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 estimated to grow at a CAGR of 11.3% over 2021-2027 to accumulate USD 1057.88 million by the end of the study duration.
 

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

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Notably, Stockholm International Peace Research Institute reported that global military expenditure saw a 2.6% rise from 2019 levels, reaching around USD 1981 billion in 2020. The U.S., India, China, U.K., and Russia were found to be the five biggest spenders in 2020, accounting for around 62% of total global military expenditure.
 

For the record, air-to-air refueling or aerial 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 used to extend the range of the receiver. It also allows surveillance aircrafts to fly for longer periods without landing.
 

Speaking of the negatives, high cost of manufacturing, installation, and maintenance of aerial fueling aircrafts is likely to impede industry development over the forecast duration.
 

On the basis of component type, global air-to-air refueling industry is segmented into pumps, nozzles, valves, hoses, pods, probes, boom, and fuel tanks among others. Speaking of system, the marketplace is categorized into boom refueling, probe & drogue and autonomous variants, whereas by aircraft type, the industry space is divided into fixed wing, and rotary wing.
 

Considering the regional outlook, Europe, Asia Pacific, North America, and Latin America are major contributors to worldwide air-to-air refueling industry remuneration. Of these, North America currently occupies a major market share on account of advancing technology, coupled with presence of major defense equipment manufacturers in the region.
 

Meanwhile, Asia Pacific market is expected to bolster at a strong CAGR through 2027, owing to rising military budget, and growing territorial disputes between countries in the region.
 

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