Market Forecast and Trends
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 due to rising adoption of multi-role tanker aircraft.
High military recognition, combined with growing barrier spending plans from different nations around the globe, will boost business development around the globe. In addition, the rising defense budget is also estimated to propel the global aerial refueling systems market across the globe during the forecast period of 2024. Furthermore, the growing demand for long-run military jets for the special purpose missions and increasing size of the tanker fleet are the significant growth drivers for the aerial refueling systems market across the globe. Moreover, the growth in the aviation sector across the globe is also projected to fuel the global aerial refueling systems market. However, the complex operating mechanism is expected to create a challenge in the growth of global market during the forecast period across the globe.
The increasing research and development activities
The rising research and development activities across the globe are expected to drive the market. The aerial refueling systems market players are actively focused on R&D activities to resolve the complexities of compound refueling procedures under extreme weather conditions, which projected fuel the global market during the forecast period. Emergency of the smart drogue network has gained popularity among the industry participants. It contains sensors & is attached to an existing hose, which continuously controls the movement of the package. It serves as an active buffer, leading to a substantial reduction in its movement.
The growing need for aerial refueling to support overseas deployment
The increasing need for aerial refueling to support the overseas deployments is anticipated to propel the global aerial refueling systems market across the globe. There has been an increase in the number of departures flown over long distances away from carriers or ground bases, which has made the refueling a necessary mission feature. The Aerial Refueling System will continue during the forecast period of 2025 as there is a need to sustain overseas deployment.
The high adoption in military
The high adoption from the military industry, combined with rising defense budgets from various countries around the globe is expected to drive the industry growth during the forecast period of 2025. The high defense budget has led to a significant demand for tanker aircraft, developing economies, which has had a positive effect on the industry. Moreover, the introduction of multi-role aircraft tankers and their widespread use will increase revenue generation due to benefits such as reduced fuel consumption.
Based on the application, global Aerial Refueling Systems market is segmented into military aircraft, helicopters, commercial aircraft, and UAV. The military aircraft segment is projected to hold the largest share during the forecast period of 2024. In addition, military segment is estimated to dominate the market due to the widespread use of aerial refueling system by the military sector across the globe, which would lead to the generation of significant revenues. The increasing defense budget of various countries across the globe would further strengthen the dominance of the sector. However, Helicopter segment is anticipated to have the considerable growth rate across the globe during the forecast period owing to the growing usage of refueling systems.
On the basis of component, the market is segmented into refueling pods, refueling probes, drogues, hoses, and boom. The refueling probes segment is expected to dominate the global market during the forecast period of 2024 across the region. The high eminence is due to its vital functionality of regulating the fuel transfer rate. However, the drogue segment is projected to have the significant growth rate across the globe. Manufacturers use the drogue system widely for the refueling of aircraft owing to its advantages. It has resulted in their high demand and has had a beneficiary impact on the growth of aerial refueling systems market.
On the basis of system, the market is segmented into probe & drogue, and flying boom. The probe & drogue segment is estimated to hold the largest share during the forecast period of 2024. This system allows more relaxed operation of the tanker system as compared to the counterpart system. In addition, they are the most realistic system for UAS tankers as they do not allow tankers to guide drugs precisely. Such advantages have forced the producers to prefer this device to the flying boom mechanism. However, flying boom segment anticipated to have the moderate growth rate across the globe.
Market Distribution Channel
On the basis of Distribution Channel, the market is segmented into OEM, and aftermarket. The OEM segment is projected to dominate the market during the forecast period of 2024 across the globe. In addition, OEM segment expected to hold the largest share as compared it to the aftermarket segment. Such systems are already installed in aircraft for refueling procedures. Substantial growth in the aircraft supplies around the globe will make a considerable contribution to the high generation of revenue. However, aftermarket segment estimated to have the significant growth during the forecast period. High requirement of replacement of integral components of such system such as refueling pods and drogues, in particular in ageing aircrafts will contribute to the aftermarket growth.
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Market Regional Insights
Based on the region, the global Aerial Refueling Systems market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. North America estimated to have the significant growth rate during the forecast period of 2024 across the globe in global aerial refueling systems market. In addition, the USA is likely to remain the growth engine of the North American market, propelled by high defense budget, large tanker aircraft fleet (KC-135), and expected replacement of old aircraft fleet with new KC-46 tanker aircraft. Moreover, Asia-Pacific estimated to have the fastest growth rate during the forecast period of 2024 owing to the rising demand from the growing economies such as India, Australia, etc. These countries are continuously acquiring aerial refueling tanker due to the high production of the aircraft.
• In March 2020: Boeing receives USD 1.5 billion contract of P-8A Poseidon from the U.S. Navy.
• In March 2020: SunExpress select GE Aviation System for a contract of comprehensive safety, which include eFOQA Mainline.
• Military Aircraft
• Commercial Aircraft
• Refueling Pods
• Refueling Probes
• Probe & Drogue
• Flying Boom
By Distribution Channel
• North America (U.S. & Canada)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
• Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
• 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.
• Other Major and Niche Players
The objective of the Study
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides a company’s positioning and market share in the Aerial Refueling Systems Market.
Timeline Considered for Analysis:
• 2018: Base Year
• 2019: Estimated Year
• 2019-2024: Forecast Period
Research Scope and Deliverable's
• Overview & Executive Summary
• Market Drivers, Trends, Challenges and Opportunities
• Market Size and Forecast Projections
• Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
• Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
• Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the office furniture market by the following segments:
• Price Range
• Distribution Channel
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Aerial Refueling Systems Industry Report
• What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
• Which region would have a high demand for the product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?