According to a recent study from market research firm Global Market Insights, the aerial refueling systems market is set to grow from its current market value of more than $4.3 million to over $5 million by 2026, gaining remarkable traction over the 2020 to 2026 period.
The global aerial refueling systems market is projected to register lucrative growth over the coming years as defense budgets keep increasing and technological advancements keep occurring in the field of aviation at a tremendous pace.
While aerial refueling systems have been around for a number of years, the core technology has been pushed a long way from the time the first in-air refueling operation took place. Military aircraft have effectively used aerial refueling systems for almost a hundred years. The practice is integral in extending the overall range of an aircraft and allows it to stay in the air longer without having to land.
When an aeroplane takes off, its engines need to work more hard; just as is the case with car engines when the care is going uphill. However, this process burns a significant amount of fuel which could have been otherwise used to get the airplane make a longer trip. If aircrafts could refill their fuel tanks while in the air, they could travel much further. Some planes can refuel from a nozzle that has been suspended from another plane while flying, this process is known as mid-air refueling.
The mid-air refueling process is particularly important to the defense sector as military aircraft can fly much farther than they usually could on just their own limited fuel tanks. Additionally, with the importance of border surveillance growing across countries at a momentous pace, the adoption of aerial refueling systems is increasing in tandem.
The aerial refueling systems market is categorized into different segment on the basis of application, components, system, distribution channels, and regional landscape.
Based on application, the market is divided into military aircrafts, helicopters, commercial aircraft, and UAVs. Among these, the UAV segment is projected to grow with an impressive CAGR of more than 12% over the forecast timeframe owing to several technology advancements in the field of unmanned flight and refueling systems.
Based on component, the market is classified into refueling pods, refueling probe, drogues, hoses, and boom. Among these, the refueling probe segment will grow with the CAGR of over 3% through the analysis period 2026 owing to increasing demand from probe and drogue system.
Similarly, the hoses segment is earmarked to register growth with an impressive CAGR of over 5% over the projected timeframe owing to increasing demand from probe and drogue systems.
Regionally, the LATAM segment accounts for over 2% share of the overall market. Rising defense expenditure of countries throughout the region will increase product demand in the sector.
The MEA segment will grow with the CAGR of around 2% over the forecast timeframe owing to increasing demand from military aircrafts in the region.