The global militaryaircraft market is set to gain traction from the higher demand forfifth-generation jet fighter worldwide. It is occurring as these aircraftpossess several benefits, such as highly integrated computer systems, advancedavionics features, low-probability-of-intercept radar (LPIR), andhigh-performance airframes. They are also able to efficiently interact with theother elements present in the battlespace and create situational awareness.This information is given by Fortune Business Insights™ in a recent report,titled, “MilitaryAircraft Market Size, Share & Industry Analysis, By Type (Fixed-Wing, andRotary-Blade), By Application (Combat, Multirole Aircraft, Military Transport,Maritime Patrol, Tanker, Reconnaissance & Surveillance, and Others), BySystem (Airframe, Engine, Avionics, Landing Gear System, and Weapon System),and Regional Forecast, 2019-2026.” The report furtherstates that the military aircraft market size was USD 40.22 billion in2018 and is projected to reach USD58.03 billion by 2026, exhibiting a CAGR of 3.08% duringthe forecast period.
COVID-19 Impacton Military Aircraft Industry:
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Market Drivers:
Replacement of Old Aircraft with Innovative Ones to Propel Growth
Thetechnical challenges mainly associated with propulsion, structures, and othersimilar systems are resulting in a surge in the demand for the replacement andup-gradation of conventional aircraft with the innovative 4th and5th generation aircraft. The old fleet of aircraft oftenrequires additional capabilities to fulfil the latest mission requirements, aswell as reduce the rising number of threats. It is set to drive this marketgrowth in the coming years. However, the increasing demand for unmanned aerialvehicles (UAVs) may hinder market growth
Segmentation:
Combat Aircraft Segment to Grow Rapidly Backed by DevelopmentProjects
Interms of application, the market is divided into reconnaissance andsurveillance, tanker, training, search & rescue, maritime patrol, multiroletransport, multirole aircraft, and combat aircraft. Out of these, the combataircraft segment held 33% military aircraft market share in 2018. This growthis attributable to their increasing number of deliveries across the globe, aswell as the value associated with them. In addition to that, developmentprojects, namely, F/A-18 programme and F-35 programme would also contribute tothe growth of this segment. The export of Gripen E/F, Rafale, and Typhoon arealso set to aid growth.
Regional Analysis:
Rising Defence Budgets to Favor Growth in Europe
Basedon the region, the market is segregated into Asia Pacific, Europe, NorthAmerica, and the rest of the world. Amongst these, North America has anticipatedto leads the market throughout the forthcoming period. Regionally, NorthAmerica 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 togrowth as it would be responsible for approximately 50% of the global demandfor both unmanned and manned military aircraft. Europe is expected to growconsiderably owing to its surge in the defense budgets. Lastly, Asia Pacific isprojected to grow at a fast pace stoked by the modernization of armed forces,especially in the developing nations, such as India.
Competitive Landscape:
Key Companies Aim to Bag Contracts for Strengthening theirPositions
Themarket includes several industry giants that are presently engaging in researchand development (R&D) activities to introduce new products in the market.They are trying to launch affordable military aircraft to cater to the needs oftheir consumers. Also, they are focusing on bagging contracts from governmentagencies to gain a competitive edge.
Browse Detailed Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/military-aircraft-market-102771
