Market Size of Europe Military Aircraft Modernization And Retrofit Industry
Study Period | 2019-2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 6.52 Billion |
Market Size (2029) | USD 9.54 Billion |
CAGR (2024 - 2029) | 7.92 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Europe Military Aircraft Modernization and Retrofit Market Analysis
The Europe Military Aircraft Modernization And Retrofit Market size is estimated at USD 6.52 billion in 2024, and is expected to reach USD 9.54 billion by 2029, growing at a CAGR of 7.92% during the forecast period (2024-2029).
Growth in military modernization programs coupled with growing defense spending of various countries within the European region are some of the factors that are anticipated to lead to market growth in the future. Moreover, various other factors that are estimated to drive the growth of the market during the forecast period include technological advancements in military aircraft, growth in the number of acquisitions of new military aircraft, and the changing nature of warfare.
On the other hand, expensive aircraft modernization costs, especially for older aircraft types, are expected to hamper the growth in the market.
Furthermore, the growth in the usage of artificial intelligence in aircraft modernization will lead to the creation of greater business opportunities and this is expected to drive the market growth during the forecast period.
Europe Military Aircraft Modernization and Retrofit Industry Segmentation
Military aircraft modernization and retrofit refers to the process of updating or retrofitting an aircraft with new equipment, capabilities as well as other alternatives to keep the aircraft updated with changing technology and requirements. Moreover, the process of modernization helps to extend the service life of the aircraft while simultaneously boosting effectiveness as well as efficiency.
The Europe military aircraft modernization and retrofit market is segmented by aircraft type, fitment, and geography. By aircraft type, the market is segmented into fixed-wing and rotary-wing. By fitment, the market is segmented into OEM and retrofit. The report also offers the market size and forecasts for seven countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD).
Aircraft Type | |
Fixed-Wing | |
Rotary Wing |
Fitment | |
OEM | |
Retrofit |
Geography | |
United Kingdom | |
France | |
Germany | |
Italy | |
Belgium | |
Ukraine | |
Russia | |
Rest of Europe |
Europe Military Aircraft Modernization And Retrofit Market Size Summary
The Europe military aircraft modernization and retrofit market is poised for significant growth, driven by increased defense spending and the need for advanced military capabilities across the region. The market is expected to expand as countries invest in modernizing their aircraft fleets to keep pace with the evolving nature of warfare. Technological advancements and the integration of artificial intelligence are set to create new business opportunities, further propelling market growth. However, the high costs associated with modernizing older aircraft may pose challenges to market expansion. The acquisition of new military aircraft, coupled with substantial investments in retrofit programs, underscores the commitment of European nations to enhance their defense capabilities.
Key players in the market, including Dassault Aviation, Lockheed Martin Corporation, BAE Systems plc, Airbus SE, and The Boeing Company, are actively pursuing retrofit and modernization contracts to expand their market presence. These companies are leveraging advanced technologies to meet the demands of the defense industry, aiming to strengthen their positions in the market. The fragmented nature of the market allows for various players to engage in strategic partnerships and collaborations with defense personnel across Europe. As countries like the UK and Romania continue to invest in advanced military aircraft and upgrades, the market is expected to witness robust growth, driven by both new acquisitions and modernization efforts.
Europe Military Aircraft Modernization And Retrofit Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Aircraft Type
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2.1.1 Fixed-Wing
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2.1.2 Rotary Wing
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2.2 Fitment
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2.2.1 OEM
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2.2.2 Retrofit
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2.3 Geography
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2.3.1 United Kingdom
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2.3.2 France
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2.3.3 Germany
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2.3.4 Italy
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2.3.5 Belgium
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2.3.6 Ukraine
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2.3.7 Russia
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2.3.8 Rest of Europe
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Europe Military Aircraft Modernization And Retrofit Market Size FAQs
How big is the Europe Military Aircraft Modernization And Retrofit Market?
The Europe Military Aircraft Modernization And Retrofit Market size is expected to reach USD 6.52 billion in 2024 and grow at a CAGR of 7.92% to reach USD 9.54 billion by 2029.
What is the current Europe Military Aircraft Modernization And Retrofit Market size?
In 2024, the Europe Military Aircraft Modernization And Retrofit Market size is expected to reach USD 6.52 billion.