Driven by rising defense expenditure among emerging economies, the aerial refueling systems market size is anticipated to depict exponential growth between 2020-2026. Increase in military spending over the years has supported the adoption of new, technologically advanced fighter jets across the defense sector. Advent of new combat aircraft fleets has propelled the demand for advanced refueling technologies, favoring aerial refueling systems market growth.
Growing significance and demand for multi-role tanker transport (MRTT) aircraft may positively impact industry outlook. While new technological innovations may help enhance the system’s performance and capacity. In 2020, Airbus Defence & Space collaborated with Singapore to develop an automatic aerial refueling capability for the A330 Multi-Role Tanker Transport (MRTT).
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The fully automated system is designed to increase safety, reduce ARO workload and optimize the rate of fuel transfer, and is expected to be certified by the year 2021. According to Global Market Insights Inc. , the aerial refueling systems market size is expected to exceed USD 5 million by 2026.
Why are commercial aircraft witnessing increased demand for aerial refueling systems?
According to the application spectrum, the aerial refueling systems market is divided into military aircraft, commercial aircraft, helicopter and Unmanned Aerial Vehicles (UAV’s). Of these, the commercial aircraft segment is anticipated to register appreciable proceeds through the coming years. The need to support long-haul flights may drive refueling of commercial airlines in a long run.
The industry is segmented into refueling pods, refueling probes, boom, drogues and hoses. The drogues segment is projected to register sizable demand through the projected timeframe given to its extensive use in aerial refueling systems. These components have a plethora of application in flying boom and drogue systems that play a major role in aerial refueling process.
Which region is expected to majorly impact the aerial refiling systems industry outlook?
As per the regional outlook, Asia Pacific holds a significant share in global aerial refueling systems market, led by countries like China and Australia. The regional market is anticipated to emerge as a major revenue pocket owing continuous developments witnessed in refueling technology.
For instance, in 2018, China tested refueling of drones under human control. While countries such as Japan and India are continuously procuring refueler aircraft to amplify their operational reach. There countries have also witnessed a tremendous rise in air traffic as well as military expansion in the past decade.
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What competitive factors are driving global aerial refueling systems market forecast?
The competitive landscape of aerial refueling systems market comprises of leading companies such as Boeing, Lockheed Martin, Eaton Corporation, Cobham Plc, Northstar, Zodiac Aerospace, GE Aviation System, and Omega Aerial Refueling Services, Inc.
These firms are focused on enhancing their position in the market by means of various tried-and-tested business strategies such as product development, collaborations, geographic expansions, technological advancements and acquisitions. Highlighting an instance, in 2019, Boeing Co. furthered its collaboration with the U.S. Air Force as it inked a $2.6 billion deal for spares, support equipment, and air refueling pod kits for 15 Boeing KC-46A tanker aircraft.
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