by Military aircraft play a vital role in ensuring national security by providing intelligence, surveillance, and reconnaissance. From fighters and bombers to transport aircraft, they facilitate strategic defence across land, air, sea, space, and cyber spaces. The global military aircraft market offers a wide range of fixed-wing and rotary-wing aircraft designed for missions like close air support, aerial refuelling, anti-submarine warfare, and airlift. Key players operating in the military aircraft market are companies like Lockheed Martin Corporation, The Boeing Company, Northrop Grumman Corporation, General Dynamics Corporation, and Airbus S.A.S.
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.
Military Aircraft Market Size find extensive applications for transporting troops and cargo to conflict zones, homeland security, border protection, peacekeeping operations, and disaster relief efforts. With technological advancements, aircraft are gaining intelligence capabilities for signals intelligence and imagery intelligence collection. Unmanned combat aerial vehicles (UCAVs), sixth-generation fighters, and hybrid-electric propulsion offer new growth prospects.
Key Takeaways
Key players operating in the military aircraft are Lockheed Martin Corporation, The Boeing Company, Northrop Grumman Corporation, General Dynamics Corporation, and Airbus S.A.S. Lockheed Martin is a top defence contractor known for the F-35 Lightning II fighter jet. Boeing is a major manufacturer of F/A-18E/F Super Hornet, F-15 Strike Eagle and V-22 Osprey aircraft.
The demand for military aircraft is growing due to rising geo-political tensions, increasing defence budgets of major economies, and replacement of ageing fleets. Several countries are modernizing their air forces with new multi-role combat aircraft, UAVs, and aircraft carriers. The growing need for intelligence gathering, maritime security, and peacekeeping operations is also propelling demand.
The military aircraft market is expanding globally with countries upgrading their fleets. North America dominates the market due to high expenditure of U.S. on aerospace and defence. However, Asia Pacific is emerging as a major market led by procurement programs in China, India, Japan, and South Korea. Growing indigenous manufacturing capabilities will further support the regional market over the forecast period.
Market Key Trends
One of the key trends in the military aircraft market is the increasing adoption of advanced technologies like stealth, artificial intelligence, internet of things, and 3D printing. This allows for development of sophisticated stealth aircraft with networked capabilities. Unmanned combat aircraft integrated with autonomy, AI and advanced sensors can support missions in dangerous environments while minimizing risks. There is also a growing focus on hybrid-electric and more fuel-efficient platforms to reduce operational costs and carbon footprint of air forces. With additive manufacturing, military aviation will transition to decentralized manufacturing models for rapid production of specialized parts and customized systems.
Porter’s Analysis
Threat of new entrants: The military aircraft market requires high capital investment and strict regulatory approvals. The established players enjoy advantages of economies of scale making entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power as there are few established players meeting stringent production standards. Switching costs are high for established aircraft types.
Bargaining power of suppliers: A few large aerospace component suppliers and engine makers hold significant power over OEMs in this market. Proprietary technologies and lack of alternatives increase suppliers’ power.
Threat of new substitutes: No close substitutes exist for military aircraft currently. Unmanned aerial vehicles and space-based weapons may emerge as alternatives in future.
Competitive rivalry: Major players compete on technologies, capability upgrades and total cost of ownership. Scale, key partnerships and expertise in niche segments shape the competitive landscape.
Geographical regions where market is concentrated in terms of value include North America and Europe due to significant defense budgets and upgrade cycles. The Asia Pacific region is expected to see fastest growth supported by increasing defense spending of China and India. Countries are investing in new aircraft, upgrades and indigenous programs.
Geographical regions with fastest growth for the military aircraft market include Asia Pacific and Middle East & Africa. Rising tensions, budget increases and modernization plans in China, India and Middle Eastern countries are driving demand. Localization programs also encourage regional production and technology sharing partnerships.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
