The global military aircraft market was valued at USD 40.22 billion in 2018 and is expected to grow to USD 85.79 billion by 2032, with a projected compound annual growth rate (CAGR) of 6.0% over the forecast period.
The global military aircraft market is set to gain traction from the higher demand for fifth generation jet fighter worldwide. It is occurring as these aircraft possess several benefits, such as highly integrated computer systems, advanced avionics features, low-probability-of-intercept radar (LPIR), and high-performance airframes. They are also able to efficiently interact with the other elements present in the battlespace and create situational awareness. This information is given by Fortune Business Insights™ in a recent report, titled, “Military Aircraft Market, 2024-2032.”
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/military-aircraft-market-102771
List of Key Players Profiled in the Military Aircraft Market Report:
Airbus S.A.S. (Netherlands)
The Boeing Company (the U.S.)
Dassault Aviation SA (France)
Lockheed Martin Corporation (the U.S.)
Saab AB (Sweden)
Embraer S.A. (Brazil)
GE Aviation (the U.S.)
Hindustan Aeronautics Limited (India)
Bell Textron Inc. (the U.S.)
Sukhoi Corparation (Russia)
Korea Aerospace Industries (KAI) (S. Korea)
Chengdu Aircraft Industry Group (CAIG) (China)
Segmentation:
The military aircraft market can be segmented into the following categories:
By Aircraft Type:
Combat Aircraft
Non-Combat Aircraft
By Application:
Air Superiority
Reconnaissance and Surveillance
Ground Attack
Maritime Patrol
By Component:
Airframe
Engine
Avionics
Weapons Systems
By End-User:
Air Force
Navy
Army
By Region:
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
COVID-19 Impact:
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Drivers & Restraints- Military Aircraft Market
Replacement of Old Aircraft with Innovative Ones to Propel Growth
The technical challenges mainly associated with propulsion, structures, and other similar systems are resulting in a surge in the demand for the replacement and upgradation of conventional aircraft with the innovative 4th and 5th generation aircraft. Old fleet of aircraft often require additional capabilities to fulfil the latest mission requirements, as well as reduce the rising number of threats. It is set to drive the military aircraft market growth in the coming years. However, the increasing demand for unmanned aerial vehicles (UAVs) may hinder market growth.
Regional Analysis-
Rising Defence Budgets to Favor Growth in Europe
Based on region, the military aircraft market is segregated into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, North America is anticipated to leads the market throughout the forthcoming period. Regionally, North America earned the dominant military aircraft market share with a revenue of $16.29 billion earned in 2018. The U.S. is set to be the major contributor to growth as it would be responsible for approximately 50% of the global demand for both unmanned and manned military aircraft. Europe is expected to grow considerably owing to its surge in the defence budgets. Lastly, Asia Pacific is projected to grow at a fast pace stoked by the modernization of armed forces, especially in the developing nations, such as India.
Competitive Landscape- Military Aircraft Market
Key Companies Aim to Bag Contracts for Strengthening their Positions
The market includes several industry giants that are presently engaging in research and development (R&D) activities to introduce new products in the market. They are trying to launch affordable military aircraft to cater to the needs of their consumers. Also, they are focusing on bagging contracts from the government agencies to gain competitive edge. Below are two of the latest industry developments:
April 2019: The Boeing Company bagged a new contract from the U.S. Department of Defence (DOD) worth USD 14.3 billion. It will be able to upgrade and deliver B-52 Stratofortress and B-1B Lancer military aircraft that serve the U.S. Air Force. This new deal is expected to enhance the responsiveness, supportability, lethality, and survivability of both the aircraft.
October 2019: The U.S. Air Force awarded a contract worth USD 2.6 billion to the Boeing Company for providing fifteen KC-46A tanker military aircraft, wing air refueling pod kits, spare engines, support equipment, and spares.