Aviation Refueling: Introduction
Aviation refueling is the process of transferring aviation fuel from fuel station to the aircraft. Generally, transfer of fuel takes place either through dispenser connected to a fuel station or through mobile tankers. Currently, military aircraft are refueled aerially by transferring fuel from one aircraft to another.
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Key Drivers and Restraints of Aviation Refueling Market
Rise in number of air travelers owing to strong economic growth across the globe; and implementation of stringent safety rules and regulations in the aviation industry are expected to drive the global aviation refueling market. For instance, the number of scheduled passengers handled by the global airline industry increased from 2.8 billion in 2012 to 4.5 billion in 2019.
Advancement in technologies to optimize fuel efficiency is anticipated to stimulate the global aviation refueling market during the forecast period. In 2020, Gazpromneft-Aero, operator of the Gazprom Neft aviation refueling business, introduced digital commercial accounting system for aviation refueling at the Sheremetyevo airport (Moscow, Russia). The new technology is expected to increase the efficiency and speed of refueling operations. Furthermore, it is anticipated to reduce turnaround times in processing basic accounting data and invoices.
Increase in investments in development of aviation infrastructure and rise in demand for durable unmanned aerial system are key factors estimated to boost the demand for aviation refueling during the forecast period. However, growth in number of accidents while refueling is projected hamper the market in the near future.
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COVID-19 Impact Analysis
Governments of several countries across the globe have imposed stringent lockdown as part of preventive measures to limit the spread of the COVID-19 pandemic. Economic activities, barring those related to essential goods and services, have come to a halt because of the lockdowns. This has adversely affected the demand for air travel, thereby hampering the demand for aviation refueling. The International Civil Aviation Organization (ICAO) estimates an overall reduction of air passengers ranging from 53% to 60% in 2020 compared to that in 2019.
Probe & Drogue Refueling Method Segment Expected to Hold Prominent Share of Global Market
The global aviation refueling market can be segmented based on application, refueling method, component, and region.
Based on refueling method, the global aviation refueling market can be segregated into flying boom and probe & drogue. The probe & drogue segment held major share of the global aviation refueling market in 2019. The segment is anticipated to witness continuous growth due to rise in demand for efficient aircraft refueling systems. The probe & drogue refueling method is extensively used to fuel helicopters with the help of trailing hoses.
Based on component, the global aviation refueling market can be segregated into refueling pods, refueling probes, drogues, hoses, and boom
In terms of application, the global aviation refueling market can be classified into commercial, defense, and others
Asia Pacific Expected to Constitute Major Share of Global Aviation Refueling Market
In terms of region, the global aviation refueling market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
Europe is projected to dominate the aviation refueling market during the forecast period. This can be ascribed to the ongoing investment in technological advancement of air refueling systems in the region.
The aviation refueling market in Asia Pacific is expected to expand at a significant pace during the forecast period. The market in the region is driven by increase in number of air travelers. Strong economic growth, increase in investment in the industrial sector, and rise in standard of living are some of the major factors propelling the demand for air travel in Asia Pacific, primarily in developing economies of the region. Furthermore, increase in defense budget in countries such as China, Japan, and India is expected to drive the market in the region from 2020 to 2030.
North America is also projected to hold vital share of the global market during the forecast period due to presence of multinational players across the region. Furthermore, policymakers in the U.S. making significant investment in the defense and military sector. This is also anticipated to drive the aviation refueling market in North America in the near future.
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Key Players Operating in Global Market
Leading companies operating in the global aviation refueling market include:
Gazprom Neft PJSC
Marquard & Bahls
Lockheed Martin
Refuel International
Cobham Plc.
Eaton Corporation
Garsite LLC
Fluid Transfer International
General Electric Aviation Systems
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