[Research Report] The aerial refueling market was valued at US$ 640.75 million in 2022, and it is expected to reach US$ 960.94 million by 2030; it is anticipated to register a CAGR of 5.2% from 2022 to 2030.
Analyst Perspective:
The aerial refueling market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. The aerial refueling market has witnessed tremendous growth in the past few years. One of the major factors driving the market is the rising global military aircraft fleet and the replacement or refurbishment of older military tanker aircraft fleets. Another major factor driving the market includes the rising development of unmanned refueling tankers that are currently being tested for their first-ever actual operations among different armed forces. Manufacturers operating in the market are majorly focusing on the development of innovative products to remain competitive. However, a few of the factors hindering the aerial refueling market growth include the rise in environmental concerns caused by aircraft operations and higher installation costs for refueling system components. The report includes growth prospects in light of current aerial refueling market trends and driving factors influencing the market growth.
Market Overview:
The aerial refueling market is moderately consolidated, with the presence of a limited number of players operating across different regions. Moreover, a few countries have been pushing their military investments in terms of procuring newer tanker aircraft models to replace their older tanker aircraft fleet, which is outdated and requires huge monetary sources for successful operation. Furthermore, the constant tensions among countries such as Russia-Ukraine, China-Taiwan, Israel-Palestine, US-China, India-Pakistan, and India-China is also pushing the awareness for the procurement of new military aircraft and tanker models to strengthen their respective armed forces. Further, such tensions are also due to the rising geopolitical competition among different countries for strengthening their respective armed forces. Hence, they are procuring advanced technologies and adding value to their respective armed forces. Such factors are supporting the deployment of tankers and combat aircraft, which is further generating the need for aerial refueling systems across different regions.
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Aerial Refueling Market: Strategic Insights
Market Size Value in US$ 640.75 million in 2022 Market Size Value by US$ 960.94 million by 2030 Growth rate CAGR of 5.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Aerial Refueling Market: Strategic Insights
| Market Size Value in | US$ 640.75 million in 2022 |
| Market Size Value by | US$ 960.94 million by 2030 |
| Growth rate | CAGR of 5.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Growing Procurement of Military Aircraft & Helicopters Generates Demand for Aerial Refueling Systems
The growing demand for advanced technologies to neutralize missile attacks, along with enhancing the process of identification or locating the target area and surveillance and detection of possible airborne threats, is boosting the application of advanced aerial refueling in military aircraft, jets, and helicopters. The government bodies of different countries are investing substantially in procuring high-end military aircraft, combat jets, and helicopters to tackle the growing airborne threats, which is also expanding the application scope of aerial refueling and refueling tanker aircraft globally. There is a growing number of contracts and deals to procure advanced defense aircraft and helicopters to combat the rise in advanced airborne attacks. A few of the major investments, contracts, and deals are mentioned below:
- In 2023, the Boeing company secured a contract worth US$ 12 billion for the supply of Apache attack helicopters to Poland. Poland is expected to receive 96 units of AH-64E Apache attack helicopters.
- In 2022, the US government and Lockheed Martin finalized the contract for the production and delivery of 398 F-35s for ~US$ 30 billion.
- In 2022, the Indian Air Force announced its plan to acquire 114 fighter jets, out of which 96 are expected to be developed in the country.
- In 2022, Switzerland signed a deal to procure three dozen F-35A fighter jets.
- In 2022, L3Harris Technologies Inc. secured a contract worth US$ 3 billion to supply military aircraft to the US Special Operations Command.
Thus, the increasing procurement of military aircraft and helicopters for combating the growing instances of airborne attacks drives the aerial refueling market.
Segmental Analysis:
Based on component, the market is segmented into refueling pods, refueling probes, drogues, hoses, boom, and others. In 2022, the boom segment dominated the aerial refueling market share, and it is also expected to retain its dominance during the forecast period. Further, the hoses and refueling pods are two of the main segments that are anticipated to register the healthy CAGRs in the aerial refueling market from 2022 to 2030. The main factors fueling the boom segment’s growth are its higher price, technology integration, and the fact that it allows the operator to conduct smooth refueling operations during any aerial flight. However, the boom segment is likely to register sluggish growth during the forecast period due to the higher demand for probe & drogue systems in the present scenario across different regions. The demand for probe & drogue systems is increasing because of their reasonable prices, flexibility, ease of installation, and other parameters. Such factors are likely to boost the aerial refueling market size during the forecast period.
