Military Aircraft Market is Anticipated to Witness High Growth Owing to Rising Military Spending
These aircrafts provide airpower capabilities to armed forces during warfare situations and for military operations. Increasing military spending by governments on advanced unmanned aerial vehicles and fighter jets is augmenting the market growth.
The Global military aircraft market is estimated to be valued at US$ 123.15 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the military aircraft market are Argus Control System (Canada), Koninklijke Philips NV (The Netherlands), Greentech Agro LLC (U.S.), Biodynamic LLC., General Hydroponics, Inc., Logiqs B.V. (The Netherlands), Lumigrow, Inc. (U.S.), Hydrofarm Inc., Hydrodynamics International Inc., Heliospectra AB, Village Farms International, Inc., Platinum Produce Company and Millennium Pacific Greenhouses Ltd, and Soave Enterprises LLC. These players are focused on developing technologically advanced unmanned combat aerial vehicles and aircraft integrated with artificial intelligence and internet of things. The increasing usage of Military Aircraft Market Size for reconnaissance and surveillance missions near borders provides new opportunities for market players. Additionally, companies are expanding their military aircraft portfolio globally to fulfill the increasing demand from emerging economies in Asia Pacific and Middle East & Africa.
The rising military spending by developing nations and increasing territorial conflicts and disputes are driving the demand for military aircraft. Countries are enhancing capabilities of their armed forces by procuring advanced 4th and 5th generation fighter jets. Additionally, increasing usage of military aircraft for surveillance and reconnaissance missions near borders also fosters the market growth.
However, high maintenance and logistic costs associated with military aircraft fleet is a major challenge. Geopolitical issues resulting in delays and cancellations of defense contracts also impact the commercial prospects of players. Stringent regulatory guidelines regarding weaponry and surveillance equipment integration further restrain the growth of military aircraft market.
Segment Analysis
In the military aircraft market, jet fighters sub segment holds the largest share and is dominating due to their extensive use for defense and homeland security purposes. Jet fighters aircraft are primarily used for aerial combat which makes them prominent in military operations. Their roles include establishing air superiority, tactical bombing, reconnaissance, anti-ship operations and more. They can strike critical targets with precision and act as a deterrent. Countries are focusing more on advanced jet fighter aircraft with fifth generation capabilities like stealth, supersonic cruising and payload which is fueling growth of this sub segment.
Global Analysis
North America dominates the military aircraft market owing to large defense spending of countries like US and Canada. US alone spends heavily on military aircraft procurement and upgrades to strengthen its defense capabilities. Presence of leading manufacturers like Boeing, Lockheed Martin, Northrop Grumman providing wide range of aircraft is a key factor for regional growth. Asia Pacific is the fastest growing military aircraft market globally. Countries like India, China, Japan are modernizing their armed forces with new jet fighters, helicopters, UAVs which is driving the demand. Increasing geopolitical tensions and military upgrades are propelling the regional market. Europe follows North America in terms of revenue attributable to growing procurement of military aircraft by nations for NATO operations and border security.
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