Special Mission Aircraft Market to be dominated by Defense sector through 2027
High demand for low-cost aircraft and a rise in
efforts to enhance aerial capabilities of the defense sector by concerned
authorities is expected to drive the demand for the global special mission
aircraft market in the forecast period, 2023-2027.
According to TechSci Research report, “Special Mission Aircraft Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global special mission aircraft market is anticipated
to witness steady growth in the forecast period, 2023-2027. Special mission
aircraft are those aircraft that are used to increase the effectiveness of
armed forces, including air, naval, and ground forces. The growing geopolitical
tensions and cross-border conflicts have accelerated military spending in
emerging economies. They are willing to spend on special mission aircraft as
they are equipped with a wide range of sensors and equipment and can support a
wide range of non-combat missions such as search and rescue operations and
combat operations. Also, the special mission aircraft can be configured to
perform precision strike, aerial refueling, armed reconnaissance, personal
recovery, infiltration and exfiltration, humanitarian aid, and forward area
refueling point operations. Market players are working on changing the
functioning of special mission aircraft according to the need of different
organizations and armed forces of different countries.
However, stringent regulatory norms for
the manufacturing of special mission aircraft may restrain the global special
mission aircraft market growth in the forecast period.
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The global special mission aircraft
market is segmented into application, end user, regional distribution, and
competitive landscape.
Based on application, the market is
divided into intelligence, surveillance &
reconnaissance, command
and control, combat support, emergency services, transportation, air-launch/rocket launch, scientific research and geological surveys, and
others. Intelligence, surveillance, & reconnaissance application dominates
the market and is expected to maintain their dominance for the next five years.
These applications use special mission aircraft for intelligence, surveillance,
& reconnaissance missions and for airborne early warning and control
applications. Countries are interested in investing in the purchase of special
mission aircraft due to the growing demand for surveillance aircraft to monitor
the tensions at land and sea borders. Also, the ongoing military modernization programs
and rise in the procurement of novel technologies, equipment, and weapon by the
defense sector is expected to fuel the market demand in the coming years.
Based on the end user, the market is
divided into defense, commercial & civil, and space. The defense sector is
expected to capture the highest market share in the forecast period. Special
mission aircraft can be used for different operations. These aircraft are
equipped with surveillance technology that helps to determine the specific
movements of the enemy units. Special mission aircraft generally do not have
offensive weapons on board. They are used in several areas, including airborne
early warning and control, antisubmarine and maritime patrol applications.
Market players are working on upgrading the functioning and performance of
special mission aircraft, which is expected to fuel their demand in the defense
sector.
Major market players operating in the global special mission aircraft market are:
- Northrop Grumman Corporation
- The Boeing Company
- Lockheed Martin Corporation
- Bae Systems
- Dassault Aviation SA
- Textron Aviation Inc.
- Elbit Systems Ltd.
- Israel Aerospace Industries Ltd.
- Bombardier Inc.
- Thales SA
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“On the basis of regional analysis,
North America is expected to witness the highest growth in the forecast period,
2023-2027 owing to the increased demand for advanced special mission aircraft.
According to a study by Stockholm International Peace Research Institute
(SIPRI), military spending by the United States amounted to $801 billion in
2021, and the funding for research and development rose by 24 percent between
2012 to 2021. Also, the United States was the top defense spender worldwide,
and it is also leading the special mission aircraft in North America. In Canada
aerospace industry is the leading industry in terms of export, and research and
development activities are ongoing in the country. Ongoing technological
advancements, the growing aviation industry, and military spending is expected
to propel the growth of the global special mission aircraft market till 2027”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Special Mission Aircraft
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027
Segmented By Application
(Intelligence, Surveillance, & Reconnaissance, Command and Control, Combat
Support, Emergency Services, Transportation, Air-Launch/Rocket Launch,
Scientific Research and Geological Surveys, Others), By End User (Defense,
Commercial & Civil, Space), and By Region”, has evaluated the future growth
potential of global special mission aircraft market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global special mission aircraft market.
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