Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSIntroduction to Fighter Aircrafts
A fighter aircraft is a high-speed military aircraft designed primarily for one to one air combat, dog fight, and stealth mode against other aircrafts. These aircrafts are capable of flying at supersonic speed with easy maneuvering, can carry heavy payloads, and can perform electronic warfare, ground attack, and air-to-air combat. Currently, most of the fighter aircraft being manufactured is based on a conventional take-off and landing configuration. Enhancing aerial combat abilities, advancements in stealth and weapon precision and replacement of older jets with new generation aircraft by several countries supports the development of fighter aircraft market and estimated to run the market.
Market Size and Forecast
The total number of fighters anticipated to produce over the next decade is higher than the number of aircraft produced during the previous 10 years. As nations are striving to enhance their aerial combat capabilities, several countries are upgrading their 2nd and 3rd generation fighter aircraft with new 4th and 5th generation aircraft. Besides, technology advancement in stealth mode, hypersonic speed, and armory precision plays an important role in the fighter aircraft market.
The fighter aircraft market is estimated to record a notable CAGR over the forecast period i.e. 2020-2028. The market is segmented by aircraft type, take-off & landing and by application. Among these segments, the aircraft type segment is further segmented to fixed-wing and rotorcraft, out of which the fixed-wing segment is anticipated to have the highest growth during the forecast period on account of the development of more advanced and stealthier fixed-wing aircraft, increasing fixed-wing aircraft orders followed by the deliveries during the forecast period. The Lockheed Martin F-35 is anticipated to be the largest fighter program over the decade on account of its tactical fighter of choice for the U.S. Army, Naval and Marine Corps. A significant number of fighter aircraft are expected to roll off the production line in the next 10 years, out of which the F-35s is anticipated to hold a significant share of the fighter aircraft market. The F-16 fighter aircraft has received a constant technological upgrade over the decade and becomes the first choice for the nations in Eastern Europe and Asia that want to purchase the American fighter but are unable to afford the F-35 aircraft. According to the statistics by the Aircraft Electronics Association (AEA), total annual sales of aviation avionics (retrofit and forward-fit) increased from USD 2.26 billion in the year 2016 to USD 2.73 billion in the year 2018. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers
Augmentation of Existing Aircraft Fleet
Many countries are striving in augmenting their aircraft combat capabilities and upgrading their older generation aircraft such as Mig-21, F-194 and others with newer generation such as F-22, Sukhoi Su-35 and others aircraft having advanced features. Factors such as technology advancement in stealth mode, hypersonic speed, and armory precision are estimated to support the development of a fighter aircraft market.
More Air Support in War-Ravaged Countries
Fighter aircraft are tending to play a crucial role in war-ravaged countries such as Iraq, Afghanistan, Syria, and countries experiencing warfare such as Ukraine, Yemen, and the Democratic Republic of Congo which is anticipated to support the growth of fighter aircraft market over the forecast period.
Restraints
Adoption of Unmanned Aerial Vehicles
The development of unmanned aerial vehicles such as drones, rotor wings, and armed rotorcraft are expected to act as a restraint for the growth of the fighter aircraft market.
Budget Constraints
The budget constraints of a few smaller countries are restraining them to upgrade their aircraft fleet to new generation aircraft, which is anticipated to restrict the growth of the global fighter aircraft market.
Market Segmentation
Our in-depth analysis of the fighter aircraft market includes the following segments:
By Aircraft Type
By Take-off and Landing
By generation
By Application
By Region
Regionally, the fighter aircraft market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North-America is expected to hold leading shares in the fighter aircraft market over the forecast period, on account of upgrading the aircraft fleet in the USAF (the United States Air Force) and to deal with the increase aircraft fleet in Russian and Chinese Air Force. Russian’s United Aircraft Cooperation (UAC) continues to supply the fighters to the nations outside the U.S. and European defense spheres whereas China is anticipated to gradually build market in Asia and Africa by offering the JF-17 lighter fighter aircraft in cooperation with Pakistan’s PAC on the export market.
The fighter aircraft market is further classified based on region as follows:
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