REPORT OVERVIEW
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The global military aircraft modernization and upgrade and retrofit market size was USD 21490 million in 2021. As per our research, the market is projected to touch USD 25860 million by 2028, exhibiting a CAGR of 2.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the military aircraft modernization and upgrade and retrofit market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Military aircraft modernization and upgrade and retrofit refers to the process of updating or retrofitting an aircraft with new equipment, capabilities, or other alterations to keep it current with changing technology and requirements. The purpose of modernization and upgrade programmes is normally to extend an aircraft's service life while simultaneously boosting its effectiveness and efficiency. The increase can be ascribed to an increase in end-user expenditure, which is driven by the need to replace ageing aircraft fleets in nations such as China, India, Russia, and Brazil, among others; new product releases; and rising defence expenditures.
COVID-19 Impact: The Pandemic Caused Workforce Challenges and Technology Interruptions Shackled the Market Growth
Social distancing policies and health concerns decreased capacity in defence manufacturing plants, slowing the rate of work on military aircraft. Many skilled professionals in the defence industry were either unavailable or required additional safety precautions, causing project timetables to be significantly impacted. The integration of advanced technology into existing aircraft platforms, such as avionics improvements and sensor systems, frequently necessitates tight collaboration and testing. COVID-19 limits hampered collaborative efforts and slowed the adoption of cutting-edge technologies.
LATEST TRENDS
"The Technological Advancements in Military Aircrafts to Reinforce the Market Share and Growth"
The factors that are likely to drive this market over the forecast period include technological developments in military aircraft, a growth in the number of conflicts around the world, and rising defence budget spending by various governments around the world. Technological advancements have resulted in significant improvements in performance capabilities such as speed, range, and payload capacity, among others; these improvements have been instrumental in improving operational efficiency among militaries worldwide; as a result, demand for modernization and upgrade services is expected to increase over the next few years.
SEGMENTATION
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By Type
Based on type the military aircraft modernization and upgrade and retrofit market is classified as airframe and powerplant (A&P) MUR, avionics MUR and others.
The part airframe and powerplant (A&P) MUR is the leading part of the type segment.
By Application
Based on application the military aircraft modernization and upgrade and retrofit market is classified as rotorcraft, fighter, fixed wing trainer, military transport, military aircraft for special missions and others.
The part rotocraft is the leading part of the application segment.
DRIVING FACTORS
"Rise in Modernization and Upgrade Of Military Aircrafts to Inflate the Market Share"
The requirement for improved security in the aftermath of terrorist attacks has led to an increase in defence budget spending by various countries across the world, which has also contributed significantly to the expansion of the military aircraft modernization and upgrade and retrofit in recent years. The necessity for military aircraft modernization and update to match new warfare needs is driving the growth of this market. Military aircrafts are in high demand due to their employment in a variety of missions such as reconnaissance, surveillance, intelligence collection, air-to-ground attack, air-to-air combat, and so on. This has resulted in a surge in demand for new or updated military aircraft, which will fuel market expansion over the forecast period.
"Several Military Applications is a Major Growth Factor Boosting the Market Sales"
Several military forces throughout the world are updating their military aircraft fleets to keep up with the changing character of modern warfare. The growing demand for superior military aircraft is a primary element driving the military aircraft modernization and upgrade and retrofit market growth. Along with the production of new aircraft, defence ministries are working on upgrading ageing fleets of military aircraft to make them technologically advanced in response to changing needs and requirements. Many defence authorities are likewise concentrating on upgrading their outdated military airborne fleet with enhanced and upgraded CNS systems.
Several surveillance systems are also being implemented in aeroplanes as emergency warning systems in order to improve pilot situational awareness and reduce workload. Furthermore, special mission planes are being deployed across land and maritime borders for reconnaissance and surveillance operations, necessitating the retrofitting of CNS systems into existing fleets of military jets. Such reasons are likely to boost the market size for military aircraft modernization, upgrade, and refit.
RESTRAINING FACTORS
"Cost Constraints to Hinder the Market Growth"
Military aircraft upgrades and modernization can be very expensive, especially for older types. Cost restrictions may restrict the amount of modernization and upgrades that may be implemented within a given budget, possibly leading to partial changes. Older aircraft may contain outmoded systems and components due to the rapid improvements in technology. It can be difficult and expensive to integrate cutting-edge technologies into legacy platforms, and it may not always be possible to upgrade older aircraft to the same level of technology as more recent models. However, the cost factors are impeding the military aircraft modernization and upgrade and retrofit market share.
REGIONAL INSIGHTS
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"North American Region to Lead With Modesty and Extensive Technological Advancements"
The modernising, upgrading, and retrofitting military aircraft market share was the largest in North America in 2019, and the area will provide industry vendors with numerous potential for expansion during the projected period. Military aircraft modernization, upgrade, and retrofit market expansion in this area will be considerably fueled by factors like spending and technological advancements, which create a very high demand for the military upgrade. North America will account for about half of the market's growth throughout the forecast period. One of the major military aircraft modernization and upgrade and retrofit markets in North America for the modernisation, upgrade, and retrofit of military aircraft is the US.
KEY INDUSTRY PLAYERS
"Prominent Manufacturers to Contribute Towards Expansion of Market"
The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market.
List of Market Players Profiled
- ARINC (U.S.)
- Thales Group (France)
- Boeing
- Elbit Systems (Israel)
- IAI (Israel)
- Lockheed Martin (U.S.)
- Rockwell Collins (U.S.)
- Northrop Grumman (U.S.)
- Cassidian (Germany)
- Lufthansa (Germany)
- BAE Systems (U.K.)
- Dassault Aviation (France)
- Leonardo-Finmeccanica (Italy)
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 21490 Million in 2021 |
Market Size Value By |
US$ 25860 Million by 2028 |
Growth Rate |
CAGR of 2.6% from 2021 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the market expected to touch by 2028?
The global military aircraft modernization and upgrade and retrofit market is expected to reach USD 25.86 billion by 2028.
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What CAGR is the market expected to exhibit by 2028?
The military aircraft modernization and upgrade and retrofit market is expected to exhibit a CAGR of 2.6% by 2028.
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Which are the driving factors of the market?
Rise in modernization, upgrade of military aircrafts and the military applications are the driving factors of the market.
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Which are the top companies functioning in the market?
ARINC, Thales Group, Boeing, Elbit Systems, IAI, Lockheed Martin, Rockwell Collins, Northrop Grumman, Cassidian, Lufthansa, BAE Systems, Dassault Aviation, Leonardo-Finmeccanica and others.