Sellbyville, DE -- (SBWIRE) -- 01/31/2019 -- Aerial Refueling System Market is estimated to exhibit approximately 3% CAGR with USD 3 million by 2024. Probe and drogue will dominate the aerial refueling system market, crossing 70% volume share over the forecast timespan. Provision of more passive tanker operations as compared to flying boom mechanism along with negligible requirement of precise direction to the drogue will contribute significantly towards the revenue generation. Flying boom system will witness significant gains owing to its high usage in the industry over the past years. Moreover, high fuel transferring rate as compared to the counterpart will further propel the market size from 2017 to 2024.

Aerial refueling system market from refueling pods is anticipated to capture major revenue share owing to vitality of the component in the refueling system. They are responsible for monitoring the fuel transfer rate. Drogues are expected to exhibit 3.5% CAGR over the next eight years owing to high adoption of probe and drogue system across the globe for serial refueling. Extensive usage in helicopters will further contribute to the segment's growth.

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North America is likely to dominate the global aerial refueling system market with more than 50% revenue share by the end of 2024. Prevalence of multiple variants of these systems such as KC-135, KC-130 etc. coupled with presence of established manufacturers will primarily contribute to the revenue generation. Rising defense budget of U.S. will further support the regional dominance.

Asia Pacific will grow substantially due to rising penetration in countries including China, Japan, and Australia. The high penetration is credited to high aircraft production across the region.

The drive to achieve greater mission range has been acting as one of the major encouraging factors for aerial refueling system market in recent years. The U.S. military in particular, has been looking forward to the inclusion of tankers like KC-46A to their ranks of refueling tankers as this would mean the extension of strike range for fighter jets like F-15, F-22 and F-35. The growth of the aerial refueling system industry is thus of great tactical significance in the modern threat environment on account of which most nations are increasing their defense budgets.

In fact, the latest trends in aerial refueling system industry are remnant of programs such as Carrier-Based Aerial-Refueling System (CBARS). Significant competitors like Boeing, General Atomics, and Lockheed Martin have released designs for their drones for this program, which could carry out unmanned aerial refueling. With advancements brought about by technology and aircraft industry leaders, the aerial refueling system market is expected to witness considerable growth over 2017-2024.

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Aerial refueling system market will find its largest consumer in the military sector. Extending the strike range of combat aircrafts is the chief reason for the Air Force to use aerial refueling systems. Long range strike weapons used by adversaries can make it difficult for the Air Force to base and launch fighter jets within proximal striking distance. This factor has found increased relevance in places like the Pacific, a region that has become infamous for its geographical expanse and can cause much hindrance to a tactical attack.

Some of the leading names that are battling for supremacy in the aerial refueling system market are Boeing, General Atomics, Lockheed Martin Corporation, Cobham PLC, Zodiac Aerospace, GE Aviation System, Dassault Aviation, Marshal Aerospace & Defense Group and Eaton Corporation. These companies undeniably have been vying with one another to accomplish the top slot across this business space.

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