Aerial Refueling Systems Market size is set to exceed USD 5 Million by 2026, according to a new research report by Global Market Insights, Inc. The competitive landscape of the aerial refueling systems market is inclusive of players such as Omega Aerial Refueling Services, Northstar, Engineering Corporation, GE Aviation System, Eaton Corporation, Zodiac Aerospace, Cobham, Boeing, and Lockheed Martin among others
The aerial refueling systems market is slated to observe significant revenue expansion due to increasing defense budget across emerging and developed economies. The product allows air-to-air refueling of an aircraft from another aircraft during flight, effectively extending the overall range of the aircraft. In addition, aerial refueling systems market also provide additional patrolling hours for combat and fighter aircraft. Owing to these features, which gives high flexibility for military operations, aerial refueling the extensively used by major defense forces throughout the globe.
Increasing investments in armed forces have augmented the demand for fighter jets. This growth has subsequently resulted in an upsurge in the implementation of enhanced refueling techniques like electro-optical grid reference system, which would push the product adoption over the coming years.
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Besides their use in keeping combat aircrafts airborne for longer periods, other extensive benefits offered by aerial fueling can also majorly push the deployment of the product in other applications. Aerial refueling can help rescue pilots to effectively come out of risky areas or combat airspaces without having to land for refueling. Additionally, the use of aerial refueling can allow aircrafts to cut back of fuel storage and use the freed-up capacity to carry additional payloads like cargo, weapons, and personnel.
According to a research report by Global Market Insights Inc., the global aerial refueling systems market is likely to surpass a valuation of $5 million through 2026.
With reference to the component, the market is bifurcated into hoses, boom, drogues, refueling pods, and refueling probes. The drogues segment accounted for a very small share of about 1% in 2019. However, the segment is slated to expand at a significant rate over the forthcoming timeframe due to its increasing use for refueling. the component is widely used in drogue systems, probe systems, and flying boom which are some of the most extensively practices aerial refueling procedures.
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The aftermarket distribution channel is projected to foresee tremendous gains owing to the ongoing trend of transforming retired aircraft in aerial refuelers. Taking August 2017 for instance, the RAF (Royal Air Force) converted its retired Lockheed L1011 aircraft fleet into fuel carrying aerial tankers. In addition, low replacement rate and cost affordability of the process in comparison to the original equipment manufacturers is likely to further impel the segment share over the coming years. Based on the aforementioned factors, the aftermarket segment is likely to expand at a CAGR of about 5.6% through the forthcoming timespan.
Geographically, increasing focus on developing refueling capabilities across countries like Australia and China is driving the Asia Pacific aerial refueling abilities industry. The region already holds a significant share of the overall aerial refueling industry and is expected to clock-in significant growth owing to the aforementioned capability development efforts. In fact, in 2018, the Chinese government tested the refueling of that drones in its fleet under human control.
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In addition, nations like Japan and India are also increasingly acquiring refueler aircrafts to effectively extend their operational reach. Taking January 2018 for instance, the Indian Air Force began the acquisition of six AAR to address aerial refueling demands. The strong foothold of major industry players in the region would further complement the Asia Pacific aerial refueling systems market size through the forecast timeframe.
Speaking of market players, several companies are implementing various business strategies to set themselves ahead of the competition and carve out a bigger chunk of the industry share for themselves. Taking November 2019 for instance, Omega Aerial Refueling Services purchased and took the delivery of two KDC-10 air-refueler aircraft from RNLAF (Royal Netherlands Air Force). Omega has already been certified to use these aircrafts to refuel a number of receptacle aircrafts, including the Lockheed Martin F-16I, F-16F, and F-16A-D. The acquisition is likely to play a key role in expansion of Omega Air service offerings.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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