Westford, USA, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global Aerial Refueling Systems market size is expected to reach USD 2.85 billion by 2031 and exhibit a CAGR of 10.1% in the forecast period (2024−2031), according to Skyquest's latest research report. The growing need to extend the range and endurance of military aircraft, allowing them to operate over longer distances and maintain mission effectiveness, the modernization and upgrading of existing aerial refueling systems to enhance their capabilities and compatibility with newer aircraft, the increased deployment of air forces in global operations, which necessitates more efficient and versatile aerial refueling capabilities, the growth in military aviation, including the acquisition of new tanker aircraft, to support national defense and security strategies, and the demand for strategic mobility and rapid response capabilities, particularly in times of crisis or conflict, where aerial refueling plays a crucial role in deploying and sustaining military forces is fueling the market's growth.
According to SkyQuest's latest global research of the Aerial Refueling Systems market, the development of advanced autonomous and boomless refueling technologies for greater operational flexibility and safety, the integration of digital and data link technologies for real-time communication and data exchange between tanker and receiver aircraft, the adoption of multi-point refueling systems to simultaneously refuel multiple aircraft during a single mission, the pursuit of cost-effective and environmentally friendly alternatives such as the use of biofuels in aerial refueling, and the growing international cooperation and partnerships for shared aerial refueling capabilities among allied nations, reducing operational costs and enhancing interoperability, are the trends that aid in the market's growth.
Browse in-depth TOC on "Aerial Refueling Systems Market"
- Pages - 157
- Tables - 159
- Figures -75
An aerial refueling system is a system that allows aircraft to refuel while in flight. Aerial refueling is used by military aircraft to extend their range and endurance, and it can also be used by commercial aircraft to reduce fuel costs.
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Prominent Players in Aerial Refueling Systems Market
- Airbus
- Boeing
- Cobham
- Leonardo
- Lockheed Martin
- Northrop Grumman
- Safran
- Thales
- UTC Aerospace Systems
- AAR
- Aero Kinetics
- Aeromech
- Aero-Refueling Laboratories
- AME Systems
- Cobham Analytical Systems
- Collins Aerospace
- General Dynamics
- GKN Aerospace
- Honeywell Aerospace
- L3Harris Technologies
- Parker Hannifin
- Woodward
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2024-2031 |
| Market Size in 2022 | 1.20 Billion |
| 2030 Value Projection | 2.85 Billion |
| CAGR | 10.1% |
| Segments Covered |
|
| Regions Covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Boom and Receptacle Demand to Grow Substantially in the Forecast Period
Boom and Receptacle dominates the global online market as they offer a higher fuel transfer rate compared to probe and drogue systems. This increased transfer rate allows for faster refueling of receiver aircraft, which is crucial in military operations where efficiency and rapid mission execution are essential.
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Military is the Leading Application Segment
In terms of application, the Military is the leading segment as it continues to grow, with nations investing in the modernization and expansion of their military aircraft fleets. This growth necessitates acquiring and upgrading aerial refueling systems to support extended mission ranges and capabilities.
North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The United States has one of the largest defense budgets globally, leading to significant investments in military aviation. The U.S. military operates an extensive fleet of tanker aircraft and has been actively modernizing its aerial refueling capabilities.
A recent report thoroughly analyzes the major players operating within the Aerial Refueling Systems market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has lhighlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Aerial Refueling Systems.
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Key Developments in Aerial Refueling Systems Market
- In May 2023, Airbus and Collins Aerospace formed a partnership to develop advanced aerial refueling systems and technologies for next-generation tanker aircraft, focusing on efficiency and operational safety.
- In March 2023, Boeing announced the launch of the Boeing MQ-25 Stingray unmanned aerial refueling tanker, aimed at providing the U.S. Navy with autonomous refueling capabilities for carrier-based aircraft.
Key Questions Answered in Aerial Refueling Systems Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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