
Military aircraft help bolster national security with capabilities like Intelligence, Surveillance and Reconnaissance (ISR) and precision-guided munitions. Modern military aircraft incorporate advanced technologies like avionics, sensors, advanced cockpit displays and cybersecurity systems to enhance situational awareness and network-centric operations.
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 key trends:
Adoption of advanced technologies is expected to drive growth of the military aircraft market over the forecast period. Continuous technological advancements are enhancing capabilities of modern military aircraft with integration of new systems. For instance, incorporation of autonomous and AI-based technologies enables developing autonomous/optionally-piloted combat aircraft with capabilities like swarming and collaborative operations. Developments in hypersonic air vehicles with capabilities to carry various payloads at speeds above Mach 5 are also gaining traction. Such advancements are expanding application purview of military aircraft, thereby accelerating their adoption. Focus on developing sixth generation fighter jets combined with budget increases for military aircraft procurement will further contribute to market growth over the forecast period.
Segment Analysis
The global military aircraft market is segmented based on type into fighter jets, cargo & tanker aircrafts, attack helicopters, transport & utility aircrafts, and others. Among these, the fighter jets segment dominates the market and accounted for over 35% of the total share in 2023. Fighter jets are primarily used for aerial dogfight and air superiority missions. They are designed with high payload capacity for air-to-air and air-to-ground attacks. The increasing defense budget of major economies for fleet modernization has uplifted the demand for advanced fighter jets globally.
Key Takeaways
The Global Military Aircraft Market Size is expected to witness high growth during the forecast period of 2023 to 2030 supported by rising geopolitical tensions and increasing defense spending of developing nations. 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.
Regional analysis: North America accounted for the largest market share in 2023. The region is home to prominent military aircraft manufacturing companies along with sizeable defense budgets of the US and Canada. It has been the early adopter of new technologies in military aviation. However, the Asia Pacific region is projected to witness the highest CAGR during the forecast period. Emerging economies like India and China are heavily investing in modernizing their air forces to gain strategic advantage.
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. They are focusing on developing new hydraulic and pneumatic systems with advanced technologies to gain competitive edge. For instance, Parker Hannifin introduced the Enhanced Flight Control Actuation System (EFCA) which is 50% lighter and 30% more efficient than traditional systems.
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