Summary
Major players in the refueling aircraft market are Lockheed Martin Corporation, Eaton Corporation, Fluid Transfer International, Marshall Aerospace and Defence Group, General Electric Aviation systems, Garsite LLC, Titan Aviation, Parker Hannifin Corporation, Rafaut Group, Safran Group, Israel Aerospace Industries, Airbus, BAE Systems, OMEGA Air Refuelling, and AFS Aviation Fuel Services GmbH.
The global refueling aircraft market is expected to grow from $10.45 billion in 2022 to $11.08 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The refueling aircraft market is expected to reach $13.57 billion in 2027 at a CAGR of 5.2%.
The refueling aircraft market consists of sales of hydrant dispenser 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.
Refueling aircraft is an aircraft used to transfer fuel to an aircraft’s tanks in order to extend its range during flight or prepare it for its next flight. It allows aircraft to stay in the air for considerably longer than usual, and it may result in fuel and time savings during lengthy manned flights.
Europe was the largest region in the refuling aircraft market in 2022. The regions covered in refueling aircraft report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main refueling mediums of refueling aircraft are air to air refueling, flying boom method, probe and drogue method, tanking method, and other refueling mediums.Air-to-air refueling, also known as aerial refueling, is the procedure of moving fuel from a military tanker aircraft to another military aircraft, which could be a fixed-wing jet or a helicopter.
It is used to increase an aircraft’s range or time in the air. The components are aviation refueller, dispenser, refueling pods, probe and drogue, and others used in commercial airplane, military airplane, combat aircraft, non-combat aircraft, and helicopters.
The growing frequency of air travellers is expected to propel the growth of the refueling aircraft market.Air travellers refers to people who travel by airplane.
With more people travelling by air, there will be a growing need to operate aeroplanes, which raises fuel consumption and the need for aircraft refueling. For instance, in March 2022, according to the Bureau of Transportation Statistics, a division of the US Department of Transportation that publishes information on transportation, US airlines transported 674 million individuals in 2021, which was 82.5% higher than that of 2020 (369 million). 612 million passengers travelled on domestic flights in 2021, and 62 million passengers travelled on international flights. Therefore, the growing frequency of air travellers is driving the growth of the refueling aircraft market.
Product innovation is the key trend in the refueling aircraft market.Major companies operating in the refueling aircraft market are focused on developing innovative products to strengthen their position in the market.
For instance, in September 2021, Lockheed Martin Corporation, a US-based corporation for aerospace, weaponry, military, information security, and technology, launched LMXT, the next strategic tanker.The LMXT provides the most cutting-edge aerial refueler to meet America’s current and long-term mission objectives, enhancing tanker capabilities in the United States Air Force.
The potential benefits of the LMXT capabilities, which were created to fulfil operator requirements, include increased range and fuel offload capacity. It is the first completely automated boom/air-to-air refueling (A3R) system in the world.
In June 2021, Eaton Corporation plc, an Ireland-based intelligent power management company, acquired Cobham Mission Systems for $2.83 billion. With this acquisition, Eaton Corporation plc’s Aerospace business is expected to grow, and Eaton’s portfolio is expected to influence the company’s overall growth and financial performance. Cobham Mission Systems is a UK-based manufacturer of aircraft equipment and parts that include external fuel tanks, aerial refueling systems, special purpose pods, and others.
The countries covered in the refueling aircraft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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