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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