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Aerial Refueling Systems Market to Reach $672 Million in 2024, Says Stratview Research
As per Stratview Research, . Increasing demand for tanker aircraft, owing to rising defense budgets in the developing economies and expected replacement of old tanker aircraft fleet of KC-135 in the USA ; emergence of multirole aircraft tankers; increasing demand for long-run military jets for special purpose missions; and rising tanker fleet size are the major growth drivers for the aerial refueling systems market.
The USA , the largest market for the defense industry, has a large aging tanker fleet which needs replacement with the latest tanker aircraft. The country's current plan is to purchase 179 Boeing's KC-46 tanker aircraft by 2027 and will eventually replace 470 KC-135 tanker aircraft with KC-46. In Sep. 2018 , the US Air Force gave a contract of about US$ 2.9 billion to Boeing for 18 additional KC-46 Pegasus tanker aircraft, making the total order of 52 aircraft. Later in Jan. 2019 , Boeing successfully delivered its first KC-46A aircraft to the US Air Force.
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The research's findings suggest that . Increasing demand for combat aircraft owing to rising tensions, large aging combat aircraft fleet size and a greater need for multiple tanker aircraft for refueling are the major factors that are proliferating the demand for refueling systems in the segment. The .
Based on system type, , driven by low cost and ease in refueling. All major tanker aircraft are increasingly opting for hose and drogue systems. KC-46 tanker aircraft of Boeing, the most talked one, is equipped with a permanent centerline drogue system and removable wing air refueling pods.
In terms of component type, , driven by both OE and aftermarket.
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As per the study, . The USA is likely to remain the growth engine of the North American aerial refueling systems market, propelled by high defense budget, large tanker aircraft fleet (KC-135), and expected replacement of old aircraft fleet with new KC-46 tanker aircraft in the coming years. However, . Increasing defense budget of major Asian markets, such as China , India , Japan , and South Korea ; and good order size of tanker aircraft are likely to drive the demand for aerial refueling systems in the region.
. Developing high-performance aerial refueling systems and components and building long-term relations with the customers are the key strategies adopted by the major players to gain a competitive edge in the market.
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This report has segmented the aerial refueling systems market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:
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