As cited by the research report titled ‘Global Air-to-Air Refueling Market Size study, by Component (Pumps, Valves, Nozzles., Hoses, Boom, Probes, Fuel tanks, Pods), by System (Probe & drogue, Boom refueling, Autonomous), by Aircraft type (Fixed wing, Rotary wing) and Regional Forecasts 2021-2027’, available with Market Study Report, global air-to-air refueling market was worth USD 500 million in 2020 and is projected to grow with a CAGR of 11.3% over 2021-2027 to accumulate USD 1057.88 million by the end of study duration.
 

Increasing military expenditure, technological advancements, and surge in combat aircraft procurement are the major factors driving the global air-to-air refueling market growth.
 

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For instance, according to Stockholm International Peace Research Institute, global military expenditure saw a rise of 2.6% from 2019, rising to around USD 1981 billion in 2020. In 2020, the U.S., India, China, U.K., and Russia accounted for around 62% of total military expenditure.
 

For the record, air-to-air refueling is the process of transfer of fuel from one aircraft to another aircraft, i.e. from the tanker to the receiver. Aerial refueling is beneficial in extending the flying range of the receiver beyond its normal range as well as it allows surveillance aircrafts to fly longer without landing.
 

Elaborating on the factors impeding global air-to-air refueling industry development, expensive manufacturing, installation, and maintenance of these aerial fueling aircrafts is a major challenge for business dynamics.
 

In addition to highlighting the growth drivers and restraints, the research literature also encompasses an in-depth study on market segmentation.
 

Based on component range, the industry is segmented into pumps, nozzles, valves, hoses, pods, probes, boom, and fuel tanks among others. Speaking of system, the marketplace is divided into boom refueling, probe & drogue and autonomous including other. Moving on to aircraft type, the industry space is fragmented into fixed wing, and rotary wing.
 

Geographically, Europe, Asia Pacific, North America, and Latin America are major contributors towards worldwide air-to-air refueling industry remuneration. Of these, North America is likely to be a major growth hub for the market over 2021-2027, owing to advancing technology, alongside existence of major industries manufacturing defense equipment in the region.
 

Whereas, Asia Pacific market is anticipated to bolster at a strong CAGR through 2027, on account of rising military budget, and surging territorial disputes between the countries in the region.
 

Key players in worldwide air-to-air refueling industry space are BAE Systems plc, Israel Aerospace Industries, Marshall Aerospace and Defence Group, Safran S.A., Parker-Hannifin Corporation, GE Aviation, Boeing Company, Airbus Group, Eaton Corporation plc, and Cobham Limited.