LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global military aircraft modernization, upgrade, and retrofit market is expected to grow at a CAGR of more than 2% during the forecast period.
“One of the main drivers behind the development of new aircraft and the replacement of aging fleets of military transport aircraft is to integrate improvements in technology as per evolving demands and requirements”
This market research report titled ‘Global Military Aircraft Modernization, Upgrade, And Retrofit Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date market analysis and forecasts for various segments and all geographical regions.
“With growing technological advancements and innovations, defense authorities of major countries are focusing on upgrading their older military airborne fleet with improved and upgraded communications, navigation, and surveillance systems,” says Moutushi Saha, a lead analyst at Technavio for defense research.
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The market research analysis categorizes the global military aircraft modernization, upgrade, and retrofit market into three major segments based on aircraft type. They are:
- Combat aircraft
- Transport aircraft
- Other military aircraft
Global combat aircraft modernization, upgrade, and retrofit market
The combat aircraft modernization, upgrade, and retrofit market is expected to have the largest share in the global market. These aircraft play the most vital role in battlegrounds and are immensely overused by armed forces, resulting in significant deterioration. Since, these aircraft are used to counter enemy attacks and launch attacks on enemy grounds; they are equipped with the most advanced offensive and defensive mechanisms and equipment.
Nations across the globe are focusing on enhancing the readiness and performance of their combat aircraft. Governments are also emphasizing on the life cycle extension programs of combat aircraft that are of strategic importance in times of crisis.
Global transport aircraft modernization, upgrade, and retrofit market
Military transport aircraft constitute a large portion of a country’s fleet of military aircraft, and they are widely used for a range of missions including transporting troops and military equipment, as well as for training pilots and aircrews.
“One of the main drivers behind the development of new aircraft and the replacement of aging fleets of military transport aircraft is to integrate improvements in technology as per evolving demands and requirements,” says Moutushi.
Currently, several countries have an aging fleet of debilitated transport aircraft, which were used for rigorous missions during the Iraq and Afghanistan wars. Therefore, governments are collaborating with companies for the modernization of several transport aircraft. For instance, Israel is upgrading its fleet of Lockheed Martin C-130H transport aircraft with advanced avionics suite, with Elbit Systems as its prime contractor. These technological improvements are expected to pave the way for further developments in this sector.
Global other military aircraft modernization, upgrade, and retrofit market
Militaries deploy aircraft for conducting special missions such as reconnaissance and surveillance, patrolling of land and maritime borders, and mid-air refueling of combat aircraft. Countries also use specially designed aircraft to conduct training for soldiers and for military drills. These aircraft require constant upgrades to sustain their high-performance and extend their service life.
The US is currently directing considerable funds toward the modernization of special mission, tankers, and training aircraft. Similarly, in 2014, Brazil undertook the upgradation program for nine P-3 Orion anti-submarine warfare aircraft and awarded the contract to Airbus Defence and Space.
The top vendors highlighted by Technavio’s aerospace and defense market research analysts in this report are:
- Elbit Systems
- Israel Aerospace Industries
- Lockheed Martin
- Rockwell Collins
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