Global Military Aircraft Modernization and Retrofit Market - Growth, Trends and Forecast (2022 - 2030)

A military aircraft is any rotary-wing or fixed-wing aircraft that is operated by a legal armed service of any type. They are used for combat missions or the transportation of military personnel and military supplies. There is a severe need to get the fleet upgraded and retrofitted with modern aircraft systems, to extend their service life for current combat situations and strategic missions.

To stay operational, these aircraft are fitted with modern aircraft systems and components. This trend is most prevalent in some of the Asia-Pacific and Eastern European countries. Due to budget crunch and an aging fleet, mostly of Soviet-era aircraft, these markets go in for the retrofit option. India, with its primarily Soviet-era aircraft, routinely upgrades its old aircraft, like the MIG, Mi-8, Mi-17, and Mig-27, among others
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The global military aircraft modernization and retrofit market can be segmented by product type and geography. Geographically, the market is segmented into North America, South America, Europe, Middle East & Africa, and Asia-Pacific. The global military aircraft market is undergoing a period of major transition.

By product type, the market is segmented into combat aircraft and transport aircraft, of which, the combat aircraft segment dominated the market and is expected to occupy the largest market share by 2023. This will boost the aircraft modernization market in the region, as the country will increasingly spend lesser amounts on new aircraft.

Growing Demand for Global Military Aircraft Modernization and Retrofit Market

The increasing number of aircraft deliveries, rise in military aircraft spending by emerging economies, growing trend of modernization of airspace, and growth of the military avionics retrofit market are the major factors expected to drive the growth of the avionics market. Increased utilization of COTS systems (commercial off the shelf) in military aircraft will offer growing opportunities for commercial suppliers to enter the military aircraft modernization and retrofit market.

Key Developments in the Market

• March 2018: Lockheed Martin, a Maryland-based aerospace & defense company, has provided modification, maintenance, repair, and overhaul services for both military and civil aircraft from its 16-hangar facility at the S.C. Technology and Aviation Center in southern Greenville County.
• September 2017: Space and missile specialist, Orbital ATK, will be acquired by Northrop Grumman under a USD 2 billion agreement.

Major Players: THALES GROUP, ROCKWELL COLLINS, LOCKHEED MARTIN, amongst others.

Reasons to Purchase the Report

• Provides Latest Insights into the Asia-pacific aviation market
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• Detailed analysis on the region expected to witness fastest growth in the market
• 3 months analyst support along with the Market Estimate sheet (in excel)

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