The Global Aerial Refueling Systems Market has reached USD 557.2 Million in 2019 and estimated to reach USD 669.7 Million in 2024 at a significant CAGR of 3.75% during the forecast period 2019-2024. The rising technology advancement is the major factor, which expected to boost the global Aerial Refueling Systems market during the forecast period of 2024 across the globe.
The Aerial Refueling System can be identified as a means of transferring fuel from one aircraft, known as a tanker, to another aircraft, known as a receiver. The increased demand for tanker aircraft due to increasing defense budgets in emerging economies and the planned replacement of the old KC-135 tanker fleet in the USA is estimated to drive the global aerial refueling systems market during the forecast period of 2024 across the region. In addition, the rising terrorist attacks and counter-operations are creating promising growth prospects for the Aerial Refueling Systems market for military aircraft systems. Flying out of carrier or land bases over long distances makes the Aerial Refueling System a critical part of the project. Furthermore, the strong acceptance from the military industry, combined with growing defense budgets from various countries worldwide would drive industry growth. The high defense budget has resulted in a significant demand for tanker aircraft in developing countries, which has had a positive effect on the industry. However, complex operating mechanism is estimated to challenge the global market.
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Helicopter segment in Global Aerial Refueling Systems Market estimated to have the fastest growth during the forecast period
The helicopter segment is estimated to have the considerable growth rate during the forecast period of 2024 across the globe. In addition, helicopter segment anticipated to have the fastest growth rate due to the growing usage of refueling systems. Helicopters have lower fuel carrying capacity than other combat or commercial aircraft. Moreover, the military aircraft segment is dominating the global market. The widespread use of the aerial refueling system by the military sector across the globe would contribute to substantial revenues. The rising defense budget of the various countries across the globe will further reinforce the dominance of the sector. Furthermore, the commercial aircraft segment is projected to have the moderate growth rate as compared it to the other segments in application segment during the forecast period.
Probe & Drogue segment in Global Aerial Refueling Systems Market estimated to have the fastest growth during the forecast period
The probe & drogue segment in system segment estimated to have the fastest growth rate during the forecast period of 2024 across the globe. In addition, it is projected to dominate the global aerial refueling systems market due to its low cost and ease of fueling. Moreover, one of the key factors, which is responsible for the growing prevalent of this probe-and-drogue approach among the naval forces in many countries such as the US and its allied naval forces is its operational flexibility & ease of use. However, the flying boom segment estimated to have the moderate growth rate during the forecast period of 2024 across the globe due to the high prevalence of the sector in the recent years. Conventional tankers such as KC-135R and KC 135 are fitted with a flight boom system. This system has a high fuel transfer rate than the counterpart, further rising the industry's penetration.
North America is expected to dominate the Global Aerial Refueling Systems Market during the anticipated period.
Geographically, the Global Aerial Refueling Systems market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. North America estimated to dominate the global aerial refueling systems market during the forecast period of 2024 due to the significant aircraft, which is combined with the inclusion of numerous types of refueling tankers such as KC-130, KC-135, C-160 NG, etc., will contribute to the production of revenues in the U.S. In addition, the involvement of existing market leaders, such as Lockheed Martin and Boeing, would further strengthen regional supremacy. Furthermore, one of the main factors responsible for the increasing number of aircraft refueling aircraft deployed in the US Department of Defense (DoD) is the increasing development of long-range strike platforms. However, Asia-Pacific is projected to have the fastest growth rate to developing economies such China, and India. In addition, the increasing defense budget is also expected to fuel the market across the region.
The companies that hold the majority share of Aerial Refueling Systems Market are Boeing, Cobham Plc, Lockheed Martin, Eaton Corporation, Zodiac Aerospace, GE Aviation System, Omega Aerial Refueling Services lnc., Liebherr Group, ProtankGrüp (Protank Mission Systems Sdn.Bhd), Northstar Engineering Corporation, Dassault Aviation,Marshall of Cambridge (Holdings) Ltd., Smiths, Other Major and Niche Players.
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