Global Military Aircraft Market Outlook
According to a new report by Expert Market Research titled “Global Military Aircraft Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global military aircraft market is projected to grow at a CAGR of 5.10% between 2023 and 2028. Aided by the rising geopolitical tensions and increasing investments towards military and defence by multiple nations, the market is expected to grow significantly by 2028.
Military aircraft encompass a wide array of platforms, including fighters, bombers, transport aircraft, helicopters, unmanned aerial vehicles (UAVs), and others. These assets play a crucial role in modern warfare and national defence by providing functions such as air superiority, close air support, aerial reconnaissance, transport, and deterrence. The global military aircraft market is currently driven by multiple trends and dynamics.
One of the key factors driving the military aircraft market growth is the surge in defence spending worldwide. As nations strive to enhance their military capabilities and maintain a robust defence posture, the demand for advanced military aircraft continues to grow. For instance, stealth technology, supercruise ability, advanced avionics, and network-centric warfare capabilities are highly sought after in new-generation fighter aircraft. Similarly, transport aircraft and helicopters are increasingly required to have higher payload capacity, extended range, and better survivability.
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In addition to traditional defence needs, the rise in asymmetric warfare and counter-insurgency operations also contribute to the increasing military aircraft market demand. These operations often require assets such as attack helicopters, UAVs, and light transport aircraft, which are versatile and capable of operating in challenging environments.
The increasing application of unmanned systems is another significant trend in the military aircraft market development. UAVs, also known as drones, are being widely adopted due to their ability to carry out missions without risking human lives. They are used for a variety of roles, including surveillance, reconnaissance, strike missions, and even aerial refuelling.
In terms of technology, the military aircraft market is witnessing rapid advancements. Innovations in areas such as propulsion systems, avionics, materials, and design are resulting in aircraft that are faster, more agile, and more efficient than their predecessors. Additionally, the integration of artificial intelligence and autonomy in military aircraft systems is an emerging trend which will likely fuel the military aircraft market expansion.
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Global Military Aircraft Market Segmentation
The market can be divided based on type, system, application, and region.
Market Breakup by Type
- Fixed Wing
- Rotary Blade
Market Breakup by System
- Airframe
- Engine
- Avionics
- Landing Gear Systems
- Weapon Systems
Market Breakup by Application
- Combat
- Military Transport
- Airborne Early Warning and Control
- Reconnaissance and Surveillance
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global military aircraft companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Dassault Aviation
- Lockheed Martin Corporation
- Saab AB
- Embraer SA.
- Textron Inc
- Korea Aerospace Industries, LTD.
- Others
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