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The global military aircraft market size is projected to reach USD 58.03 billion by 2026. It is set to gain momentum from the rising geopolitical instability and evolution of threats worldwide. Besides, the increasing strategic considerations are causing variations in the demand for the military sector every year. Fortune Business Insights™ provided this information in a new study, titled, “Military Aircraft Market Size, Share & Industry Analysis, By Type (Fixed-Wing, and Rotary-Blade), By Application (Combat, Multirole Aircraft, Military Transport, Maritime Patrol, Tanker, Reconnaissance & Surveillance, and Others), By System (Airframe, Engine, Avionics, Landing Gear System, and Weapon System), and Regional Forecast, 2019-2026.” The study further mentions that the market size stood at USD 40.22 billion in 2018. However, it is likely to exhibit a CAGR of 3.08% during the forecast period between 2019 to 2026.
Lockheed Martin Bags Contract from the Pentagon for Delivering F-35
In October 2019, Lockheed Martin Corporation, a prominent aerospace, defense, security, and advanced technologies company based in the U.S., bagged a contract from the Pentagon, the headquarters building of the United States Department of Defense. It is worth USD 34 billion. It would aid Lockheed in delivering 478 F-35 aircraft to the latter. The company’s 5th generation F-35 is available in three variants, namely, F-35C for the U.S. Navy, F-35B for the U.S. Marine Corps, and F-35A for the U.S. Air Force. It is considered to be the world’s most interoperable, lethal, and innovative aircraft ever created.
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Rising Cross-border Conflicts to Accelerate Growth
There is a rise in cross-border activities and conflicts across the globe. It has led several developing nations, such as South Korea, India, and China to modernize and upgrade their defence systems in order to strengthen them. Apart from that, the governments of various countries are currently striving to upsurge their defence budgets for widening the air force fleet. Aerial firepower is also being upgraded owing to the investments by the giant defence spenders. There is also a rise in the number of arms races. It would affect the market growth for military aircraft positively during the forecast period. However, increasing adoption of unmanned aerial vehicles (UAVs) on account of their ability to offer combat operations, transportation and delivery, as well as battle damage management may hamper growth.
Key Companies Launch Cost-effective Products to Strengthen Position
The industry giants are at present, focusing on gaining a competitive edge by developing and implementing crucial integrated system architectures, introducing management and technical capabilities, and cost-effective military aircraft. They are also hell-bent on achieving new contracts from the Army and Navy to deliver their in-house military aircraft and strengthen their position in the market.
Fortune Business Insights™ lists out all the organizations present in the global military aircraft market. They are as follows:
A Noteworthy Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD billion)