MILITARY AVIATION MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

A CAGR of 5.26% is predicted for the military aviation market. Because more nations, including the United States, Germany, India, Australia, the United Arab Emirates, and China, are purchasing next-generation combat aircraft, the fixed-wing aircraft segment is anticipated to grow more rapidly during the forecast period. The military forces' ambitions to replace their ageing aircraft fleet with fighter jets, large transport aircraft, and special-mission aircraft are also anticipated to have a significant impact on the military aviation sector as a whole.

Multi-mission helicopters are predicted to experience the largest growth in the helicopter market over the projected period. The majority of nations intend to buy multi-mission helicopters to improve their fighting prowess. In order to improve their fighting capabilities, nations like India, Kuwait, Qatar, Australia, Russia, and the United Arab Emirates have raised their military spending, which is being driven by the rise in political and geographic tensions between the countries.

Major military countries including the United States increased its defence budgets by 3%, from USD 778 billion in 2020 to over USD 800 billion in 2021, pushing global defence spending over USD 2 trillion. Following the United States in terms of increased defence spending were China, India, Russia, and the United Kingdom, which had increases of 14%, 5%, 6.8%, and 13%, respectively. 
The conflict between Russia and Ukraine in 2022 made it even more urgent to reevaluate the operational readiness of all military forces on the planet. The acquisition of new fixed-wing aircraft is part of fleet modernisation and expansion programmes being carried out by NATO countries. 

Major Players: Airbus SE, Dassault Aviation, Lockheed Martin Corporation, Textron Inc. and The Boeing Company 

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