At an estimated value of over USD 13.62 billion in 2019, the Global Special Mission Aircraft Market is predicted to thrive at a CAGR of 9.7% and valued at over USD 33.55 billion over the forecast year 2020-2030.
Special mission aircraft are specifically developed to commence an over-battlefield role by using advanced onboard equipment. Majorly, this class of aircraft consist of fighter aircraft, interceptor fighters, and troop transports. These aircraft are provided with several capabilities to carry out missions such as to release a missile, rocket, or other aircraft payloads.
Companies Mentioned
Safran SA
FLIR Systems Inc.
Lockheed Martin Corporation
L3 Technologies
QinetiQ Group Plc
Leidos Holdings Inc.
Leonardo SpA
Viking Air Ltd
Textron Inc.
Northrop Grumman Corporation
Saab Group
Raytheon Company
Israel Aerospace Industries Ltd (IAI)
Field Aviation
The Boeing Company
Airbus Group
Cirrus Aircraft Corporation
Bombardier Inc.
Market Dynamics and Trends:
The demand for special mission aircraft is mainly driven by increasing usage of unmanned aerial vehicle (UAVs) in military operations and rising need for air-to-air refueling. Also, rising need for special mission aircraft in commercial and defense applications is one of the major factors fueling the growth of the special mission aircraft market. In addition to this, factors such as growing terrorism activities along with the increased defense budget of the major developing nations such as China and India are expected to drive the special mission aircrafts market. However, factors such as strict regulatory standards to manufacture special mission aircraft components and lengthy period for product certification by aviation authorities are projected to hamper the growth of the market during forecast period. Contradictorily, rise in demand for the air launched small satellites is anticipated to create opportunities to further propel the market growth.
Market Segmentations and Scope of the Study:
The global special mission aircraft market share is segmented on the basis of type and geography. On the basis of type, the market is categorized into Intelligence, Surveillance & Reconnaissance (ISR), Maritime Patrol Aircraft (MPA), Airborne Early Warning & Control (AEW&C), Anti-Surface Warfare & Anti-Submarine Warfare (ASW), Search & Rescue (SAR), and refueling. Geographic fragmentation and analysis of each segment includes regions comprising North America, Europe, Asia Pacific and Rest of the World.
Geographical Analysis:
In terms of geography, North America held major share of the market in 2019. This is due to the fact that the U.S. is one of the largest developers, exporters, and operators of special mission aircraft around the globe. For instance, the prominent key players such as the Boeing Company, Textron Inc., Honeywell Aerospace, Inc., Collins Aerospace, and UTC Aerospace Systems are headquartered in the U.S. However, Asia-pacific is expected to experience fastest growth owing to surge in territorial disputes in Eastern Asia and increased defense expenditure by several economies in the region.
Key Topics Covered:
1. Introduction
2. Market Snapshot, 2019-2030 Million USD
3. Porter's Five Force Model Analysis
4. Market Dynamics
5. Global Special Mission Aircraft Market, by Type
6. Global Special Mission Aircraft Market, by Region
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/doy3n3
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