Increase in terrorism & rising insurgencies is the main reason behind the rise in growth of special mission aircraft market
The special mission aircraft market size is estimated to grow from USD 10.49 billion in 2015 to USD 12.49 billion by 2020, at a CAGR of 3.5% from 2015 to 2020. The special mission aircraft market exhibits a lucrative growth potential in the regions of APAC, Africa, and the Middle East. This is due to the ongoing conflicts and the territorial disputes in these regions. The market is further driven by the increase in defense spending of developing nations such as China, India, and Brazil.
Intelligence, Surveillance & Reconnaissance (ISR) application is expected to gain maximum traction during the forecast period
The Intelligence, Surveillance & Reconnaissance (ISR) application is estimated to contribute the largest market share during the forecast period. Middle East and North Africa region accounts for more than 50% of the world’s oil reserves. Aerial surveillance, maritime patrol, and ISR could be used in order to discover marine oil spills, assess the location, extent and severity of spills, and to monitor the spread and movement. It is predicted that this market is going to be fueled by impressive economic growth and continued high levels of foreign direct investment.
Break-up of profile of primary participants for the report as given below
- By Company Type - Tier 1 – 55%, Tier 2 – 20% and Tier 3 – 25%
- By Designation – C level – 60%, Director level – 25%, Others – 15%
- By Region – North America - 30%, Europe – 20%, APAC – 50%
North America is expected to dominate the special mission aircraft market during the forecast period
North America is estimated to account for the largest share of the global special mission aircraft market. In recent years, Asia-Pacific region has witnessed significant economic growth with increasing security requirements. Rise in inter dependencies linked to commercial trade, partnerships, and treaty obligations have increased complications and impacted overall military and economic balances. As a result, demand for special mission aircraft is growing in this region in order to monitor suspicious activities, gathering information over battlefields, patrolling oceans, monitoring navigational systems, and so on.
Special mission aircraft represents a diverse segment of the military aircraft market. Although this segment includes maritime patrol aircraft designed for direct combat with enemy forces, it is dominated by aircraft that are designed to support and increase the effectiveness of combat aircraft in operations against the enemy. The market for new special mission aircraft is expected to be relatively stable for the next decade. The potential customer base is limited in size due to the expense of procuring special mission aircraft.
The various key special mission aircraft vendors and service providers profiled in the report are as follows:
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- SAAB AB
- Israel Aerospace Industry Ltd.
- Textron Inc.
- Bombardier Inc.
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the special mission aircraft market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments across the different applications, operations, and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.