The global aerial refueling system 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 aircrafts such as bombers, fighter jets, and unmanned systems will have a tremendous impact on the aerial refueling system market growth during the forecast period, states Fortune Business Insights, in a report, titled “Aerial refueling system Market, 2021-2028.” The market size stood at USD 535.8 Million in 2020.
The Report Lists the Key Companies in the Aerial refueling system Market:
- 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)
- Marshal Aerospace & Defence Group (The UK)
- Parker Hannifin (The U.S.)
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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 system market. 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.
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 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.
Geographically, the global market is classified into North America, Europe, Asia-Pacific, and the rest of the world.
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 experience 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. For instance, the Department of Defense (DOD) budget in the U.S. was USD 704 billion for the fiscal year 2020-2021 the U.S. 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 toBoost Market in North America
The market in North America is expected to increase rapidly during the forecast period. The growth is attributed 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 system 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 aerial refueling 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, Marshal 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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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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