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Refueling Aircraft Market Size
- Report ID: GMI7943
- Published Date: Jan 2024
- Report Format: PDF
Refueling Aircraft Market Size
Refueling Aircraft Market was valued at USD 13.2 billion in 2023 and is anticipated to register a CAGR of over 2% between 2024 and 2032. Increasing government investments in the procurement of refueling planes are driving growth in the market.
The rising financial support underscores a strategic focus on enhancing military capabilities, particularly in air-to-air refueling. For instance, in August 2023, Brazil announced its intentions to allocate USD 10.6 billion to military research, development, and equipment acquisition initiatives. This funding will encompass various aspects including the Gripen fighter fleet and the financing of projects by Embraer, a local aircraft manufacturer, specifically targeting aerial refueling planes.
The demand for extended operational ranges, driven by the critical role air-to-air refueling plays in strategic military missions, is boosting the refueling aircraft industry. With the necessity for global reach and rapid response capabilities, countries seek aircraft capable of refueling in-flight, allowing fighter jets, bombers, and reconnaissance planes to operate over longer distances without returning to the base. This capability enhances the agility and effectiveness of military forces in addressing evolving geopolitical challenges and diverse operational scenarios.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Refueling Aircraft Market Size in 2023: | USD 13.2 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 2% |
| 2032 Value Projection: | USD 16.9 Billion |
| Historical Data for: | 2018 to 2023 |
| No. of Pages: | 260 |
| Tables, Charts & Figures: | 300 |
| Segments covered: | Aircraft, Component, Medium |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Global economic uncertainties pose a challenge to the refueling aircraft market as defense budgets are susceptible to fluctuations. Economic downturns, recessions, or financial crises may prompt governments to reassess spending priorities, potentially leading to reductions in defense expenditures. This uncertainty can hinder long-term planning for military modernization programs, affecting investments in refueling aircraft. Adapting to changing economic conditions and advocating the strategic importance of air-to-air refueling capabilities become crucial in mitigating the impact of global economic uncertainty on the refueling aircraft industry.
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Refueling Aircraft Market Scope
