Japan, Japan, Thu, 31 Mar 2022 06:44:13 / Comserve Inc. / -- The military aircraft modernization and retrofit market is projected to register a CAGR of more than 3% during the forecast period.
The military aircraft modernization and retrofit market is projected to register a CAGR of more than 3% during the forecast period.
- The increasing military expenditure of the emerging economies is propelling the 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 military aircraft modernization and retrofit market during the forecast period.
- The military aircraft modernization and retrofit market is a fragmented market, with many players supporting various aircraft programs, along with a diversified product portfolio.
- The current COVID situation has stalled the industries' work and progress, globally, thereby, causing delays in current deliveries, as well the future deliveries. However, the militaries and government are not expected to make any major changes in their modernization programs in the coming years.
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Key Market Trends
Fixed-wing Aircraft Segment Accounted for Major Market Share in 2019
The fixed-wing aircraft segment currently dominates the market, and it is expected to continue its dominance during the forecast period. As of December 2019, the global fleet of fighter aircraft was over 14,500 and transport aircraft was more than 4,200. The old and aging aircraft fleet of various armed forces includes F-16 Fighting Falcon, F-15 Eagle, Northrop F-5, Sukhoi Su-27, L-100 Hercules, Antonov An-24, and Antonov An-24, among others. With developments in the military equipment, on-board military aircraft, as well as the growth in need for life extension programs, is bolstering the growth of the segment during the forecast period. In July 2019, the government of India announced that 41 An-32 transport aircraft of the Indian Air Force will require an upgrade with advanced avionics, navigation, and communication systems. The program is expected to be completed by 2025.
Asia-Pacific is Expected have the Highest Growth Rate During the Forecast Period
The Asia-Pacific region is anticipated to register the highest CAGR during the forecast period. The increasing military spending and current on-going political tensions in the region are propelling the modernization plans of the aging military aircraft fleet in the region. Countries, like China, India, Japan, and Singapore are currently upgrading their existing fleet of fighter aircraft to enhance their situational awareness. The United States approved the upgrade of 98 F-15 Eagle interceptors for Japan in October 2019. The upgrades include installation of new mission computers (Honeywell Advanced Display Core Processor II mission computers), electronic warfare equipment (AN/ALQ-239 digital electronic warfare systems), advanced electronically scanned array radar (Raytheon AN/APG-82(v)1 multimode AESA), and integration of new munitions. Such modernization plans to integrate advanced systems in the aircraft are anticipated to accelerate the growth of the market during the forecast period.
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The military aircraft modernization and retrofit market is highly fragmented. Some of the prominent players in this market are Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Elbit Systems Ltd, and BAE Systems PLC, among others. Advancements in cockpit technologies, weapon systems, and structural upgrade are some of the factors driving the growth of the military aircraft upgrade and retrofit market, as several countries look to modernize their existing fleet and enhance their aerial combat and surveillance capabilities. The growing demand for modernization will open new market opportunities for manufacturers and the contracts from various countries for modernization of existing aircraft equipment is expected to help the companies enhance their global presence as well as the sales in the coming years.
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