The global aerial refueling systems market size is expected to reach USD 743.8 million by 2028, exhibiting a CAGR of 4.53% during the forecast period. The increasing development of innovative and lightweight military aircraft such as bombers, fighter jets, and unmanned systems will have a tremendous impact on the market growth during the forecast period, states Fortune Business Insights, in a report, titled “Aerial Refueling Systems Market Size, Share & COVID-19 Impact Analysis, By System (Probe & Drogue, Flying Boom, and Autonomous), By Application (Commercial Aircraft, Helicopters, Military Aircraft, and Unmanned Aerial Vehicles), By Components (Pods, Refueling Probes, Hoses, Boom and Drogues), and Regional Forecast, 2021-2028.” The market size stood at USD 535.8 million in 2020.
Deferred Military Contracts to Dampen Market amid Coronavirus
COVID-19 has vastly disrupted many industries around the world. The imposition of lockdown in major countries such as the U.S., Germany, UK, France, India, China, and Japan has retarded aircraft procurement, thus dampening the market growth. Moreover, delayed deliveries of aircraft have resulted in a massive loss for the aerial refueling systems market growth. However, emphasis on robust military and defense programs has increased military defense expenditure in the U.S., China, Japan, India, Germany, and France. In addition, cross-border conflicts can further enhance the development of the market during the pandemic.
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List of the Leading Companies Profiled in the Global Aerial Refueling Systems Market are:
- Airbus S.A.S (Netherlands)
- Cobham Plc (UK)
- GE Aviation (U.S.)
- Lockheed Martin Corporation (U.S.)
- Boeing (The U.S.)
- Eaton Corporation (The U.S.)
- Safran S.A. (France)
- Israel Aerospace Industries (Israel)
- Marshall Aerospace & Defence Group (The UK)
- Parker Hannifin (The U.S.)
The report on this market accentuates:
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Surging Defense Expenditure to Accelerate Business
The increasing investment in military modernization programs is expected to foster the market’s healthy growth in the forthcoming years. In May 2020, according to the Center for Strategic & International Studies (CSIS), China’s defense budget experienced substantial growth of 6.6%, i.e., USD 178.2 billion. The recent increase in military spending has cleared the long path of modernization for the People’s Liberation Army (PLA) by 2035. Moreover, the heavy defense spending in the US will have an outstanding effect on the market, thereby resulting in an increase in sales of aerial refueling systems. For instance, the Department of Defense (DOD) budget in the U.S. was USD 704 billion for the fiscal year 2020-2021. Besides, Japan announced over USD 51. billion for the defense for the fiscal year 2021. Besides, the growing procurement of advanced fighter planes is expected to improve the prospects of the market in the forthcoming years.
Presence of Prominent Companies to Boost Market in North America
The market in North America is expected to increase rapidly during the forecast period. The growth is attributable to the high defense expenditure and procurement of advanced aerial refueling systems for different military applications. The presence of renowned companies such as Eaton Corporation, GE Aviation, and Lockheed Martin, and others will bolster growth in the region. Asia Pacific is expected to hold a considerable aerial refueling systems market share during the forecast period.
Asia Pacific is expected to account for the largest share due to increasing investments in the military and defense sector. The procurement of these systems due to the growing border crossing, insurgencies, and terrorism will help expand the market in the region. Europe is expected to experience steady growth during the forecast period due to the existing companies such as Cobham, Safran, Marshall Aerospace and Defense, and others. For instance, in August 2020, Denmark’s first F-35 fighter jet started assembling at the Lockheed Martin facility. Denmark will acquire all-new 27 aircraft up to 2026.
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Autonomous Segment is Expected to Dominate Market
Based on the application, the market is classified into probe & drogue, flying boom, and autonomous. The flying boom segment is likely to be the largest segment. Increasing defense expenditure and procurement of fighter aircraft for the various military operations is expected to drive the segment’s growth. The autonomous segment is expected to experience the highest growth during the forecast period owing to the increasing demand for automatic fuel transfer systems.
Based on the application, the market is divided into commercial aircraft, helicopters, military aircraft, and unmanned aerial vehicles (UAV). The military segment is predicted to hold a significant share during the forecast period. The demand for aerial refueling system is expected to increase across military applications.
Geographically, the global market is classified into North America, Europe, Asia-Pacific, and the rest of the world.
March 2020: The U.S. Air force announced to take aid from commercial aerial refueling services. The Air Force will assess the best aerial refueling services with an evaluation to conduct commercial tank services with support training.
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