Military Aircraft Modernization and Retrofit Market To Reach US$ 71.1 Billion By 2027 | Growth Rate of 4.18%

How Big is the Military Aircraft Modernization and Retrofit Market ? :

IMARC Group's latest report, titled "Military Aircraft Modernization and Retrofit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", The global military aircraft modernization and retrofit market size reached US$ 55.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 71.1 Billion by 2027, exhibiting a growth rate (CAGR) of 4.18% during 2022-2027.

What is Military Aircraft Modernization and Retrofit and Uses ? :

Military aircraft modernization and retrofit refer to the process of upgrading and updating existing aircraft to incorporate the latest technologies and capabilities. This encompasses structural modifications to the aircraft by the replacement of outdated components and adding new features into existing aircraft. The procedure plays an instrumental role in reducing operating costs by improving fuel efficiency, functionalities, and reducing the need for large-scale replacements and maintenance. Modernizing existing aircrafts helps maintain a competitive edge in military operations, and retrofitting helps extend the service life of existing aircraft and improving mission capabilities.

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Who are the key Players Operating in the Industry ? :

The competitive landscape of the industry has also been examined along with the profiles of the key players being,

• BAE Systems Plc
• Elbit Systems Ltd
• Honeywell International Inc
• Israel Aerospace Industries Ltd
• L3Harris Technologies Inc
• Leonardo S.p.A
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Safran SA
• Thales Group
• The Boeing Company

What are the Growth Prospects and Trends in the Military Aircraft Modernization and Retrofit Industry ? :

The global market is primarily driven by the escalating demand for upgradations of outdated aircrafts to keep them operational and effective. This can be attributed to the military budget constraints in several countries, resulting in the adoption of cost-effective methods to maintain a competitive edge. In line with this, the rapidly changing threat environments faced by military forces is resulting in the production of adaptable aircraft to deflect new threats, thereby fueling the market. Also, the considerable rise in geopolitical tensions across the globe is resulting in a higher uptake of these services to facilitate enhanced protection and maintain regional stability.

Furthermore, an enhanced focus on sustainable development is resulting in the adoption of more efficient engines and environmentally friendly technologies to reduce the environmental impact of military operations. Some of the other factors contributing to the market include rising military expenditure, considerable growth in the aerospace and defense industry, growing adoption of smart features and connected technology, and extensive research and development (R&D) activities.

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Key Market Segmentation:

Breakup by Aircraft Type:

• Fixed Wing Aircraft
• Rotary Wing Aircraft

Breakup by System Type:

• Navigation Systems
• Weapon Systems
• Headup Displays
• Optronic Equipment
• Fire Control Radars
• Defensive Systems
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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