Military Aircraft Market triggering a Better View to Reach USD 120.2 Billion by 2026
- The military aircraft market is projected to register at a CAGR of 4.5%, reaching USD 120.2 billion by 2026.
- Rising military expenditures, growing emphasis on fleet expansion and replacement with the procurement of newer aircraft and the increasing focus towards the indigenous development of newer generation aircraft are some of the major growth drivers for the market.
- Some of the prominent players in the market are Boeing, Lockheed Martin, Dassault Aviation and Rostec.
Read our related report on: Fighter Aircraft market
Core Initiatives towards the Development of Newer Generation Military Aircraft
- In October 2021, Korea Aerospace Industry (KAI) Korea Aerospace Industries (KAI) unveiled a full-scale model of the armed Marineon helicopter.
- In September 2021, the Indian government approved a procurement request for 56 C295 transport aircraft from Airbus Defence and Space in Spain, under which 40 aircraft will be manufactured in India by the local firm Tata Group, under transfer of technology. Such initiatives to enable the local players to absorb technologies from foreign vendors will help the local manufacturing industry in such countries, thereby contributing to the market growth.
- As of May 2021, the Indian Air Force (IAF) was looking to lease A330 MRTT mid-air refueling tanker aircraft from France. The Indian Navy also recently issued a request for information (RFI) to foreign companies, for the lease of 24 twin-engine armed light utility helicopters, with all maintenance support, for a period of five years, due to delay in the procurement of 111 naval utility helicopters.
Rampage of Ferocious Fighter Aircraft
- In December 2021, the UAE recently signed a contract to purchase 80 French-made Rafale fighter jets and 12 military helicopters. Dassault now has six foreign clients for its Rafale jets, including Qatar and India, which have bought 36 each, Egypt (54), Greece (18), and Croatia (12). The jets will be delivered from 2027 to the United Arab Emirates.
- As of November 2021, India has received 30 Rafale fighter jets manufactured by French firm Dassault Aviation and the remaining six are expected to be delivered by April 2022. India is also working on its indigenously developed light combat aircraft. Indian government has announced its plan to procure 83 Tejas LCA for its Air Force.
- In August 2021, South Korea has been developing another aircraft, the KF-X fighter jet, for replacing its fleet of F-4 Phantoms and F-5E/F Tiger II. South Korea had partnered with Indonesia to share 20% of the developmental cost in exchange for one prototype aircraft, technical data, production sharing, and developmental cost-sharing.
