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Aerial Refueling Market is expected to reach US$ 960.94 million by 2030

Aerial refueling market was valued at US$ 640.75 million in 2022, and it is foreseen to reach US$ 960.94 million by 2030 | CAGR of 5.2% by 2030

By The Insight Partners

Rising Global Aircraft Fleet Drives Aerial Refueling Market  

According to our latest market study on "Aerial Refueling Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis — by Component, Aircraft Type, System Type, and End Use," the market was valued at US$ 640.75 million in 2022, and it is expected to reach US$ 960.94 million by 2030; it is anticipated to register a CAGR of 5.2% from 2022 to 2030.

An aerial refueling system is installed in tanker aircraft or refueling aircraft that comprises an additional fuel tank and fuel transfer unit for refueling one aircraft from another to provide aerial support and boost the range of any on-air aircraft operation. Such systems are used to provide aerial refueling support to any aircraft during its flight operations. The need for aerial refueling is on the rise mainly due to the rise in the number of military aircraft operations and the need for mid-air refueling during military drills, surveillance, or combat operations. A few of the major factors driving the aerial refueling market include increasing global military expenditure, growing procurement of refueling tanker aircraft, rising deployment of military aircraft in larger numbers across different regions, and growing cross-border conflicts across different nations. All these factors are generating the need for aerial refueling operations across different regions.

Aerial Refueling Market Share – by Region, 2022

To get sample Copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/sample/TIPRE00006791

Source: The Insight Partners Analysis

The changing modern warfare scenario has obligated governments of various countries to allocate significant funds and financial aid to respective defense and military forces. The defense budget allocation supports army and military forces in purchasing technologies and equipment from domestic or international developers. There is an augmented need to reinforce defense and military forces with advanced airborne defense systems; hence, air forces across the globe are focusing on investing in procuring advanced technologies. The constant inclination of defense forces to acquire new technologies for noncombat and combat operations further boosts military expenditure worldwide. Such factors are fueling the aerial refueling market growth across different regions.

The “aerial refueling market analysis” has been carried out by considering the following segments: component, aircraft type, system type, end use, and geography.  In terms of components, the aerial refueling market is categorized into refueling pods, refueling probes, drogues, hoses, booms, and others. The boom segment accounted for the largest aerial refueling market share in 2022, and it is expected to retain its dominance during the forecast period. Based on aircraft type, the market is segmented into tanker & combat aircraft, helicopters, and UAVs. In 2022, the tanker & combat aircraft segment accounted for the largest share of the global aerial refueling market, and it is expected to retain its dominance during the forecast period. Based on system type, the market is bifurcated into probe & drogue and boom & receptacle. In 2022, the probe & drogue segment accounted for a larger share of the global aerial refueling market, and it is expected to retain its dominance during the forecast period as well. Based on end use, the market is divided into OEMs and aftermarket. In 2022, the OEMs segment accounted for a larger share of the global aerial refueling market, and it is expected to continue dominating during the forecast period. The scope of the aerial refueling market report includes North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In addition, in 2022, North America accounted for the largest share of the global aerial refueling market; however, Asia Pacific is likely to register the highest CAGR during the forecast period.

Cobham Plc, Safran, Eaton, GE Aviation, Marshall Aerospace & Defense Group, Parker Hannifin Corporation, Israel Aerospace Industries Ltd, BAE Systems Plc, Elbit Systems Ltd, and ARESIA are among the prominent players profiled in the aerial refueling market report. Manufacturers operating in the market strongly collaborate with aircraft manufacturers, military forces, and governments of different countries to understand their demands and offer them suitable resolutions. The aerial refueling market forecast can help stakeholders plan their growth strategies.

In terms of OEMs, the surge in the number of military aircraft fleets is one of the major factors supporting the growth of the aerial refueling market. Moreover, considering the aftermarket, the rising number of older-generation aircraft fleets is a key factor bolstering the aerial refueling market. Further, the expected tanker aircraft deliveries across different regions are likely to provide new opportunities for aerial refueling market players in the coming years. The report also includes growth prospects owing to the current aerial refueling market trends and their foreseeable impact during the forecast period.    

Further, some of the other factors driving the aerial refueling market growth include, a rise in procurement of military helicopters, increasing deployment of military UAVs, increase in the number of product developments, and rising mergers and collaborations among the manufacturers of boom & receptacle and probe & drogue systems for the development of new and innovative products across different regions. Such factors are also likely to generate new opportunities for market vendors during the forecast period as well.

The aerial refueling market players are strongly focusing on collaborating with different aircraft OEMs, military forces, and governments of different countries to understand their respective demands and offer them suitable resolutions. Moreover, several aviation associations and organizations of different nations are investing substantially in the development of advanced aerial refueling products, which is another major factor contributing to the growth of the global aerial refueling market across different regions.

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