The global military aircraft market size is projected to reach USD 58.03 billion by 2026. It is set to gain momentum from the rising geopolitical instability and evolution of threats worldwide. Besides, the increasing strategic considerations are causing variations in the demand for the military sector every year. Fortune Business Insights™ provided this information in a new study, titled, “Military Aircraft Market Size, Share & Industry Analysis, By Type (Fixed-Wing, and Rotary-Blade), By Application (Combat, Multirole Aircraft, Military Transport, Maritime Patrol, Tanker, Reconnaissance & Surveillance, and Others), By System (Airframe, Engine, Avionics, Landing Gear System, and Weapon System), and Regional Forecast, 2019-2026.” The study further mentions that the market size stood at USD 40.22 billion in 2018. However, it is likely to exhibit a CAGR of 3.08% during the forecast period between 2019 to 2026.
Lockheed Martin Bags Contract from the Pentagon for Delivering F-35
In October 2019, Lockheed Martin Corporation, a prominent aerospace, defense, security, and advanced technologies company based in the U.S., bagged a contract from the Pentagon, the headquarters building of the United States Department of Defense. It is worth USD 34 billion. It would aid Lockheed in delivering 478 F-35 aircraft to the latter. The company’s 5th generation F-35 is available in three variants, namely, F-35C for the U.S. Navy, F-35B for the U.S. Marine Corps, and F-35A for the U.S. Air Force. It is considered to be the world’s most interoperable, lethal, and innovative aircraft ever created.
COVID-19 Impact on Military Aircraft Industry:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Get Sample PDF Brochure (Includes COVID-19 Impact Analysis):
Highlights of the Report:
- Detailed analysis of growth stimulators and demand drivers.
- Snapshot of the modernization and expansion models of various regions worldwide.
- Industry challenges and the latest developments in the technology of military aircraft.
- In-depth information about the key programs in each segment.
- Overview of reputed companies and their strategic initiatives to intensify competition.
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 up-gradation of conventional aircraft with the innovative 4th and 5th generation aircraft. The old fleet of aircraft often requires additional capabilities to fulfil the latest mission requirements, as well as reduce the rising number of threats. It is set to drive this market growth in the coming years. However, the increasing demand for unmanned aerial vehicles (UAVs) may hinder market growth.
Combat Aircraft Segment to Grow Rapidly Backed by Development Projects
In terms of application, the market is divided into reconnaissance and surveillance, tanker, training, search & rescue, maritime patrol, multirole transport, multirole aircraft, and combat aircraft. Out of these, the combat aircraft segment held 33% military aircraft market share in 2018. This growth is attributable to their increasing number of deliveries across the globe, as well as the value associated with them. In addition to that, development projects, namely, F/A-18 programme and F-35 programme would also contribute to the growth of this segment. The export of Gripen E/F, Rafale, and Typhoon are also set to aid growth.
Rising Defence Budgets to Favor Growth in Europe
Based on the region, the market is segregated into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, North America has 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 defense 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.
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 government agencies to gain a competitive edge.
List of Top Manufacturers in Military Aircraft Market Research Report Includes;
- 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 Corporation (Russia)
- Korea Aerospace Industries (KAI) (S. Korea)
- Chengdu Aircraft Industry Group (CAIG) (China)
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.
View Related Reports:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]
Connect us via Social Media Channels:
Read Press Release: