by The global Military Aircraft Market is engaged in manufacturing and developing advanced military aircraft for defense applications. Military aircraft provide strategic as well as tactical advantage to armed forces by deploying troops, carrying out surveillance, and delivering weapons. 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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for unmanned aerial vehicles is one of the key trends observed in the military aircraft market. Unmanned aerial vehicles also known as drones have become an integral part of modern warfare providing intelligence, surveillance and reconnaissance capabilities to the armed forces. They help in carrying out missions in dangerous areas without risking human life. Their use has grown manifold in recent conflicts due to advantages such as endurance, stealth and capacity to capture high quality video/images over long ranges. Moreover, miniaturization of components has led to production of smaller drones that can be deployed in urban combat and confined areas. Going forward the demand for advanced UAVs deployed for both military and civilian applications is expected to drive significant growth in the market over the forecast period.
SWOT Analysis
Strength: The military aircraft market has strong demand due to increasing defense budgets of major countries and regional threats. Modernization programs of existing fleets also drive demand.
Weakness: High research and development costs associated with developing new aircraft poses challenges. Stringent regulatory approvals and certification process delays new programs.
Opportunity: Development of advanced aircraft with new propulsion systems, composites, and autonomous technologies provide new opportunities. Co-development partnerships between OEMs and countries enable leveraging of resources.
Threats: Budget cuts or redirection of funds from competing priorities impact plans. Delay in contracts, specifications changes by customers affect timelines.
Key Takeaways
The Global Military Aircraft Market Share is expected to witness high growth over the forecast period supported by sizable defense expenditure of major countries.
The North American region currently dominates the market owing to large procurement budgets of US and export orders to allies.
Key players operating in the military aircraft market are Lockheed Martin Corporation, The Boeing Company, Airbus SAS, RUAG Group, Dassault Aviation SA, MBDA Missile Systems, Northrop Grumman Corporation, General Dynamics Corporation, Saab AB and Israel Aerospace Industries Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
