Aerial Refueling Systems Market
Aerial Refueling Systems Market Size Valued at USD 789.3 Million, market Grow at a CAGR Of 4.9% by 2020 -2030
Aerial refueling is well-known as transferring fuel where fuel is transformed from one aircraft to another in mid-air. In this process, the fuel receiving aircraft is the receiver, while the fuel transferring aircraft is called the tanker. During military missions, aerial refueling plays an important role in enabling the receiver aircraft to remain airborne for longer. Recently, it has been identified that most of the defense organizations of nearly 35 global countries are using aerial refueling systems. Here, the defense organization takes care of certain things to perform aerial refueling. In this process, both the receiver and tanker aircraft should possess compatible refueling systems installed to perform the task.
The global Aerial Refueling Systems Market Size is projected to witness a positive impact during the research period due to several factors such as growing use of combat aircraft in military missions and increasing focus on upgrading in aging military aircraft. In addition, the intended audiences like aerial refueling component manufacturers, regulatory bodies, aircraft OEMs, research institutes, defense organizations, and aerial refueling service providers are contributing largely to the growth of the global Aerial Refueling Systems Market.
As per the Aerial Refueling Systems Market Forecast report, the global market is enhancing due to the growth of market segments. Of these, the fixed-wing segment is popularly used for longer travel distances. Also, the fixed-wing has better aerodynamic structures than the rotary-wing aircraft. In addition, it can also take flight in various challenging environments and conditions. This is projected to fuel the global Aerial Refueling Systems Market in the coming years.
Competitive Landscape Analysis
The Aerial Refueling Systems Market Players are developing the Aerial Refueling Systems by prioritizing the market. These key market leaders include:
· General Electric Company (US),
· Safran SA (France),
· Eaton Corporation plc (Ireland),
· Marshall Aerospace and Defence Group (UK),
· Woodward, Inc. (US),
· United Technologies Corporation (US),
· Cobham plc (UK),
· Northstar Engineering, Inc. (US),
· Israel Aerospace Industries Ltd. (Israel),
· Parker Hannifin Corporation (US).
As per the Aerial Refueling Systems Market Analysis, these market leaders are investing largely in research and development work to make a profit out of it by meeting the customers' needs.
Market Dynamics
Key Market Drivers
The global Aerial Refueling Systems Market Overview Growth is expected to boost due to the subsequent demand for trainer aircraft and new combat aircraft worldwide. Moreover, the increasing defense expenditure in developing countries is thriving the demands for the global market in the forecast period.
In September 2019, the US Navy gave the contract to Boeing to develop a next-generation unmanned aerial refueling aircraft, also known as the MQ-25 Stingray. It has projected to provide carrier-based unmanned aerial refueling capability with safety to the US Navy. This is enhancing the Aerial Refueling Systems Market Trends in the upcoming years.
Market Opportunities
In the global market, the ongoing key trends include the development of autonomous refueling systems and buddy pod technology, bringing more opportunities for the key players. The increasing terrorist attacks worldwide are projected to drive lucrative opportunities for the Aerial Refueling Systems Market.
Further, the rising focus on counter operations is predicted to generate significant opportunities for the Aerial Refueling Systems Market.
Market Restraints
The global Aerial Refueling Systems Market might be hampered due to the complexity of aerial refueling operations.
Another major market restraint for the global Aerial Refueling Systems Market in the forecast timeframe can be the high maintenance cost and high installation cost of the product.
Market Challenges
The Aerial Refueling Systems Market Trend sight experience challenges due to the high maintenance cost and complications in the installation process.
Apart from that, the Covid-19 pandemic might disrupt its manufacturing and supply chain, which can be the major challenge for the Aerial Refueling Systems Market in the current period.
Cumulative Growth Analysis
The Aerial Refueling Systems Market Value will generate significant growth in the past few years. Further, the same market is estimated to acquire moderate growth in the upcoming years.
For instance, the ongoing key trends like the advancement of technology and promotion of innovations are expected to bring more scope to the Aerial Refueling Systems Market during the research period.
Market Segmentation
The Aerial Refueling Systems Market has been segregated based on technology, type, platform, and end-user.
By Technology:
The Aerial Refueling Systems Market has been divided into flying boom systems and probe &drogue systems based on the technology segment.
The probe & drogue segment is anticipated to register the largest Aerial Refueling Systems Market Size 2017. This segment is expanding because it eliminates boom operators, presently used in many tankers, and a simpler tanker design.
By Type:
The Aerial Refueling Systems Market has been segregated into receiver and tanker aircraft systems in terms of type segments.
Of these, the tanker aircraft systems segment is predicted to account for the largest Aerial Refueling Systems Market Share in 2017. This segment is expanding because it covers different components like control manifolds, boom/drogue transfer systems, pumps, valves, hoses, surge control devices, and others effective in refueling.
By Platform:
The Aerial Refueling Systems Market has been divided into the rotary-wing and fixed-wing based on platform segment.
In 2017, the fixed-wing segment was projected to generate the largest Aerial Refueling Systems Market Share. The fixed-wing segment is fueling its demand across the globe because it offers many advantages like faster flight speed, large area coverage during surveillance, and long endurance.
By End-user:
The Aerial Refueling Systems Market has been categorized into Aftermarket and OEM depending on the end-user segment.
The OEM segment is registered to hold the largest Aerial Refueling Systems Market Size in 2017 because different aircraft manufacturers are integrating these aerials refueling systems with their offerings.
Regional Analysis
According to the Aerial Refueling Systems Market Outlook report, the present market is categorized based on different regions such as North America, Latin America, Asia-Pacific, Europe, and the Rest of the World.
The North American Aerial Refueling Systems Market is registered to hold the largest market share in the forecast period. The North American region like Canada and the US highly contribute to the global market. In 2019, the US military was expected to receive approximately USD 674 billion in support for Black Hawk helicopters, new destroyers, and fighter jets. It is projected to indirectly influence the Aerial Refueling Systems Market in this region. This regional market has significant scope in the upcoming years because Canada is acquiring used F-18 fighter jets from Australia.
Recent Developments
In January 2021, the US Air Force has spent USD 2.1 billion on orders for 12 Boeing KC-46 Pegasus military aerial refueling aircraft to grow its defense systems and safety. The Boeing Company has 79 new tanker aircraft contracts on its list.
Aerial Refueling Systems Market: Information by Type (Tanker Aircraft Systems & Receiver Aircraft Systems), by Technology (Probe & Drogue Systems, & Flying Boom Systems) by End-User (OEM & Aftermarket), By Platform, & by Region - Global Forecast till 2030
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