Market Research Report
Military Aircraft Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||850290|
|Published||Content info||105 Pages
Delivery time: 2-3 business days
|Military Aircraft Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: April 1, 2019||Content info: 105 Pages||
The military aircraft market is anticipated to register a CAGR of above 2.5% during the forecast period.
The study of military aircraft market includes both fixed-wing and rotary-wing aircraft types. The non-combat segment of fixed-wing aircraft is classified into reconnaissance and surveillance aircraft, trainer aircraft, transport aircraft, and other aircraft. The reconnaissance and surveillance aircraft includes the airborne early warning and control (AEW&C) and maritime patrol aircraft. The other aircraft segment includes electronic warfare and electronic intelligence, signals intelligence, and search and rescue aircraft.
The Fixed-wing Segment is Expected to Experience the Highest Growth During the Forecast Period
The fixed-wing segment is anticipated to have the highest growth during the forecast period. The increasing fixed-wing aircraft orders followed by the deliveries during the forecast period is expected to be the major driving factor for the growth of this segment during the forecast period. The development of more advanced and stealthier fixed-wing aircraft may attract a lot of countries to procure the aircraft to increase their aerial capabilities. For instance, Lockheed Martin's F-35 Lightning II is one of the latest stealth multirole fighter developed by Lockheed Martin that has entered service in 2016. 91 F-35s were delivered in 2018, an increase of 38% compared to the deliveries made in 2017. The deliveries are scheduled to increase by another 40% in 2019. Currently, buyers of the aircraft are planning to procure close to a total of 3000 F-35 and field them till 2037-2047. Such rigorous procurements of fixed-wing aircraft are propelling the growth of the segment during the forecast period.
The Asia-Pacific Region is Expected to Experience the Highest Growth During the Forecast Period
The Asia-Pacific region is anticipated to have the highest growth during the forecast period. The rapid growth in military spending of the Asia-Pacific countries is the major driving factor for its growth. Japan previously planned to acquire 42 F-35A models. However, in December 2018, Japan announced its plans to procure approximately 150 F-35 stealth fighter jets from the United States, as part of Japan's new defense plan. Additionally, the countries are collaborating to develop advanced aircraft to jointly enhance their air combat capabilities. For instance, Korean Aerospace Industries and Indonesian Aerospace together are currently developing KAI KF-X (IA IF-X) fighter aircraft project to replace the Republic of Korea Air Force's aging F-4 and F-5 fighters. The development of new aircraft is expected to help the growth of the market in this region during the forecast period.
The military aircraft market is highly fragmented, due to the presence of many players who offer several types of aircraft. Some of the prominent players in the military aircraft market are Lockheed Martin Corporation, The Boeing Company, BAE Systems PLC, Rostec, Airbus SE, and Northrop Grumman Corporation. The increased investments by the companies into the development of new and advanced aircraft are helping them to maintain market position. For instance, HAL is currently developing a fifth-generation fighter aircraft under Advanced Medium Combat Aircraft (AMCA) program, and Northrop Grumman is developing B-21 Raider with unique design and structure. Development of such new aircraft may generate demand from the armed forces across the world. Moreover, collaborations, and mergers and acquisitions among the OEMs are expected to make the market consolidated over the forecast period.