New York, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fighter Aircrafts Global Market Report 2022" - https://www.reportlinker.com/p06240583/?utm_source=GNW
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The global fighter aircrafts market is expected to grow from $98.55 billion in 2021 to $102.81 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $115.27 billion in 2026 at a CAGR of 2.9%.
The fighter aircraft’s market consists of sales of fighter aircraft by entities (organizations, sole traders, and partnerships) that produce fighter aircraft.A fighter aircraft is a fixed-wing aircraft designed for air-to-air combat against other aircraft.
Only goods and services traded between entities or sold to end consumers are included.
The main types of fighter aircraft are conventional take-off and landing, short take-off and landing, vertical take-off and landing.Aircraft that can hover, take off, and land vertically are classified as vertical takeoff and landing aircraft.
The various systems involved are airframe, engine, avionics, landing gear system, a weapon system that is used in homeland security, defense, and others.
Asia Pacific is the largest region in the fighter aircrafts market in 2021.Western Europe is expected to be the fastest growing region.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Countries across the globe are striving to enhance their aerial combat capabilities for increased airborne security.The growing emphasis on airborne security is expected to boost the demand for fighter aircraft, thereby propelling the growth of the fighter aircraft’s market.
According to the Airforce Technology, in July 2020, the government of India approved the purchase of 33 fighter aircraft to strengthen its air force capabilities during the ongoing standoff with Chinese forces on the Line of Actual Control (LAC) in Ladakh.The acquisition was cleared by the Defence Acquisition Council (DAC) and included 12 Su-30 MKI and 21 MIG-29 aircraft.
Moreover, the DAC also approved the modernization of 59 existing MIG-29 aircraft.
The development and adoption of autonomous aircraft are projected to limit the growth of the fighter aircraft’s market over the forecast period.Unmanned aerial vehicles are equipped with onboard computers that are controlled remotely from ground-based controllers.
India is one of the fastest-growing markets for unmanned aerial vehicles and a leading importer of UAVs for military purposes globally. The customer-focused innovation in UAV technology and the rise in demand for UAVs for surveillance applications is to restrict the growth of the fighter aircraft’s market in the near future.
Major players operating in the fighter aircraft industry are focusing on automation in the manufacturing line to reduce manufacturing time and labor costs which is likely to be a leading trend in the fighter aircraft’s market.For instance, in December 2019, Airbus SE, a France-based multinational aerospace company engaged in designing, manufacturing, and selling military aircraft, commercial aircraft, helicopters, satellites, and launch vehicles, acquired MTM Robotics, an industrial automation company for an undisclosed amount.
The acquisition is aimed at expanding Airbus’s commitment to advanced robotics capabilities within the manufacturing process.
In April 2020, Raytheon Company, a USA-based technology company specializing in defense, homeland security, and other government markets merged with United Technologies Corporation for an undisclosed amount. The merged company which is newly formed is known as Raytheon Technologies Corporation and it will combine its predecessor’s legacy expertise in aeronautics, defense weapons, cybersecurity, and information technology across its four business segments including Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.
The countries covered in the fighter aircrafts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06240583/?utm_source=GNW
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