This is mainly due to the current plan of the US Air Force to replace approximately 30% of its aging fleet of KC-135 aerial refueling tankers. Currently, there are about 396 KC-135 aircraft in service. Under this plan, the Department of Defense (DOD) awarded the Boeing Company a contract worth about USD 35 billion to build and deliver 179 new KC-46A aerial refueling tankers.
The North American Aerospace Defense Command, known as the North American Air Defense Command, is a combined organization of the United States and Canada that provides aerospace warning, air sovereignty, and protection for Canada and the continental United States. NOARD is an organization that conducts Operations in the aerospace field. For instance, in June 2022, the North American Aerospace Defense Command's continental US region (CONR) was expected to conduct Operation NOBLE DEFENDER, involving military aircraft from the US Air Force to do an aircraft fueling exercise.
In June 2021, Boeing, in collaboration with the US Navy, demonstrated air-to-air refueling using MQ-25 unmanned aircraft. In the demonstration, the unmanned aircraft (MQ-25 T1 test asset) refueled the Navy F/A-18 Super Hornet aircraft. Such robust procurement plans of the US armed forces are anticipated to propel the market's growth during the forecast period.
Tanker Aircraft Market Competitor Analysis
The tanker aircraft market is consolidated with a few tanker aircraft manufacturing companies. Some prominent players in the tanker aircraft market are BAE Systems PLC, the Boeing Company, Airbus SE, Lockheed Martin Corporation, and United Aircraft Corporation.
The introduction of new aircraft models and current investments in the development of unmanned air-to-air refueling technologies are anticipated to help the companies increase their share in the market. For instance, in November 2022, BAE Systems was contracted to continue delivering support and services for the Eurofighter Typhoon aircraft in service with the air forces of founding nations. The countries include the United Kingdom, Germany, Italy, and Spain.
A selection of companies mentioned in this report includes
- BAE Systems PLC
- The Boeing Company
- Airbus SE
- Lockheed Martin Corporation
- United Aircraft Corporation
- Northrop Grumman Corporation
- Israel Aerospace Industries Ltd
For more information about this report visit https://www.researchandmarkets.com/r/cqp8ev
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
- Tanker Aircraft Market Tanker Aircraft Market Global Military Expenditure In Billion U S D 2018 2021
