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.
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Refueling pods will capture highest revenue share in the aerial refueling system market owing to their prominence in the entire system. The component is responsible for regulating the transfer rate of the fuel. Drogues will exhibit over 3.5% CAGR till 2024 due to high implementation of probe and drogue system around the world. Compatibility with helicopters has resulted in their extensive usage, further fueling the aerial refueling system market from drogues.
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.
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.
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OEMs are anticipated to exhibit maximum volume share in the aerial refueling system market by the end of 2024. High revenue generation is attributed to rising production of aircrafts across the globe and their prior installation in the aircrafts.
Aftermarket will grow rapidly, exhibiting more than 4.5% CAGR owing to increasing replacement needs of the crucial components including drogues and hoses, particularly in the ageing aircrafts.
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.
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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.