More than half of the spending on military fixed-wing aircraft between now and 2027 will go towards attack platforms, bombers and fighter aircraft, according to a new study.
Forecast International, in its report “Global Military Fixed Wing Aircraft – Market and Technology Forecast to 2027” noted that the role of military fixed-wing aircraft has evolved over the past few decades from a weapons delivery platform to additional functionalities like transportation, aerial refuelling and intelligence, surveillance and reconnaissance (ISR).
Forecast International predicted that the cumulative market of the global military fixed wing aircraft is expected to reach around $800 billion during the forecast period 2019-2027. The market is estimated to cross $80 billion in 2019 and grow at a compound annual growth rate of around 2% to reach around $100 Billion in 2027.
The North American market is expected to contribute to more than one-third of the total market. Similarly, the retrofit market is expected to account to 35%-40% of the market, this is predominantly driven by platform upgrades.