Military Drone Market is Fastest Growing Segment Fueling the Growth...

Military Drone Market is Fastest Growing Segment Fueling the Growth of Military Aircraft Market

Posted 2023-11-16 07:21:30

Market Overview:
Military aircraft provides modern warfare capabilities including combat, transport and rescue operations to defense forces across countries. They are equipped with advanced technologies such as precision-guided weapons, electronic warfare systems and stealth capabilities which enhance defense preparedness.

Market key trends:
Rising demand for military drones across armed forces is a major trend fueling the growth of military aircraft market. Military drones provide reconnaissance, surveillance and combat support to soldiers on the ground with minimal risks. They are incorporated with advanced sensors, electro-optics, target identification capabilities and can fire precision guided missiles. Increasing investments by defense agencies in various countries to modernize aerial fleets with drones is supporting the market growth. Growing investments in fifth generation fighter jets, transport aircraft and multirole utility helicopters is another key trend bolstering the demand for military aircraft during the forecast period.
Segment Analysis
The Military Aircraft Market Demand is segmented into fighter aircraft, defense helicopter, military transport aircraft, military drone, and electronic warfare. Among these, the fighter aircraft segment dominates the market owing to increasing orders from various countries for advanced fighter jets to enhance their defense capabilities. The fighter aircraft segment accounted for over 30% share of the global military aircraft market in 2022.

Key Takeaways
The global military aircraft market is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing geopolitical tensions and territorial disputes across regions.

Regional analysis
North America dominated the global military aircraft market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to high defense expenditure of countries like the US and Canada on military aircraft. The Asia Pacific region is expected to witness the fastest growth owing to increasing procurement of aircraft by India, China, and other southeast Asian countries to strengthen their military capabilities.

Key players
Key players operating in the military aircraft market are Lockheed Martin Corporation, The Boeing Company, Northrop Grumman Corporation, Saab AB, BAE Systems PLC, Rostec, Aviation Industry Corporation of China, Korea Aerospace Industries Ltd, Mitsubishi Heavy Industries Ltd, Leonardo SpA, Textron Inc., Airbus SE, Dassault Aviation SA, and Piper Aircraft Inc.