by Military aircraft are specially designed aircraft used by national armed forces for military missions such as armed forces transportation, surveillance, airlift, aerial refueling, reconnaissance, and combat. These aircraft provide critical support to armed forces by facilitating transportation of troops and cargo over long and short distances. Additionally, these aircraft are equipped with advanced avionics and electronics to execute various military operations efficiently.
The global Military Aircraft Market is estimated to be valued at US$ 106.9 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key factors fueling growth of the global military aircraft market is modernization of aging military aircraft fleets globally. Many countries are investing significantly in upgrading their existing military aircraft fleets to enhance their capabilities. For instance, the U.S. approved a plan to spend approximately $12 billion to modernize its B-52 heavy bombers that were first introduced in the 1950s. Similarly, countries such as India, China, Russia, Japan, and European nations are modernizing their aircraft fleets to gain technological edge. This is expected to generate substantial demand for military aircraft over the forecast period.
SWOT Analysis
Strength: Military aircraft have strong capabilities to combat terrorism and threats to national security. They are heavily equipped with advanced weapons and sensors for surveillance and security operations.
Weakness: Developing and manufacturing military aircraft requires massive budgets and resource investments. Frequent technological upgrades add to the maintenance costs of aircraft fleets.
Opportunity: Emerging geopolitical tensions and budget increases for defense spending in many countries fuel the demand for newer aircraft with superior capabilities. Asian and Middle Eastern countries are actively procuring new aircraft.
Threats: Stringent regulatory standards for weapons exports pose challenges. Budget cuts during economic downturns can impact future aircraft programs.
Key Takeaways
The Global Military Aircraft Market Size is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market with the highest demand from the US for advanced combat aircraft. The Asia Pacific region is expected to see the fastest growth due to increasing defense budgets and upcoming procurements by India, China, and other Southeast Asian countries.
Key players operating in the military aircraft market are Lockheed Martin Corporation, The Boeing Company, Northrop Grumman Corporation, Saab AB, BAE Systems PLC, Rostec, Aviation Industry Corporation of China, Korea Aerospace Industries Ltd, Mitsubishi Heavy Industries Ltd, Leonardo SpA, Textron Inc., Airbus SE, Dassault Aviation SA, and Piper Aircraft Inc. Lockheed Martin and Boeing have the largest market shares due to their diverse aircraft product portfolios, strong brand value, and prominent positions in the US and European defense supply chains.
The demand for new jets, unmanned aircraft, modernized avionics, and integrated systems will help key manufacturers sustain growth and tap emerging opportunities in regional markets. Forthcoming programs such as the Boeing F/A-18E/F Super Hornet, Lockheed Martin F-35 Lightning II, Dassault Rafale, Eurofighter Typhoon, and Sukhoi Su-57 will dominate market revenues through 2030.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
