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 Size, And Forecast, 2019-2026.” The report further states that the military aircraft market size was USD 40.22 billion in 2018 and is projected to reach USD 58.03 billion by 2026, exhibiting a CAGR of 3.08% during the forecast period.
The military aircraft market refers to the industry involved in the design, manufacturing, and sale of aircraft specifically for military purposes. It encompasses various types of military aircraft, including fighter jets, transport planes, helicopters, unmanned aerial vehicles (UAVs), and surveillance aircraft.
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The report answers the following questions:
- What is the overall industry outlook and how will impact the market?
- What are the main drivers and trends shaping the market growth?
- Which factors are stalling the growth of the market?
- What are the regional prospects for the market?
- Who are key market players and what are their preferred strategies?
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.
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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 region, the 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.
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 Companybagged 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 Lancermilitary 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 billionto the Boeing Company for providing fifteen KC-46A tanker military aircraft,wing air refueling pod kits, spare engines, support equipment, and spares.
Fortune Business Insights™ lists out the names of organizations present in the global market. They are as follows:
- 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)
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