New York, United States , Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Global Air Refueling Market Size to Grow from USD 565.8 Million in 2023 to USD 781.2 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 3.28% during the forecast period.
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Many countries are upgrading their air refuelling capabilities as part of bigger efforts to modernise their forces. This covers the cost of purchasing new tanker aircraft, making fleet changes, and investing in state-of-the-art refuelling systems. The ageing tanker fleets in many countries and the need to support long-range missions and expeditionary operations are some of the factors driving the sustained high demand for tanker aircraft. International cooperation and alliances are crucial in the air refuelling industry. Countries often collaborate on tanker development and procurement initiatives to share costs, benefit from technological expertise, and enhance coalition forces' interoperability.
Air Refueling Market Value Chain Analysis
Companies including Boeing, Airbus, Lockheed Martin, and Embraer are involved in the construction of tanker aircraft. These companies design, build, and operate specialised tanker aircraft equipped with aerial refuelling systems. They also provide aftermarket services and support to tanker operators. Component suppliers provide a variety of parts and systems, including engines, avionics, hoses, booms, refuelling pods, and receptacle systems, for tanker aircraft. Engine manufacturers like General Electric and Rolls-Royce as well as businesses that specialise in refuelling equipment like Eaton Corporation and Cobham plc may be present in this sector. Some companies specialise in adding new refuelling technologies to tanker jets or adding refuelling systems to aircraft platforms that already exist.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Air Refueling Market Size By Aircraft Type (Combat & Tanker, Turboprop & Helicopter, UAV), By System Type (Hose & Drogue, Boom & Receptacle), By Component (Hose, Drogue, Probe, Boom, Refueling Pods, Others), By End User (OE, Aftermarket), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Aircraft Type
The combat and tanker segment accounted for the largest market share over the forecast period 2023 to 2033. Many countries are modernising their fleets of combat aircraft in an effort to maintain air superiority and confront evolving threats. For combat aircraft to have greater operational flexibility, endurance, and range, they must be able to refuel from the air. They will be able to accomplish operations across longer distances and stay visible in areas that are being attacked thanks to this. Tanker aircraft serve a vital role in augmenting global reach and force projection by enabling long-range strike missions, strategic airlift operations, and expeditionary deployments. Demand for tanker aircraft with aerial refuelling systems is expected to rise as countries seek to strengthen their expeditionary capacities and handle issues with regional security.
Insights by System Type
The hose & drogue segment accounted for the largest market share over the forecast period 2023 to 2033. Hose and drogue systems are often less expensive than boom systems when considering acquisition and running costs. Because of this, they are a popular option for countries trying to cut expenses or maximise their expenditures in aerial refuelling. The increased demand for aerial refuelling services for long-haul commercial flights is driving expansion in the hose and drogue section of the commercial sector. Particularly in the freight and logistics industries, commercial operators are looking into the feasibility of using hose and drogue systems to extend the endurance and range of their aircraft for ultra-long-haul operations.
Insights by Component
The boom segment accounted for the largest market share over the forecast period 2023 to 2033. Boom systems are a great help when refuelling large aircraft, like cargo planes, heavy bombers, and aerial tankers. Boom systems are becoming increasingly and more important to help refuel these platforms as countries modernise their tanker fleets and purchase larger aircraft for aerial refuelling and strategic airlift. Numerous countries are initiating modernization initiatives for tankers in order to replace their antiquated fleets with more advanced and capable ships that are equipped with state-of-the-art boom refuelling systems. Boom system suppliers and manufacturers stand to gain market share and contracts by means of these upgrading activities.
Insights by End User
The OE segment accounted for the largest market share over the forecast period 2023 to 2033. Many countries are investing in the procurement of new tanker aircraft equipped with state-of-the-art aerial refuelling systems as part of their efforts to update their defences. Modern platforms that can replenish at any moment are intended to replace antiquated tanker fleets through these programmes. Even though the OEM market primarily serves the military, OEMs may also offer aerial refuelling systems for business applications, particularly in the transportation and logistics sectors. OEMs may design specialised aerial refuelling systems for commercial tanker aircraft in order to improve operational efficiency and enable long-haul flights.
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Insights by Region
North America is anticipated to dominate the Air Refueling Market from 2023 to 2033. The United States, Canada, and other North American countries continue to fund defence modernization efforts in order to maintain strategic capabilities and counter new threats. Aerial refuelling capabilities play a critical role in the success of modernization projects by expanding the range and endurance of military aircraft, facilitating fast force deployment, and enhancing operational flexibility. In addition to military applications, commercial aerial refuelling services are becoming more and more in demand in North America. Businesses are looking into the feasibility of using aerial refuelling to extend the range of commercial aircraft for long-haul flights, particularly in the logistics and freight sectors.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Several Asia-Pacific countries are investing in military modernization programmes to strengthen their armed forces and adapt to evolving security threats. Aerial refuelling capabilities are considered essential for power projection, fast reaction times, and extended operational range, particularly in the region's vast marine and territorial domains. China's neighbouring countries and partners in the region are concerned about its plans to modernise its armed forces, especially the development and use of advanced aerial refuelling capabilities. In order to extend the range and endurance of their aircraft for long-haul flights over the vast regions of the Asia-Pacific area, commercial operators are looking into the feasibility of using aerial refuelling.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Key Players In the Global Air Refueling Market Size Include Airbus SE, Cobham plc, Draken Internationnal, Eaton Corporation, GE Aviation, Marshall Aerospace & Defence Group, Parker Hannifin Corporation, Safran, Zodiac Aerospace, and other key companies.
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Recent Market Developments
- In December 2018, Lockheed Martin and Airbus came to an agreement to work together to explore the options for meeting the industry's demand for aerial refuelling for US defence clients.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Air Refueling Market, Aircraft Type Analysis
- Combat & Tanker
- Turboprop & Helicopter
- UAV
Air Refueling Market, System Type Analysis
- Hose & Drogue
- Boom
- Receptacle
Air Refueling Market, Component Analysis
- Hose
- Drogue
- Probe
- Boom
- Refueling Pods
- Other
Air Refueling Market, End User Analysis
- OE
- Aftermarket
Air Refueling Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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