Military Aircraft Modernization And Retrofit Market Size (2024 - 2029)

The military aircraft modernization and retrofit market is experiencing growth driven by increased military expenditure in emerging economies and the demand for advanced military aircraft. Despite challenges during the pandemic, such as production halts and supply chain issues, the market has rebounded due to the rise in military modernization programs. The evolution of technology in military aircraft, including advanced materials and avionics, necessitates specialized expertise and tools for maintenance and repair, further propelling the market. The integration of advanced technologies, such as stealth and cybersecurity, presents both challenges and opportunities, enhancing the need for specialized services and expertise in the market.

Market Size of Military Aircraft Modernization And Retrofit Industry

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Military Aircraft Modernization And Retrofit Market Summary
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

Military Aircraft Modernization and Retrofit Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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
North America
United States
Canada
Europe
Germany
United Kingdom
France
Russia
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
United Arab Emirates
Turkey
Rest of Middle East and Africa
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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.

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Military Aircraft Modernization And Retrofit Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Aircraft Type

      1. 2.1.1 Fixed-Wing

      2. 2.1.2 Rotary-Wing

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 United Kingdom

        3. 2.2.2.3 France

        4. 2.2.2.4 Russia

        5. 2.2.2.5 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 South Korea

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Latin America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Rest of Latin America

      5. 2.2.5 Middle East and Africa

        1. 2.2.5.1 Saudi Arabia

        2. 2.2.5.2 United Arab Emirates

        3. 2.2.5.3 Turkey

        4. 2.2.5.4 Rest of Middle East and Africa

Military Aircraft Modernization And Retrofit Market Size FAQs

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.

In 2024, the Military Aircraft Modernization and Retrofit Market size is expected to reach USD 52.33 billion.

Military Aircraft Modernization and Retrofit Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)