Issues such as terrorism and ongoing conflicts in various parts of the world are expected to drive the military aircraft engine industry as many countries would be looking to modernize their airborne combat and defense in light of the new security threats. In addition, a changing geopolitical landscape where emerging powers such as China and India are trying to modernize their armed forces to close the technological gap with established powers such as US, the UK, Russia, etc. is also expected to effect the growth of the military aircraft engine market.
Global Military Aircraft Engines industry is anticipated to value US$10.8 billion by the end of 2018. The cumulative expenditure on military aircraft engines over the forecast period is estimated to value around US$145.4 billion. The expenditure on military aircraft engine is expected to be driven by the need to replace ageing aircraft and rotorcraft fleets, growing geopolitical rivalry, and engine refit and replacement programs.
Apart from emerging economies in the Middle East and South Asian regions which are witnessing increasing defense expenditures due to regional power struggles and territorial disputes, countries in North America and Western Europe are also expected to increase their defense outlays after years of budget cuts and sequestration measures presenting global military aircraft engine manufacturers with greater opportunities in the coming decade
Major countries across the globe are expected to invest significantly on replacing their aging aircraft fleets. For instance after the wars in Iraq and Afghanistan, the US and other allied countries in Europe, Asia-Pacific, Latin America, and the Middle East were left with worn-out and damaged aircraft and other military equipment. This has resulted in the need for large-scale upgrades as well as replacement programs
"The Global Military Aircraft Engines Market 2018-2028", report offers a detailed analysis of the industry, with market size forecasts covering the next ten years. This report will also analyze factors that influence demand for military aircraft engine, key market trends, and challenges faced by industry participants.
- The global military aircraft engines market, valued at US$10.8 billion in 2018, is projected to grow at a CAGR of 4.47% over the forecast period, to reach US$16.7 billion by 2028 and cumulatively value US$146.4 billion.
- The market consists of four categories: combat aircraft engines, transport aircraft engines, rotorcraft engines, and other aircraft engines.
- The market is expected to be dominated by the combat aircraft engines segment, which will account for 60.3% of the market, followed by transport aircraft engines, and rotorcraft engines segments with shares of 17.4% and 13.9% respectively.
- North America is forecasted to dominate among the regions in the sector with a share of 37.1%, followed by Asia Pacific and Europe, with shares of 24.1% and 21.6% respectively.
Reasons To Buy
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