Global Military Aircraft Market Is Estimated To Witness Significant Growth Owing To Increasing Terrorism And Geopolitical Tensions And Rising Demand For Military Modernization

 

Military Aircraft Market 

Overview:

Military Aircraft are planes that are owned and operated by various air forces across the world. They are categorized into different categories based on their purpose, size and capabilities. Military aircrafts are primarily designed to fight against enemy fighters and ground targets, though they also carry out reconnaissance and surveillance missions. They have advanced features and avionics that provide them with the ability to hide from radar and maneuver faster than their adversaries. The fastest and most agile military aircraft are called fighter jets. They are armed with powerful missiles and other weapons for attacking enemy aircraft and ground targets. The Lockheed Martin F-22 Raptor is one of the most advanced military aircrafts currently in use, and other fifth-generation models are under development. Bomber and transport aircraft are usually larger, slower, and less maneuverable than fighter jets. They carry large payloads of bombs, torpedoes, and cruise missiles for attacks against enemy targets.

The Global Military Aircraft Market Size Was Valued At USD 96.23 Million In 2021 And Is Anticipated To Witness A Compound Annual Growth Rate (CAGR) Of 5.4% From 2022 To 2030.

Market Dynamics:

Increasing agreements among key players is estimated to augment growth of the global Military Aircraft Market during the forecast period. For instance, Korea Aerospace Industries and Lockheed Martin signed a teaming agreement in June 2022, for exploring future opportunities for the T-50 advanced jet trainer. According to the agreement KAI and Lockheed Martin will be offering T-50s for training aircraft programs globally. Moreover, growing budget constraints and rising cost of military training aircraft is anticipated to restrain growth of the global military aircraft market during the forecast period.

Impact of COVID-19:

The pandemic had a mixed impact on the global Military Training Aircraft Market. As the pandemic disrupted supply chains, caused budget cuts in defense spending, and delayed aircraft deliveries. Many countries that were facing challenges owing to spread of the virus, were utilizing their resources to fight COVID-19. Travel bans and social distancing regulations led to increase in demand for virtual reality-based training. This had a negative impact on the growth of the global military aircraft market. However, increasing geopolitical tensions globally led to increase in demand for military aircrafts.  Thus, the pandemic had a mixed impact on the market.

Key Takeaways:

The global Military Aircraft Market is expected to witness robust growth, exhibiting CAGR of 5.4 % over the forecast period, due to rising government policies. For instance, the government of Australia declared the acquisition of new 29 AH-64E Apache Armed Reconnaissance helicopters and MH-60R Romeo maritime helicopters in May 2022. The aircrafts cost more than AUD 8 billion and they will be delivered in 2025.

North America is anticipated to witness robust growth in the global military aircraft market during the forecast period, due to rising innovations and developments and growing incorporation of advanced aircrafts.

Key players active in the global Military Aircraft Market are Calidus LLC, Rostec, Lockheed Martin Corporation, Hindustan Aeronautics Ltd, Leonardo SpA, Diamond Aircraft Industries, Textron Inc., Embraer SA, Pilatus Aircraft Ltd, Northrop Grumman Corporation, BAE Systems PLC, and The Boeing Company.