The Growing Demand for Military Operations Drives the Military Aircraft Market to Witness High Growth

The military aircraft market comprises aircraft that are designed for various military operations carried out by armed forces across the world. These aircraft include fighter jets, bombers, transport aircraft, helicopters, trainer aircraft and more. They are equipped with advanced weapon systems, sensors, avionics and other specialized equipment to enable missions such as reconnaissance, troop transportation, air defense, close air support and many others.

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 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:
One of the key drivers for the growth of the military aircraft market is the growing demand for military operations globally. With rising cross-border tensions and geopolitical issues, countries are focusing more on strengthening their military capabilities. This is increasing the procurement of new generation military aircraft for combat missions as well as transport, surveillance and training requirements of armed forces. According to estimates, global military spending rose to over US$ 2 trillion in 2021 with major spenders being the United States, China, India, United Kingdom and others.

The growing demand for military operations as a driver is expected to significantly contribute to the military aircraft market growth over the forecast period. Moreover, factors such as replacement of aging fleets, advancements in aircraft technologies and additive manufacturing are also expected to offer opportunities for market expansion through 2030.

SWOT Analysis
Strength: The military aircraft market has a steady demand due to national defense budget allocations. The emergence of advanced technologies like composite materials, quantum computing etc. has enabled development of next-gen military aircraft with improved performance capabilities. Manufacturers are producing aircraft which can be equipped with cutting edge weapons and modern avionics for enhanced situational awareness.
Weakness: High investment requirements for research & development of new aircraft poses challenges for firms. Frequent upgrade cycles raises sustaining costs. Dependence on government contracts exposes manufacturers to delays and budget cuts.
Opportunity: Geopolitical tensions and territorial disputes have increased global defense spending. Emerging economies are modernizing their armed forces which boosts replacement demands. There is scope for co-production projects and offset programs with developing nations. Advancements in hybrid-electric and autonomous aircraft provide new opportunities.
Threats: Rising raw material prices and global economic uncertainties impacts defense budgets. Post covid-19 budgets cuts could reduce future procurement plans. Stringent regulations and certification procedures delays entry to service. Dependence on foreign supplies for key components faces supply chain disruptions.

Key Takeaways:
The Global Military Aircraft Market Size is expected to witness high growth over the forecast period supported by rising defense budgets particularly in Asia Pacific region. The market size for military aircraft is estimated to reach US$ 156.4 Mn by 2030, expanding at a CAGR of 8.6% from 2023 to 2030.

Regional analysis:
Asia Pacific region dominates the market currently accounting for over 35% share of the global military aircraft market in 2023. China, India, Japan, South Korea are increasing their defense spending for military modernization which drives demand. North America also captures a major share with United States being the largest military aircraft spender globally. Europe is witnessing increasing procurement of combat and transport aircraft by nations to replace ageing fleets.

Key players:
Key players operating in the military aircraft market are Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, SPX Corporation. Lockheed Martin, Boeing are the largest OEMs globally manufacturing combat, training and transport aircraft for armed forces.

 

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