Military aircraft will dominate the aerial refueling system market, crossing USD 2 million over the next eight years. It is attributed to high requirement of refueling system in military sector along with increasing defense budgets across the globe. Helicopters are likely to grow significantly from 2017 to 2024 owing to their high usage of these system. This extensive usage is credited to low fuel carrying capacities of helicopters. Continuous growth in their production across the globe will further strengthen the product penetration.
Rising implementation from military segment along with increasing defense budgets of numerous countries across the globe will primarily drive the industry over the forecast timeline. Various developing countries including China and India have witnessed substantial increase in their defense budget. This high defense budget has led to significant rise in the purchasing power of these countries, further escalating the revenue generation of aerial refueling system market.
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Emergence of multi-role tankers and their extensive usage owing to their benefits will also impact the industry positively. Moreover, various countries have witnessed a surging demand for special purpose military jets. These jets highly utilize refueling systems owing to requirement of uninterrupted operations, strengthening the product sales. However, downsides of boom mechanism including non-compatibility with helicopters and instances of accidents during refueling procedures might hamper the aerial refueling system market growth over the next eight years.
Participants in the aerial refueling system market are focusing towards conducting extensive R&D activities to overcome the challenges of intricate refueling procedures during harsh climate conditions. Regular technological advancements such as smart drogue system have gained prominence among the manufacturers. This system is connected to the existing hose that consistently controls the movements of the basket and is featured with sensors. It acts as an active buffer and leads to significant reduction in the basket movement. These innovations are anticipated to offer stable growth prospects to the industry players.
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Aerial refueling system market from probe and drogue is likely to showcase dominance with over 70% volume share by 2024. It offers better and passive tanker operations than the flying boom system. Moreover, it does not experience the requirement of precisely directing the drogue, unlike the counterpart. Provision of high fuel transferring rate in comparison with flying boom system will further propel the industry growth till 2024.
with flying boom system will further propel the industry growth till 2024.Military aircrafts are likely to capture highest revenue share, accounting for over USD 2 million over the next eight years owing to high requirement in these aircrafts. Rising defense budget across the globe will further strengthen the product penetration. Aerial refueling system market from helicopters will grow rapidly till 2024 owing to extensive usage of these systems. It is attributed to their low fuel carrying capacities along with rising production across the globe.
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North America aerial refueling system market is likely to hold a major share, crossing 50% of the revenue share till 2024. Presence of established manufacturers along with prevalence of multiple alternates of these systems including KC-130, KC-135, etc. will primarily support the regional dominance. Increasing defense budget of U.S. will further contribute significantly towards the high revenue generation. Asia Pacific will showcase rapid growth owing to rising aircraft deliveries across the region, especially in the countries including Australia, China, and Japan, strengthening the product penetration.
Eaton Corporation, Boeing, Zodiac Aerospace, Marshal Aerospace and Defense Group, GE Aviation System, Dassault Aviation, and Lockheed Martin are among the prominent aerial refueling system market participants. Other noticeable competitors include Northstar Engineering Corporation, The Liebherr Group, Omega Aerial Refueling Services, and Smiths. Industry players are involved in contracts and agreements to strengthen their position. For instance, in October 2017, Cobham PLC and Icon Aerospace Technology entered into an agreement to supply hoses for refueling.to various aircraft segments.
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