How Big is the Military Aircraft Modernization and Retrofit Market ? :
IMARC Group’s latest report, titled “Military Aircraft Modernization and Retrofit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global military aircraft modernization and retrofit market size reached US$ 58.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 73.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
What is Military Aircraft Modernization and Retrofit and Uses ? :
Military aircraft modernization and retrofit refer to the process of upgrading and updating existing aircraft to incorporate the latest technologies and capabilities. This encompasses structural modifications to the aircraft by the replacement of outdated components and adding new features into existing aircraft. The procedure plays an instrumental role in reducing operating costs by improving fuel efficiency, functionalities, and reducing the need for large-scale replacements and maintenance. Modernizing existing aircrafts helps maintain a competitive edge in military operations, and retrofitting helps extend the service life of existing aircraft and improving mission capabilities.
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Who are the key Players Operating in the Industry ? :
The competitive landscape of the industry has also been examined along with the profiles of the key players being,
- BAE Systems Plc
- Elbit Systems Ltd
- Honeywell International Inc
- Israel Aerospace Industries Ltd
- L3Harris Technologies Inc
- Leonardo S.p.A
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Safran SA
- Thales Group
- The Boeing Company
What are the Growth Prospects and Trends in the Military Aircraft Modernization and Retrofit Industry ? :
The global market is primarily driven by the escalating demand for upgradations of outdated aircrafts to keep them operational and effective. This can be attributed to the military budget constraints in several countries, resulting in the adoption of cost-effective methods to maintain a competitive edge. In line with this, the rapidly changing threat environments faced by military forces is resulting in the production of adaptable aircraft to deflect new threats, thereby fueling the market. Also, the considerable rise in geopolitical tensions across the globe is resulting in a higher uptake of these services to facilitate enhanced protection and maintain regional stability.
Furthermore, an enhanced focus on sustainable development is resulting in the adoption of more efficient engines and environmentally friendly technologies to reduce the environmental impact of military operations. Some of the other factors contributing to the market include rising military expenditure, considerable growth in the aerospace and defense industry, growing adoption of smart features and connected technology, and extensive research and development (R&D) activities.
Key Market Segmentation:
Breakup by Aircraft Type:
- Fixed Wing Aircraft
- Rotary Wing Aircraft
Breakup by System Type:
- Navigation Systems
- Weapon Systems
- Headup Displays
- Optronic Equipment
- Fire Control Radars
- Defensive Systems
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Aircraft Type, System Type, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | BAE Systems Plc, Elbit Systems Ltd., Honeywell International Inc., Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Safran SA, Thales Group and The Boeing Company |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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