Military Multirole Aircraft Market: Report Analysis, Share, Revenue, Growth Rate With Forecast Overview 2022-2031

Japan, Japan, Wed, 06 Apr 2022 07:12:48 / Comserve Inc. / -- The multirole aircraft market is expected to exhibit a growth rate of more than 3.5% during the forecast period 2022-2031.

The multirole aircraft market is expected to exhibit a growth rate of more than 3.5% during the forecast period 2022-2031.

- Owing to the rise in global conflict between nations and increased attacks on civilians, defense forces around the world are seeking for aircraft that costs low on maintenance and are capable of performing functions such as interception, elimination of hostile aircraft, transportation, etc. This reason is propelling the market growth for multirole aircraft.
- Demand for multirole aircraft with high aerial combat capabilities is propelling the growth of the market. Developing economies that cannot afford the high procurement and life cycle cost of air superiority aircraft, are opting for multirole combat aircraft. For instance, India is producing its domestically developed multirole fighter aircraft HAL Tejas and recently acquired Dassault Rafale multirole fighter from France in 2019. Pakistan and China are jointly producing JF 17 multirole combat aircraft which is being used by Pakistan, Nigeria and Myanmar.

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Key Market Trends

Rise in Demand for Multirole Helicopters

Factors such as rise in anti-piracy operations, search & rescue operations, and surveillance and reconnaissance of long coastal boundaries among developing countries are propelling the growth of multirole helicopter market. A multirole helicopter can be deployed for aerial reconnaissance, troop transportation, ground attack and many other roles and it costs less than a multirole and air superiority aircraft. They can also operate in unfavorable weather conditions unlike airplanes. The United States is narrowing down 20 different types of helicopters in its defense fleet to just 3 types through Joint Multi Role (JMR) program. Europe provides a very good opportunity for Multi Role Helicopter (MRH) manufacturers because of aging multirole helicopter fleet (nearly 30% of total fleet of European Union Countries). European countries can also jointly develop multirole helicopter to save operational and manufacturing cost. In October 2019, Russia gave 2 Tupolev T-160 aircraft to South Africa and signed a deal for selling 12 Mi-35 attack and light troop transport helicopters to Nigeria.

Asia-Pacific will Exhibit the Highest Growth Rate During the Forecast Period

Countries such as China, India, Pakistan, and South Korea are modernizing their military aircraft fleet which is anticipated to generate new orders for multirole aircraft in the coming years. Military budget allocation and spending is also expected to play a major role in the mulirole aircraft market. China's and India's defense budget for 2018 were USD 250 billion and USD 66.5 billion respectively. In October 2019 China introduced Harbin Z-20 medium lift multirole helicopter for land based and naval operation. It is primarily a transport helicopter but it will be used for reconnaissance and fighter jet hauling as well. In 2018, China upgraded its J-10 multirole aircraft with thrust vectors that allows the aircraft to perform impossible maneuvers. In 2018, China also added significant number of aircraft in its fleet of J-16 multirole fighters.

In February 2020, government of India completed all the work regarding procurement of 24 Lockheed Martin MH-60R Romeo multirole helicopters at a cost of USD 2.6 billion. This procurement is a part of fulfilling the requirement for 123 naval multirole helicopters for Indian Navy. In May 2019, Defense Ministry of India approved the deal for procuring 10 Kamov helicopters from Russia. India has signed a deal with Russia for 200 multirole Kamov 226T helicopters, acquiring 60 helicopters in flyaway conditions and producing 140 helicopters in India with support from Hindustan Aeronautics Limited (HAL).

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Competitive Landscape

The market for military multirole aircraft is moderately fragmented with companies such as Lockheed Martin Corporation, The Boeing Company, Airbus SE, Aviation Industry Corporation of China, United Aircraft Corporation, Bombardier etc. Many major global companies are collaborating with the state-owned companies in emerging economies to locally produce multirole aircraft and cut the cost of transportation, taxes, and other operations. For instance, the US is running Joint Strike Fighter program with its allies for developing F-35 multirole air superiority aircraft for replacing the ageing fleet. Artificial Intelligence is another big technology that is being engineered in multirole aircraft such as F-35 and Su-57.

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