Regional Analysis:
In terms of revenue, North America dominated the aerial refueling market share in 2022 which is also expected to retain its dominance during the forecast period as well. The North America aerial refueling market was valued at US$ 275.01 million in 2022 and is projected to reach US$ 413.21 million by 2030; it is expected to register a CAGR of 5.2% from 2022 to 2030. North America is home to a few of the major aircraft OEMs such as Boeing, Bombardier, Lockheed Martin, and Airbus, which have their respective production facilities across different parts of the region and keep generating new demand for aerial refueling systems from their respective facilities. Such factors have been boosting the demand for aerial refueling products across the region. Further, another major factor catalyzing the growth of the North America aerial refueling market includes the presence of aerial refueling system manufacturers across countries such as the US and Canada. Such companies include vendors such as Eaton, GE Aviation, Marshall Aerospace & Defense Group, Parker Hannifin Corporation, Boeing, and Raytheon Technologies Corporation.
Aerial Refueling Market Report Scope
Key Player Analysis:
“The aerial refueling market analysis” is carried out by identifying and evaluating key players in the market across different regions. L3Harris Technologies Inc, Raytheon Technologies Corporation, Curtiss-Wright Corporation, Honeywell International Inc, General Electric Company, Safran SA, BAE Systems Plc, Moog Inc, Meggitt Plc, and Garmin Ltd are among the prominent players profiled in the aerial refueling marketreport. In addition, Cobham Plc, Safran, Eaton, GE Aviation, and Marshall Aerospace & Defense Group are considered among the top market players owing to the diversified product portfolio offered.
Recent Developments:
The aerial refueling market report includes company positioning and concentration to evaluate the performance of competitors/players in the market. Inorganic and organic strategies such as product launches, mergers, and acquisitions are highly adopted by companies in the aerial refueling market. A few of such instances are mentioned below:
- In February 2021, Eaton bought the aerial refueling system unit of Cobham Plc in the US in a deal worth US$ 2.8 billion.
- In November 2023, Eaton announced that it had successfully conducted the testing of its newly designed actively stabilized drogue prototype, mainly focused on autonomous aerial refueling for next-generation fighter jets.
Thus, such factors have been catalyzing the aerial refueling market growth from the suppliers' perspective.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Aircraft Type, System Type, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Cobham Plc, Safran, Eaton, GE Aviation, and Marshall Aerospace & Defense Group are some of the key market players operating in the global aerial refueling market.
Deployment of refueling tanker UAVs into military forces is one of the major trends expected to drive the market in the coming years.
North America is expected to account for the largest share during the forecast period and it is likely to retain its dominance during the forecast period as well.
Increasing awareness for strengthening armed forces of different countries and rising military aircraft fleet are some of the key factors likely to generate new opportunities for market vendors during the forecast period.
Surge in global military expenditure and rising procurement of refueling tanker aircraft are contributing to the growth of aerial refueling market.
