PUBLISHER: The Business Research Company | PRODUCT CODE: 1409755
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409755
“Refueling Aircraft Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on refueling aircraft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for refueling aircraft? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The refueling aircraft market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Refueling aircraft, also known as tanker aircraft, are specifically designed for transferring fuel to other aircraft during flight, extending their range or preparing them for subsequent missions. This capability allows aircraft to stay airborne for longer periods, resulting in fuel and time savings, especially during extended manned flights.
The primary refueling methods for refueling aircraft include air-to-air refueling, the flying boom method, the probe and drogue method, the tanking method, and other refueling mediums. Air-to-air refueling, also referred to as aerial refueling, involves transferring fuel from a military tanker aircraft to another military aircraft, which can be a fixed-wing jet or a helicopter. This process enhances an aircraft's range or time in the air. Various components, such as aviation refuelers, dispensers, refueling pods, probes and drogues, and others, are employed in different types of aircraft, including commercial airplanes, military airplanes, combat aircraft, non-combat aircraft, and helicopters.
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The refueling aircraft market size has grown strongly in recent years. It will grow from $11.1 billion in 2023 to $11.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the historical period can be attributed to military operations and conflicts, the growth of commercial aviation, global geopolitical changes, alliances and partnerships among airlines, and fluctuations in fuel prices.
The refueling aircraft market size is expected to see strong growth in the next few years. It will grow to $14.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to the expansion of commercial aviation, technological advancements in refueling systems, a shift towards eco-friendly fuels, increased air force modernization programs, and regulatory changes and safety standards. Key trends expected in the forecast period include the automation of refueling systems, the use of unmanned aerial vehicles (UAVs), the adoption of autonomous technologies, advanced fueling techniques, and enhanced safety measures.
The expected surge in air travel frequency is poised to drive the expansion of the refueling aircraft market. With a growing number of individuals opting for air travel, there arises a heightened demand for airplane operations, leading to increased fuel consumption and, consequently, a greater need for aircraft refueling. For example, data from the Bureau of Transportation Statistics in March 2022 reveals that US airlines transported 674 million passengers in 2021, marking an 82.5% increase compared to the 369 million passengers in 2020. Of the total, 612 million passengers embarked on domestic flights, while 62 million traveled internationally. Therefore, the escalating frequency of air travel is a pivotal factor propelling the growth of the refueling aircraft market.
The burgeoning growth of the commercial aviation sector is anticipated to be a driving force behind the refueling aircraft market's expansion in the foreseeable future. The commercial aviation industry, encompassing the operation of airplanes for passenger and freight transport, plays a vital role in global air travel and related services. Refueling aircraft significantly contribute to expanding the operational capabilities of airplanes, fostering consistent air mobility and efficient time management. According to Airlines for America in November 2023, commercial aviation constitutes 5% of the US GDP, amounting to $1.25 trillion in 2022. On a typical day, over 25,000 flights from the United States serve nearly 80 countries, transporting 2.5 million passengers and over 59,000 tons of cargo to and from more than 220 nations. Therefore, the burgeoning growth of the commercial aviation industry is a key driver for the refueling aircraft market.
Innovation in product offerings stands out as a key trend in the refueling aircraft market, with major companies prioritizing the development of cutting-edge products to fortify their market positions. For instance, Lockheed Martin Corporation introduced the LMXT in September 2021, hailed as the next strategic tanker. The LMXT represents a state-of-the-art aerial refueler designed to meet both current and future mission objectives of the United States Air Force. It boasts advanced capabilities, including increased range and fuel offload capacity, and notably features the world's first fully automated boom/air-to-air refueling (A3R) system.
Major players in the refueling aircraft market are adopting a strategic partnership approach to drive innovation in refueling technologies. Strategic partnerships involve leveraging collective strengths and resources to achieve mutual benefits and success. Boeing Company, a leading aircraft and refueling aircraft manufacturer, announced a partnership with Aurora Flight Sciences in June 2023. This collaboration aims to advance aerial refueling operation capabilities for future-oriented mobility systems. The partnership involves significant investments in mission technologies for upcoming refueling and transportation platforms such as the KC-46A Pegasus. Aurora Flight Sciences, a subsidiary of Boeing, is tasked with preliminary research and conceptual design work on composite elements to enhance operational survivability in aerial refueling and mobility operations.
In June 2021, Eaton Corporation plc acquired Cobham Mission Systems for $2.83 billion. This acquisition is expected to contribute to the growth of Eaton Corporation plc's Aerospace business, leveraging Cobham Mission Systems' expertise in manufacturing aircraft equipment and parts, including external fuel tanks, aerial refueling systems, and special-purpose pods.
Major companies operating in the refueling aircraft market report are Lockheed Martin Corporation, Eaton Corporation, The Flofuel Group, Marshall Aerospace and Defence Group, General Electric Aviation systems, Cobham Limited, Airbus SE, The Boeing Company, GE Aviation, Refuel International Ltd., Garsite LLC, BAE Systems plc, Rostec State Corporation, United Aircraft Corporation, Northrop Grumman Corporation, Israel Aerospace Industries Ltd., Safran SA, Parker Hannifin Corporation, Honeywell International Inc., Meggitt plc, Eaton Corporation plc, Dassault Aviation SA, Embraer SA, Bombardier Inc., Textron Inc., Leonardo SpA, Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Pilatus Aircraft Ltd., General Dynamics Corp
Europe was the largest region in the refueling aircraft market in 2023. The regions covered in the refueling aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the refueling aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The refueling aircraft market consists of sales of hydrant dispensers and mini hydrant dispenser. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.