Return to: Market NewsGlobal Air-to-Air Refueling MarketAerial refueling, or refueling in the air, is the process of transferring fuel from one aircraft (the tanker) to another aircraft (the receiver). One use of aerial refueling is to extend the range for the receiver beyond what it could normally fly. Another purpose is to allow surveillance aircraft to fly for longer times without landing. The increase in military expenditure, technology advancement increase in combat aircraft procurement has led to the adoption of air-to-air refueling across the forecast period. Increase in military expenditure because of geopolitical issues, territorial and border disputes, and the need to replace aging fleets with modern fourth- and fifth-generation fighter aircraft. For instance: As per STOCKHOLM INTERNATIONAL PEACE RESEARCH INSTITUTE (SIPRI) Total global military expenditure rose to $1981 billion in 2020, an increase of 2.6 percent in real terms from 2019. The five biggest spenders in 2020, which together accounted for 62 percent of global military expenditure, were the United States, China, India, Russia, and the United Kingdom. However, high manufacturing, installation, and maintenance costs impede the growth of the market over the forecast period of 2021-2027. Also, with autonomous refueling, the adoption & demand for air-to-air refueling is likely to increase. The global Air-to-Air Refueling Market is valued at approximately USD 508.9 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 11.63 % over the forecast period 2021-2027 and is estimated to reach USD 1099.26 million by 2027. The global Air-to-Air Refueling Market is segmented on the basis of geographical region as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to the technological advancement and major defense equipment industry located in this region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2021-2027. Factors such as rising military budget, territorial disputes between the nation would create profitable growth prospects for the Air-to-Air Refueling market across the Asia-Pacific region. Major market players included in this report are Cobham plc, Eaton corporation, Airbus, Boeing, Ge Aviation, Parker Hannifin Corporation, Safran, Marshall aerospace and defense group, Israel aerospace industries, and Bae systems. The detailed segments and sub-segment of the market are explained below: By Component: Pumps, Valves, Nozzles, Hoses, Boom, Probes, Fuel tanks, Pods By System: Probe & drogue, Boom refueling, Autonomous By Aircraft Type: Fixed-wing, Rotary wing Review the reports at https://www.bizwitresearch.com/ Data drives better decisions Bizwit Research & Consulting ... News Release: Global Air-to-Air Refueling Market Submitted on: October 06, 2021 11:08:56 AM Submitted by: Bizwit Research & Consulting LLP On behalf of: www.bizwitresearch.com |