Special Mission Aircraft Market to Reach USD 26.5 Billion by 2032, emerging at a CAGR of 5.9% and forecast 2022-2031

The global special mission aircraft industry generated $15.3 billion in 2021, and is projected to reach $26.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.

Increase in demand for drones and industry-specific solutions, and rise in spending to procure defense equipment globally, rise in adoption of autonomous aircrafts, and increase in demand for air-to-air refueling are expected to drive the growth of the global special mission aircraft market. On the other hand, lack of skilled and trained personnel is expected to hinder the growth to some extent. However, extensive applications of mission-specific systems for conducting search-and-rescue, maritime patrol, medical evacuation, VIP transportation, and other duties are expected to create ample opportunities for the industry.

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Rise in economic intensification has led to an increase in demand for cost-cutting and the development of high-efficiency solutions across the global industries. This rise in demand boosts the need for affordable, easy-to-implement, and high-value on-demand customized systems for the distinct requirement of various industries. The special mission aircraft manufacturers have increased the development of customized aircrafts and drones for warehouse management, capturing, viewing, and analyzing aerial imagery for agriculture, mining, utility, power, media, telecommunication, logistics, oil & gas, construction industries, and others.

There are prominent key factors that drive the growth of the special mission aircraft market such as increase in demand for drones, rise in demand for industry-specific solutions, and rise in spending to procure defense equipment globally. The market economy is also responsible for the growth of the market. Emerging countries in the region, such as India and China, are investing heavily in aerospace and defense industry, which is expected to provide lucrative opportunities for the growth of the special mission aircraft industry.

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The special mission aircraft market is segmented into application, platform, end-user and point of sale. The application segment is further divided as intelligence, surveillance, and reconnaissance (ISR), command & control, communication & navigation, and others. By platform, the market is classified into military aviation, commercial aviation, and unmanned aerial vehicle. On the basis of end-user, it is divided into defense, commercial & civil, and space. By point of sale, it is segmented into OEM, and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on region, the global special mission aircraft market across the Asia-Pacific region held the largest market share in 2021, holding more than one-third of the global market. In addition, the same segment is expected to cite the fastest CAGR of 6.6% during the forecast period. The growth is because of surge in defense expenditure across various countries in the Asia-Pacific region.

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Prominent Players of the Market

Elbit Systems Ltd.
BAE Systems
Bombardier Inc.
Dassault Aviation
General Atomics Aeronautical Systems, Inc.
Israel Aerospace Industries Ltd.
Kratos Defense & Security Solutions, Inc.
Leonardo S.p.A.
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab SA
Textron Aviation
Tales Group
The Boeing Company

The report analyzes these key players in the global special mission aircraft market size. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.

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