Military fighter aircraft market worth $34.3 billion in 2012

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The military fighter aircraft market is worth $34.37 billion in 2012, according to a new report, which predicts a lot of activity in this area over the coming decade as the demand for fifth generation fighters continues.

Budget restraints and spiralling costs related to fighter aircraft programmes will act as a drag on the market; however the advent of major projects such as the F-35 Joint Strike Fighter (JSF), coupled with increased procurement from emerging nations, will drive the military fighter aircraft market, according to Visiongain’s The Military Fighter Aircraft Market 2012-2022 report.

The F-35 is leading a host of influential procurement projects, spanning both Western and emerging nations such as India (FGFA), Saudi Arabia, and China (J-20).

A Visiongain defence analyst stated that, “Fighter jets are the crown jewels of any military; both expensive and highly desirable. All major armed forces around the world are expected to invest in some way into their fighter aircraft capability over the coming decade, meaning that although the F-35 will grab the most headlines, significant procurement of both 4th and 5th generation platforms will drive what is truly a global defence market”.

Meanwhile, the Stockholm International Peace Research Institute (SIPRI) estimates worldwide military spending will reach $1.7 trillion in 2012, an increase of over 12% from 2011.

The United States represents over 40% of all global military spending, with planned investments of over $700 billion, followed by China, Russia, the UK, and France. Representing 2.5% of worldwide GDP, military spending is one of the largest markets for business in the world, and one of the most stable.