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Military Aircraft Market Size to Reach USD 58.03 Billion by 2026; Increasing Geopolitical Instability Worldwide to Boost Growth

May 15, 2020 | Aerospace & Defense

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. 


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/military-aircraft-market-102771


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:



  • Airbus S.A.S. (Netherlands)

  • The Boeing Company (the U.S.)

  • Dassault Aviation SA (France)

  • Lockheed Martin Corporation (the U.S.)

  • Saab AB (Sweden)

  • Embraer S.A. (Brazil)

  • GE Aviation (the U.S.)

  • Hindustan Aeronautics Limited (India)

  • Bell Textron Inc. (the U.S.)

  • Sukhoi Corparation (Russia)

  • Korea Aerospace Industries (KAI) (S. Korea)

  • Chengdu Aircraft Industry Group (CAIG) (China)


A Noteworthy Industry Development-



  • April 2019: The U.S. Department of Defense (DOD) awarded a new contract to the Boeing Company. It is worth USD 5.7 billion. With the help of this contract, the company will be able to upgrade for Pegasus Combat Capability (PC2). In addition to that, it will also put forward non-recurring and recurring post-production works as per the directions of the U.S. Federal Aviation Administration (FAA). It is meant for strategic military transport aircraft, as well as for KC-46 aerial refuelling.


Further Report Findings-



  • North America is likely to dominate the market owing to the rising demand for manned and unmanned military aircraft from the U.S.

  • Europe would grow significantly backed by the higher demand for combat and transport aircraft in this region.

  • Based on application, the combat aircraft segment held 33% market share in 2018 stoked by their rising number of deliveries and other associated values.


The global market can be segmented in the following way:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD billion)



Segmentation



By Type



  • Fixed Wing

  • Rotary Blade



By Application



  • Combat

  • Military Transport

  • Airborne Early Warning & Control

  • Reconnaissance & Surveillance



By System



  • Airframe

  • Engine

  • Avionics

  • Landing Gear System

  • Weapon System



By Geography



  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Italy, Spain, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Australia, and Rest of Asia- Pacific)

  • Rest of the World (Latin America and the Middle East & Africa)


Military Aircraft Market
  • PDF
  • 2018
  • 2015-2017
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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