Global Air Refueling Market was valued at USD 552 million in 2020 which expected to reach at USD 735.16 million by 2027 at a CAGR 4.2% from 2020 to 2027.
Air Refueling is also known as Air-to-Air Refueling or Aerial Refueling. This is a process of Transferring fuel from one plane to another when both are in-flight. The aircraft which transfers the fuel is known as the tanker whereas the aircraft which gets the fuel is known as the receiver. Flying boom and progue-and drogue are two important methodologies which are used to carry out the air refueling processes.
Some key operating players are discussed in this report such as Eaton Corporation, Draken International, Airbus S.A.S., Parker Hannifin Corporation, Marshall Aerospace and Defence Group, GE Aviation, Israel Aerospace Industries, Cobham plc, Boeing, Safran, etc. These companies are majorly focusing on the introduction of advanced technologies, partnership, collaboration, Mergers & Acquisition, to raise their customer base across the globe.
The rise in combat aircraft procurement is expected to drive the growth of Global Air Refueling Market over the forecast period. Many countries are focusing on strengthening their military capabilities. Geopolitical issues, territorial & border disputes, and the need to replace aging fleets with modern fourth- and fifth-generation fighter aircraft with improved payload capacity & flying range are some of the prominent factors encouraging military forces to strengthen their capabilities. For instance, in January 2021, the Indian Parliament has approved the procurement of around 73 Light Combat Aircraft (LCA)-Tejas Mk-1A fighter aircraft & 10 LCA-Tejas Mk-1 Trainer aircraft.
Impact of COVID-19 on Market
Due to COVID-19 outbreak many governments had announced to lockdowns as well as travel restrictions which expected to adversely affect the including aerospace & defense industry.
The Global Air Refueling Market is segmented into such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Europe region is expected to show the significant growth in the market due to the presence of key players in the region. Also, the increase in terrorism in the middle East countries and the growing jets in military operations are expected to support the demand for air refueling in the region.
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