1. Introduction
1.1 Scope of the Study
1.2 Market Definition, Assumptions and Limitations
1.3 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness Analysis
3. Research Methodology
4. Aerial Refueling Market Landscape
4.1 Overview
4.2 Porter’s Five Forces Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in the Value Chain
5. Aerial Refueling Market - Key Market Dynamics
5.1 Key Market Drivers
5.2 Key Market Restraints
5.3 Key Market Opportunities
5.4 Future Trends
5.5 Impact Analysis of Drivers and Restraints
6. Aerial Refueling Market - Global Market Analysis
6.1 Aerial Refueling - Global Market Overview
6.2 Aerial Refueling - Global Market and Forecast to 2031
7. Aerial Refueling Market – Revenue Analysis (USD Million) – By Component, 2021-2031
7.1 Overview
7.2 Refueling Pods
7.3 Refueling Probes
7.4 Drogues
7.5 Hoses
7.6 Boom
7.7 Others
8. Aerial Refueling Market – Revenue Analysis (USD Million) – By Aircraft Type, 2021-2031
8.1 Overview
8.2 Tanker and Combat Aircraft
8.3 Helicopters
8.4 UAVs
9. Aerial Refueling Market – Revenue Analysis (USD Million) – By System Type, 2021-2031
9.1 Overview
9.2 Probe and Drogue
9.3 Boom and Receptacle
10. Aerial Refueling Market – Revenue Analysis (USD Million) – By End Use, 2021-2031
10.1 Overview
10.2 OEMs
10.3 Aftermarket
11. Aerial Refueling Market - Revenue Analysis (USD Million), 2021-2031 – Geographical Analysis
11.1 North America
11.1.1 North America Aerial Refueling Market Overview
11.1.2 North America Aerial Refueling Market Revenue and Forecasts to 2031
11.1.3 North America Aerial Refueling Market Revenue and Forecasts and Analysis - By Component
11.1.4 North America Aerial Refueling Market Revenue and Forecasts and Analysis - By Aircraft Type
11.1.5 North America Aerial Refueling Market Revenue and Forecasts and Analysis - By System Type
11.1.6 North America Aerial Refueling Market Revenue and Forecasts and Analysis - By End Use
11.1.7 North America Aerial Refueling Market Revenue and Forecasts and Analysis - By Countries
11.1.7.1 United States Aerial Refueling Market
11.1.7.1.1 United States Aerial Refueling Market, by Component
11.1.7.1.2 United States Aerial Refueling Market, by Aircraft Type
11.1.7.1.3 United States Aerial Refueling Market, by System Type
11.1.7.1.4 United States Aerial Refueling Market, by End Use
11.1.7.2 Canada Aerial Refueling Market
11.1.7.2.1 Canada Aerial Refueling Market, by Component
11.1.7.2.2 Canada Aerial Refueling Market, by Aircraft Type
11.1.7.2.3 Canada Aerial Refueling Market, by System Type
11.1.7.2.4 Canada Aerial Refueling Market, by End Use
11.1.7.3 Mexico Aerial Refueling Market
11.1.7.3.1 Mexico Aerial Refueling Market, by Component
11.1.7.3.2 Mexico Aerial Refueling Market, by Aircraft Type
11.1.7.3.3 Mexico Aerial Refueling Market, by System Type
11.1.7.3.4 Mexico Aerial Refueling Market, by End Use
Note - Similar analysis would be provided for below mentioned regions/countries
11.2 Europe
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 United Kingdom
11.2.5 Russia
11.2.6 Rest of Europe
11.3 Asia-Pacific
11.3.1 Australia
11.3.2 China
11.3.3 India
11.3.4 Japan
11.3.5 South Korea
11.3.6 Rest of Asia-Pacific
11.4 Middle East and Africa
11.4.1 South Africa
11.4.2 Saudi Arabia
11.4.3 U.A.E
11.4.4 Rest of Middle East and Africa
11.5 South and Central America
11.5.1 Brazil
11.5.2 Argentina
11.5.3 Rest of South and Central America
12. Industry Landscape
12.1 Mergers and Acquisitions
12.2 Agreements, Collaborations, Joint Ventures
12.3 New Product Launches
12.4 Expansions and Other Strategic Developments
13. Competitive Landscape
13.1 Heat Map Analysis by Key Players
13.2 Company Positioning and Concentration
14. Aerial Refueling Market - Key Company Profiles
14.1 Cobham Plc
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
Note - Similar information would be provided for below list of companies
14.2 Safran
14.3 Eaton
14.4 GE AViation
14.5 Marshall Aerospace and Defense Group
14.6 Israel Aerospace Industries Ltd
14.7 BAE Systems Plc
14.8 Elbit Systems Ltd
14.9 ARESIA
15. Appendix
15.1 Glossary
15.2 About The Insight Partners
15.3 Market Intelligence Cloud
The List of Companies - Aerial Refueling Market
- Cobham Plc
- Safran
- Eaton
- GE Aviation
- Marshall Aerospace & Defense Group
- Parker Hannifin Corporation
- Israel Aerospace Industries Ltd
- BAE Systems Plc
- Elbit Systems Ltd
- ARESIA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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