Market Size of Military Aircraft Modernization And Retrofit Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 52.33 Billion |
Market Size (2029) | USD 52.44 Billion |
CAGR (2024 - 2029) | 0.04 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Military Aircraft Modernization And Retrofit Market Analysis
The Military Aircraft Modernization And Retrofit Market size is estimated at USD 52.33 billion in 2024, and is expected to reach USD 52.44 billion by 2029, growing at a CAGR of 0.04% during the forecast period (2024-2029).
- The military aviation sector has faced mild challenges during the pandemic. Major defense contractors such as Airbus and Boeing halted production due to employee safety concerns and lockdowns imposed by governments. Local players faced supply chain issues and a shortage of components which hindered market growth during the pandemic period. The market showcased a strong recovery post covid due to the increasing number of military modernization programs and rising procurement of advanced military aircraft.
- The increasing military expenditure of emerging economies is propelling investments in the modernization of the existing equipment in aging aircraft, mainly with new and advanced equipment. This is expected to drive the growth of the military aircraft modernization and retrofit market during the forecast period.
- The evolution of technology in military aircraft, such as advanced materials, avionics, and mission systems, contributes to the growth of the market. As aircraft become more sophisticated, specialized expertise and advanced diagnostics tools are required to maintain and repair these complex systems effectively.
- The incorporation of advanced technologies, including stealth capabilities and cybersecurity measures, presents new challenges and opportunities for MRO providers, driving the need for specialized services and expertise to address these evolving requirements. Continuous technological advancements and innovations also drive market growth in military aviation.
Military Aircraft Modernization And Retrofit Industry Segmentation
Military aircraft modernization includes modification, upgradation, and replacement of existing infrastructure and equipping new technologies to improve the efficiency and effectiveness of the aircraft. Many of the global military aircraft fleets have been in service for decades. Several countries upgrade and retrofit the aircraft with modern systems to modernize their existing fleet and to extend the aircraft service life. The report provides insights into all the recent contracts awarded.
The military aircraft modernization and retrofit market is segmented based on aircraft type and geography. By aircraft type, the market is segmented into fixed-wing and rotary-wing. The report also covers the market sizes and forecasts for the military aircraft modernization and retrofit market in major countries across different regions. For each segment, the market size is provided in terms of value (USD).
Aircraft Type | |
Fixed-Wing | |
Rotary-Wing |
Geography | |||||||
| |||||||
| |||||||
| |||||||
| |||||||
|
Military Aircraft Modernization And Retrofit Market Size Summary
The military aircraft modernization and retrofit market is poised for steady growth over the forecast period, driven by the increasing military expenditure of emerging economies and the need to upgrade aging aircraft fleets with advanced technologies. The sector experienced mild disruptions during the pandemic, with major defense contractors halting production and facing supply chain challenges. However, the market has shown resilience and is recovering due to the rising demand for military modernization programs and the procurement of advanced military aircraft. Technological advancements in materials, avionics, and mission systems are further propelling market growth, as they necessitate specialized expertise and advanced diagnostics tools for maintenance and repair. The incorporation of stealth capabilities and cybersecurity measures presents both challenges and opportunities for maintenance, repair, and overhaul (MRO) providers, driving the demand for specialized services.
The fixed-wing aircraft segment currently leads the market and is expected to maintain its dominance, supported by the procurement of fighter jets and the need for life extension programs. The Asia-Pacific region is anticipated to witness the highest growth, fueled by increased military spending and political tensions, prompting modernization plans for aging aircraft fleets. Prominent players in the market, such as Lockheed Martin Corporation, Northrop Grumman Corporation, and BAE Systems plc, are actively involved in various aircraft programs, offering a diversified product portfolio. The growing demand for modernization presents new opportunities for manufacturers, with contracts from various countries expected to enhance their global presence and sales. Notable developments, such as the upgrade of the Italian Air Force's C-27J Spartan fleet and support for India's fighter jets, underscore the market's expansion and the ongoing commitment to enhancing aerial combat and surveillance capabilities.
Military Aircraft Modernization And Retrofit Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.3 Market Restraints
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Aircraft Type
-
2.1.1 Fixed-Wing
-
2.1.2 Rotary-Wing
-
-
2.2 Geography
-
2.2.1 North America
-
2.2.1.1 United States
-
2.2.1.2 Canada
-
-
2.2.2 Europe
-
2.2.2.1 Germany
-
2.2.2.2 United Kingdom
-
2.2.2.3 France
-
2.2.2.4 Russia
-
2.2.2.5 Rest of Europe
-
-
2.2.3 Asia-Pacific
-
2.2.3.1 China
-
2.2.3.2 India
-
2.2.3.3 Japan
-
2.2.3.4 South Korea
-
2.2.3.5 Rest of Asia-Pacific
-
-
2.2.4 Latin America
-
2.2.4.1 Brazil
-
2.2.4.2 Rest of Latin America
-
-
2.2.5 Middle East and Africa
-
2.2.5.1 Saudi Arabia
-
2.2.5.2 United Arab Emirates
-
2.2.5.3 Turkey
-
2.2.5.4 Rest of Middle East and Africa
-
-
-
Military Aircraft Modernization And Retrofit Market Size FAQs
How big is the Military Aircraft Modernization and Retrofit Market?
The Military Aircraft Modernization and Retrofit Market size is expected to reach USD 52.33 billion in 2024 and grow at a CAGR of 0.04% to reach USD 52.44 billion by 2029.
What is the current Military Aircraft Modernization and Retrofit Market size?
In 2024, the Military Aircraft Modernization and Retrofit Market size is expected to reach USD 52.33 billion.