Press release
Aircraft Modernization Market Astonishing Growth in 2020 with top key players - Raytheon Company, BAE Systems PLC, Lockheed Martin Corporation
Aircraft Modernization Market
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COVID-19 scenario analysis:
Ongoing COVID-19 situation has obstructed and caused delays in current deliveries of aircrafts, as well the future deliveries of the aviation industry globally.
The pandemic changed the priorities of the militaries and government towards healthcare due to which aviation industry will not be the center of attention for upcoming years.
Aviation industry also suffered from huge financial losses due to restrictions and travel bans globally.
Maintenance of aircrafts is expected to fall with the loss in revenue and terminated flights which eventually revamps the demand for aircraft modernization market.
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Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Globally expanding Maintenance, Repair and Overhaul(MRO) budget for airlines, geo-political tensions, and enhancement of old and aging aircrafts are the key factors that drive the aircraft modernization market. However, high initial cost and complicated supply chain of the modern technology restrains the market growth opportunity of the aviation industry. Moreover, aircraft modernization market benefits from the rising adaption of Communication, Navigation and Surveillance(CNS) systems and Synthetic Vision Avionics Backbone(SVAB) systems in the aircrafts.
The aircraft modernization market trends are as follows:
Globally expanding Maintenance, Repair and Overhaul(MRO) budget for airlines
as the business in commercial as well as private aviation industry grows, expenditure on maintenance, repair and overhaul of aircrafts in the aviation industry is anticipated to grow. Developing nations provides a rapid growth opportunity the aircraft modernization market. For instance, the Civil Aviation Administration of China projects that there will be almost double airports in china by 2035 owing to the spike in demand and the government’s big push to fund the necessary infrastructure. Continuous rise in aircraft acquisition presents new opportunities for the aircraft modernization market.
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Enhancement of old and aging aircrafts
Persistent innovation and technological revolutions around the world are being adopted quickly by modern aircrafts for faster & safe operation. For instance, in October 2019, United States government approved upgradation of 98 F-15 Eagle interceptors for Japan which included induction of new electronic warfare equipment (AN/ALQ-239 digital electronic warfare systems), new mission computers (Honeywell Advanced Display Core Processor II mission computers), advanced electronically scanned array radar (Raytheon AN/APG-82(v)1 multimode AESA) and new munitions. Investments in aircraft equipment and upgradation of existing infrastructure boosts the aircraft modernization market.
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