Aerial Refueling System Market – North America To Hold 50% Revenue Share By 2024
SELLBYVILLE, Del., May 16, 2018 /PRNewswire-iReach/ — According to a latest research report by Global Market Insights, Inc. “Aerial Refueling Systems Market is predicted to be valued USD 3 million by 2024.” High acceptance from military applications coupled with continuous surge in defense budgets of various countries across the globe will essentially drive the industry growth over the forecast timeframe. Several developing countries that include India and China have witnessed a considerable rise in their defense budgets, resulting in strengthening of their purchasing power. This will further escalate the revenue generation from aerial refueling system market.
Emergence of multi-role tankers and their extensive usage owing to their benefits will also impact the industry positively. Moreover, various countries have witnessed a surging demand for special purpose military jets. These jets highly utilize refueling systems owing to requirement of uninterrupted operations, strengthening the product sales. However, downsides of boom mechanism including non-compatibility with helicopters and instances of accidents during refueling procedures might hamper the aerial refueling systems market growth over the next eight years.
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Participants in the aerial refueling systems market are focusing towards conducting extensive R&D activities to overcome the challenges of intricate refueling procedures during harsh climate conditions. Regular technological advancements such as smart drogue system have gained prominence among the manufacturers. This system is connected to the existing hose that consistently controls the movements of the basket and is featured with sensors. It acts as an active buffer and leads to significant reduction in the basket movement. These innovations are anticipated to offer stable growth prospects to the industry players.
Aerial refueling systems market from probe and drogue is likely to showcase dominance with over 70% volume share by 2024. It offers better and passive tanker operations than the flying boom system. Moreover, it does not experience the requirement of precisely directing the drogue, unlike the counterpart. Provision of high fuel transferring rate in comparison with flying boom system will further propel the industry growth till 2024.
Military aircrafts are likely to capture highest revenue share, accounting for over USD 2 million over the next eight years owing to high requirement in these aircrafts. Rising defense budget across the globe will further strengthen the product penetration. Aerial refueling systems market from helicopters will grow rapidly till 2024 owing to extensive usage of these systems. It is attributed to their low fuel carrying capacities along with rising production across the globe.
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Refueling pods will capture highest revenue share in the aerial refueling systems market owing to their prominence in the entire system. The component is responsible for regulating the transfer rate of the fuel. Drogues will exhibit over 3.5% CAGR till 2024 due to high implementation of probe and drogue system around the world. Compatibility with helicopters has resulted in their extensive usage, further fueling the aerial refueling system market from drogues.
OEMs are anticipated to exhibit maximum volume share in the aerial refueling systems market by the end of 2024. High revenue generation is attributed to rising production of aircrafts across the globe and their prior installation in the aircrafts. Aftermarket will grow rapidly, exhibiting more than 4.5% CAGR owing to increasing replacement needs of the crucial components including drogues and hoses, particularly in the ageing aircrafts.
North America aerial refueling systems market is likely to hold a major share, crossing 50% of the revenue share till 2024. Presence of established manufacturers along with prevalence of multiple alternates of these systems including KC-130, KC-135, etc. will primarily support the regional dominance. Increasing defense budget of U.S. will further contribute significantly towards the high revenue generation. Asia Pacific will showcase rapid growth owing to rising aircraft deliveries across the region, especially in the countries including Australia, China, and Japan, strengthening the product penetration.
Buy this industry insights spread across 350 pages with 690 market data tables & 10 figures & charts from the report, “Aerial Refueling System Market Size By Application (Military Aircraft, Helicopters, Commercial Aircraft, UAV), By Component (Refueling Pods, Refueling Probes, Drogues, Hoses, Boom), By System (Probe and Drogue, Flying Boom), By Distribution Channel (OEM, Aftermarket) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, Sweden, Norway, China, Japan, India, Thailand, Australia, Vietnam, Malaysia, Indonesia, Singapore, Korea, Pakistan, Brazil, Chile, Colombia, Saudi Arabia, Turkey, UAE, Israel, Iran, Algeria), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024″ in detail along with the table of contents:
Chapter 6. Aerial Refueling Systems Market, By System
6.1. Global aerial refueling system market share by system, 2016 & 2024
6.2. Probe and drogue
6.2.1. Market estimates and forecasts, 2013 – 2024
6.2.2. Market estimates and forecast, by region, 2013 – 2024
6.3. Flying boom
6.3.1. Market estimates and forecasts, 2013 – 2024
6.3.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 7. Aerial Refueling System Market, By Distribution Channel
7.1. Global aerial refueling systems market share by distribution channel, 2016 & 2024
7.2.1. Market estimates and forecasts, 2013 – 2024
7.2.2. Market estimates and forecast, by region, 2013 – 2024
7.3.1. Market estimates and forecasts, 2013 – 2024
7.3.2. Market estimates and forecast, by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/aerial-refueling-systems-market
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SOURCE Global Market Insights, Inc.