Mordor Intelligence anticipates robust growth in demand for newer-generation military fixed-wing aircraft with a CAGR of 6.53% between 2022-2028
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Hyderabad, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Military fixed-wing aircraft has been classified according to the application of the aircraft namely multi-role, training, transport aircraft, bombers, reconnaissance aircraft, maritime patrol aircraft and others. These aircrafts are integrated with advanced avionics technologies to improve the capability to survive in different threat environments. They also provide enhanced situational awareness for the countries which operates these aircrafts. Most of the countries spends a considerable amount of their military budget on procuring these advanced fixed-wing airborne platforms to gain advantage over their enemies.
Some of the major defense spending nations across the world are the United States, China, India, Russia, and the United Kingdom. All of them have increased their defense expenditures in 2022. In addition, the war between Russia and Ukraine further fueled the need to reassess the operational readiness of the global armed forces. NATO nations are undergoing fleet modernization and expansion programs with the procurement of new fixed-wing aircraft and planning to allocate 2% of their GDP to its defense expenditure.
Countries across the globe are also heavily investing in the replacement of their aging fleets and the modernization of their aircraft. Such a modernization effort would deliver increased system performance with lesser maintenance or overhaul requirements over the life cycle. Also, the recent advancement in airframe technology has helped manufacturers in achieving a minimal radar cross-section, eventually reducing the heat signature of the aircraft.
Lockheed Martin and Boeing, the two major OEMs, together accounted for 52% of the market. The U.S. Air Force and Lockheed Martin Corporation are collaborating to improve the weapon systems and add new capabilities to the fifth-generation fighter aircraft F-22 Raptor. Dassault Aviation and Airbus SE are the other largest players known for their military aircraft. Dassault Aviation combat aircraft Rafale and Airbus' A330 MRTT and A400M are some of the fixed-wing aircraft product line-ups of the OEMs in the military fixed-wing aircraft industry.
The rapid development of advanced aerospace technologies has also been a reason for consistent demand for the procurement of new aircraft to meet the network-centric battlefield. The advancements in the fields of stealth, speed, connectivity, and communication further propelled global demand.
As per Mordor Intelligence report on the Global Military Fixed-Wing Aircraft Market which includes multi-role, transport, and training aircraft, in 2021, North America and Asia-Pacific together accounted for 62.6% of the market. The US, China, France, Russia, India, Japan, South Korea, and the UK were the major markets for new aircraft deliveries in 2021. The North American region will procure higher new aircraft during the forecast period (2022-2028), says Samrat Adepu, Lead Analyst at Mordor Intelligence.
“Samrat says, one of the major factors in this market is the F-35 platform, which has received between 40% to 45% of the US Fixed Wing Military budget over the past few years. Similarly, to this, one of the main factors for the growth of this market is Europe’s A400M program.”
The fleet modernization efforts are expected to create opportunities for the tier-1 and tier-2 suppliers to expand and invest in the latest technologies. Modern air platforms include enhanced functions, such as sophisticated weapons carriage and delivery systems, cutting-edge radar and communication systems, and powerful engines, which have helped the countries to develop into an irresistible force compared to their enemies.
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