The military aircraft market consists of fighter jets, bombers, transport military aircraft, reconnaissance and surveillance aircraft, and other special mission military aircraft that are used for air superiority, close air support, aerial reconnaissance, medical evacuation, transporting cargo and troops, aerial refueling, search and rescue operations, nuclear deterrence, and several other military missions. The wide range of applications of military aircraft across all military branches including air force, navy, marine, and army has propelled the demand for these high-performance aircraft. Features such as enhanced avionics, electronic warfare suites, advanced radar cross-section reduction systems, and other stealth technologies have strengthened military aircraft against current and emerging threats. The need to replace aging fleets and upgrade existing capabilities is also pushing nations worldwide to invest heavily in procuring new military aircraft.

The Global Military Aircraft Market is estimated to be valued at US$ 123.15 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the military aircraft are Argus Control System (Canada), Koninklijke Philips NV (The Netherlands), Greentech Agro LLC (U.S.), Biodynamic LLC., General Hydroponics, Inc., Logiqs B.V. (The Netherlands), Lumigrow, Inc. (U.S.), Hydrofarm Inc., Hydrodynamics International Inc., Heliospectra AB, Village Farms International, Inc., Platinum Produce Company and Millennium Pacific Greenhouses Ltd, and Soave Enterprises LLC. The global demand for military aircraft is growing due to increasing defense budgets and revamping of obsolete military fleets by developing nations. The market players are expanding their manufacturing bases and increasing production to cater to the rising demand from both established as well as emerging economies worldwide.

There is rising demand for advanced Military Aircraft Market Size due to growing territorial conflicts and security threats worldwide. Many countries are enhancing their military capabilities by procuring new generation combat aircraft with latest avionics, missile systems and other technologies. Growing defense spending of emerging countries like India, China and other Asian and Middle-eastern nations is fueling demand.

The key players in the market have been expanding globally by partnering with other players and setting up manufacturing plants in high growth regions. For instance, Lockheed Martin has partnered with Tata to produce F-16 fighter aircraft wings in India. Several European defense majors are also collaborating with local firms in Middle East and Asian countries to gain market share. This global expansion allows players to tap rising demand and offset trade uncertainties.

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