Military Fixed-Wing Aircraft Market - Industry Analysis, Trends & Forecast (2018-2023)
Military Fixed-Wing Aircraft Market The market is expected to be valued at USD 78.14 billion by 2022, recording a CAGR of 3.7% during 2017-2022 (the forecast period).
The military fixed-wing aircraft market is dominated by North America, followed by Asia-Pacific and Europe. The market is expected to be driven by the replacement of ageing military aircraft, increased internal and external security threats, and modernization strategies.
In military aircraft, the multi-role and transport aircraft segments are expected to account for 59.3% and 23% of the market, while the reconnaissance and surveillance aircraft and bombers segments share 12.5% of the market. Moreover, large multi-role platform development programs are being performed by nations, such as India, South Korea, Pakistan, and Japan to counter the rising prices of the US and European-made fighter jets.
REPLACEMENT OF AGEING MILITARY AIRCRAFT FLEET
Globally, major countries are expected to invest significantly in replacing aging aircraft fleets. After the wars in Iraq and Afghanistan, the United States and other allied countries in Europe, Asia-Pacific, and Latin America were left with damaged aircraft and other military equipment. Thus, large-scale upgrades and replacement programs were required.
Although the United States invests frequently in upgrading and modernizing military aircraft, the country still faces a dire need to procure new and more advanced aircraft to sustain its global military dominance. Over 2017-2022 (the forecast period), the United States is expected to invest heavily in multi-role aircraft, with a primary focus on the F-35 Joint Strike Fighter program. Under the program, the country plans to procure a total of XX F-35 multi-role fighters by 2037. The growth in the sector is expected to be primarily driven by the KC-46A program, under which, the country plans to purchase aerial refueling tankers in 2017.
Key players in the military fixed wing aircraft market profiled in the report are Lockheed Martin, AVIC, Sukhoi, Dassault Aviation, Boeing, and SAAB.