LONDON--(BUSINESS WIRE)--The global fighter aircraft market is expected to grow at a CAGR of over 4% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global fighter aircraft market for 2016-2020. Fifth generation fighter aircrafts (FGFAs) are currently the most advanced fighter aircrafts in the market. Major FGFA initiatives are F-35 Lightening II by the US, the Perspective Multi-role Fighter (MPF) program by India in collaboration with Russia, and Shenyang J-31 by China.
Increased emphasis on airborne safety and a need for greater airborne dominance are the key driving features of this market. With growing number of extremist threats and attacks, countries are spending more in state-of-the-art equipment to be better prepared. The incorporation of advanced air-to-air missiles in fighter jets is quickly gaining demand as they make the aircraft more powerful and lethal.
Technavio’s research study segments the global fighter aircraft market into the following regions:
- EMEA
- APAC
- Americas
EMEA: largest fighter aircraft market
The current political situation in Europe is charged and violence is just contained. Countries like Greece, Ireland, Cyprus, and Ukraine are experiencing economic and political crisis, there is violence in the Middle East, and North African countries are experiencing internal power struggles. Also, there is escalating risk of internal insurgency due to immigration from Syria and Lebanon.
“To have greater control over these situations and to improve the combat readiness in times of crisis, the European countries have developed and procured several fighter aircrafts. This also ensures efficient action during emergency situations, attacks, and turbulent or unrest circumstances. With a greater number of anti-extremist missions being initiated, the demand for such aircraft is likely to surge,” says Moutushi Saha, one of the lead analysts at Technavio for defense research.
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APAC
The political situation in APAC, while better than the one in EMEA, is still strained. Asian countries are prone to territorial disputes and insurgent threats. To support the combat readiness of the armed forces, and with the changing nature of urban and conventional warfare, some of the countries in APAC such as Australia, China, India, Japan, Pakistan, South Korea, and Taiwan are developing and procuring fighter aircraft for their air forces.
“The region’s two major powers, India and China, have initiated the planning and development of fifth- and sixth-generation fighter aircraft programs, such as the Tejas, Chengdu J-20, and the Shenyang J-31. With the recent purchase of 36 Rafale fighter planes from Russia, the Indian Air Force will become highly formidable. Other countries in the region such as Japan, Australia, and South Korea have agreed to purchase advanced F-35 Lightning II fighter planes as well,” says Moutushi.
Americas
North America leads the global fighter aircraft market in terms of expenditure and technological advancements, and generates a very high demand for these planes. The market is primarily dominated by the US, although Brazil and Canada made some investments in the development of these aircrafts.
The US is clearly the largest spender in military aerospace globally. They are investing heavily on F-35s, which will quickly drive market growth. Along with the development of the F-35, the US is currently exporting the F/A-18E/F Super Hornet fighter planes to the foreign markets. Although South America is a market with highest potential for commercial aviation, the market for fighter aircraft in the region is witnessing a dip. On the other hand, Colombia and Peru aim to procure new fighter squadrons, whereas Brazil is focusing primarily on the procurement of Gripen fighter planes.
The top vendors in the global fighter aircraft market highlighted in the report are:
- Airbus Defense and Space
- BAE Systems
- Boeing
- Lockheed Martin
- Saab
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