Newark, NJ, Jan. 28, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global aerial refueling systems market is expected to grow from USD 542 million in 2020 to USD 741.76 million by 2028, at a CAGR of 4.0% during the forecast period 2021-2028.
Aerial tankers transfer fuel from themselves to the receiver aircraft using a progue & drogue system or a flying boom. Flying booms provide fuel up to a flow rate of 1,000 gallons per minute due to the large diameter of the transfer pipe. The system is less susceptible to any kind of pilot error since it is controlled by an operator. Air refueling tankers play a crucial role in the military since they can enhance the range of fighter jets, which consumer fuel very fast. Various countries worldwide are currently increasing their tanker fleets to reinforce their air forces. Some of the key factors that are driving the growth of the global aerial refueling systems market are rising demand from the commercial & military aviation sector, growing aircraft fleet sizes, and high demand for tankers for increasing flight distance.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the aerial refueling systems market. With less disposable income and broken supply chains, the market’s growth is expected to slow down. Due to lockdowns worldwide, air travel had been closed in many countries, slowing down the market.
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Key players operating in the global aerial refueling systems market include Boeing, Zodiac Aerospace, GE Aviation System, Lockheed Martin, Cobham Plc, Eaton Corporation, Engineering Corporation, Omega Aerial Refueling Services, lnc. and Northstar, among others. To gain a significant market share in the global aerial refueling systems market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. GE Aviation System and Omega Aerial Refueling Services, lnc. are some of the biggest manufacturers and suppliers of aerial refueling systems in the global market.
- For instance, Airbus teamed up with Lockheed Martin in December 2018 to give aerial refueling services to tanker planes, which refuel military aircraft during various operations or missions.
Flying boom segment dominated the market and was valued at USD 322 million in the year 2020
On the basis of system, the market has been divided into flying boom, and probe & drogue. The flying boom segment dominated the market and was valued at USD 322 million in the year 2020. They are able to work in adverse weather conditions, which will augment the segment’s market share.
Boom segment dominated the market and held the largest market share of 22.7% in the year 2020
The component segment comprises of drogue, boom, refueling probe, refueling pod, and hose. The boom segment dominated the market and held the largest market share of 22.7% in the year 2020. The large share of this segment can be attributed to factors like the capability to transfer fuel at a fast rate, low maintenance, and high component life.
OEM segment dominated the market and was valued at USD 385.6 million in the year 2020
Based on distribution channel, the global market has been segmented into aftermarket and OEM. The OEM (Original Equipment Manufacturer) segment dominated the market and was valued at USD 385.6 million in the year 2020.
Military aircraft segment dominated the market and held the largest market share of 38.6% in the year 2020
Based on application, the aerial refueling systems market has been divided into commercial aircraft, military aircraft, UAV, and helicopter. The military aircraft segment dominated the market and held the largest market share of 38.6% in the year 2020. This is mainly due to the use of refueling tankers to enhance the range of other planes, allowing them to fly for longer durations and further distance.
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Regional Segment Analysis of the Aerial Refueling Systems Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aerial refueling systems market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 49.4% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the USAF (United States Air Force) replacing old tankers with newer ones to enhance refueling capabilities and the presence of a large American refueling fleet for global power projection. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2021-2028. This growth is owing to factors like the presence of key component manufacturers, increasing R&D activities of next-generation military aviation platforms, and major upgrades of military aircraft in the APAC region.
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About the report:
The global aerial refueling systems market is analyzed on the basis of value (USD Million), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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