The aerial refueling systems market size is estimated to be USD 4.3 million in 2019 and is projected to reach USD 5 million by 2026, at a CAGR of 4.1% from 2020 to 2026.
Aerial refueling system is considered to be a highly valued technique that enables in-air refueling of one aircraft from another. The flexibility that it provides in terms of extended flying hours for fighter jets and combat aircrafts patrolling through the air gives an upper hand to military operations that makes this system recognized and widely accepted by major defense forces.
To strengthen the defense sector of the country, the rise in the expenses on armed forces and buying fighter jets and aircrafts has increased drastically. With the increased demand for combat aerial vehicles, acquisition of advanced refueling techniques such as electro optical grid reference system will propel aerial refueling systems market adoption in the forecasted timespan.
According to a Global market insights report, by 2026 the global aerial refueling systems market size is expected to surpass US$5 million. Explained below are some of the factors expected to influence the industry trends worldwide over the coming years.
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Gradual demand for drogues components
Aerial refueling systems market size can be categorized based on components such as drogues, refueling probes, boom, hoses and refueling pods. The application of these components plays a crucial role in aerial refueling process.
The drogues are vastly used in aerial refueling. Even though the segment accounted for a mere 1% of the market share in 2019, due to a rising product demand in air-to-air refueling it is expected to gain considerable traction 2026 in probe and drogue systems. The adoption of the system component is consistently growing with the growth in defense budgets across developed countries like the U.S.
Emerging aftermarket aerial refueling solutions
The customer base of the industry comprises of commercial aircrafts, helicopters, military aircrafts and Unmanned Aerial Vehicles (UAV’s). With substantial growth of commercial airline fleets, the demand for refueling during long-haul flights will boost the systems deployment. With the transformation of retired aircraft into aerial refueling tank, aftermarket aerial refueling systems market will observe an approximate CAGR of 5.6% up to 2026.
An old aircraft of Lockheed L1011 was transformed into an aerial refueling carrier by Royal Air Force in August 2017. As compared to the manufacturing cost of a new aerial refueler, converting a retired aircraft into aerial refueling tank is quite affordable and will lead to industry growth in forecasted timespan.
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Asia Pacific among the leading markets
To consolidate defense system of the nations, extensive investments are being made in defense budget by many countries. As the world’s most populous developing territories like China, India, Japan and Australia reside in Asia Pacific, the region holds a considerable amount of market share and the need for aerial refueling abilities.
For an example, to meet aerial refueling requirements, the Indian Air Force conducted the procurement of six AARs in January 2018. For expanding the operational reach, countries like India and Japan are constantly making efforts to procure refueler aircrafts. China under human control tested the refueling of a drone in early 2018.
With the consistently growing economies and key aftermarket players in the Asia Pacific region, it will witness increased deployment of aerial refueling systems market. Some of the leading providers of the system globally include Boeing, Cobham Plc, GE Aviation System, Lockheed Martin, Northstar and Omega Aerial Refueling Services, lnc., among others.
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