Market Trends of Military Aircraft Modernization And Retrofit Industry
Fixed-Wing Aircraft Segment Holds Highest Shares in the Market
- The fixed-wing aircraft segment currently dominates the market, and it is expected to continue its dominance during the forecast period. The growth is attributed to the increasing procurement of fighter jets to improve air force capabilities and the rising number of military aircraft modernization programs. 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. Developments in military equipment and onboard military aircraft, as well as the growth in the need for life extension programs, are bolstering the growth of the segment during the forecast period.
- For instance, in March 2023, Leonardo S.p.A and Armaereo, the Italian Defence Ministry's Air Force Armament and Airworthiness Directorate, signed a contract to upgrade Italian Air Force's C-27J Spartan fleet. The contract includes the development, integration, qualification, and certification of a new avionics configuration for the C-27J, the upgradation of the self-protection system, the replacement of general systems on the aircraft, and the flight simulator. It also includes the delivery of the first aircraft in this configuration and retrofitting of the remaining 11 aircraft. Such developments and modernization contracts drive the growth of the market during the forecast period.
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Asia-Pacific Will Showcase Remarkable Growth During the Forecast Period
- The Asia-Pacific region is anticipated to register the highest growth during the forecast period. The increasing military spending and current ongoing political tensions in the region are propelling the modernization plans of the aging military aircraft fleet in the region. According to the 2022 edition of the Stockholm International Peace Research Institute (SIPRI) report, China and India were the second and fourth largest defense spenders in the world, with a defense budget of USD 293 billion and USD 81.4 billion, respectively. The Asian countries are upgrading their existing fleet of fighter aircraft to enhance their situational awareness.
- For instance, in February 2023, the Crown Group, which has a significant experience in modernization activities, announced that they would be providing full maintenance, replacement, and avionics support to the existing fleet of Indian fighter jets, such as the MiG 29K of the Indian Navy and the MiG 29, Mirage 2000 and Sukhoi under its significant international OEM tie up. Moreover, the Group is also supporting the Atmanirbhar Bharat initiative. It has set up two state-of-the-art facilities, managed by a core team of trained professionals from the military and industry catering to Defense Aerospace MRO and Avionics Repairs. Thus, increasing investment in military aircraft modernization and retrofitting programs and growing military aircraft fleets drive the growth of the market across the region.
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