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.
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Geographic Segment Analyzed in the Report:
North America (USA and Canada)
Latin America (Brazil, Mexico, and the rest of Latin America)
Europe (UK, Germany, France and the rest of Europe)
Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
Middle East and Africa (GCC and rest of the Middle East and Africa)
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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 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.
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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.
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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