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The global military aircraft modernization and retrofit market grew at a CAGR of around 4% during 2015-2020. Military aircraft modernization and retrofit assists in the development and modification of an existing aircraft with digital cockpit, weapon, mission and defensive systems. It improves the capability, extends the service life, provides scheduled maintenance operations, upgrades avionics system and troubleshoot mechanical issues. At present, numerous companies are offering innovative support and services for advanced fighter aircraft, which include electronic warfare, optronics, communications, attack systems, fire control radars, radio-navigation and identification systems, cockpit display systems, helmet-mounted sight, avionics suite and electrical power generation.
Due to rising geopolitical tensions, governing agencies of various countries are upgrading their existing fleet of military aircraft with advanced systems and components to maintain a strategic advantage on the modern battlefield. This represents one of the key factors impacting the market growth positively. Moreover, the growing traction of combat aircraft is escalating the demand for military aircraft modernization and retrofit to renovate them with defensive mechanisms and equipment and enhance their aerial combat and surveillance capabilities. Apart from this, the market players are investing in research and development (R&D) activities to increase aircraft speed, destructive force, power and stealth capabilities and introduce autopilot landing systems to help pilots during extreme weather conditions. These players are also integrating enhanced communication navigation surveillance (CNS) systems to improve situational awareness and reduce the workload of pilots. This is anticipated to provide lucrative opportunities to manufacturers for expanding their consumer base in the coming years. Looking forward, IMARC Group expects the global military aircraft modernization and retrofit market to exhibit moderate growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global military aircraft modernization and retrofit market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, aircraft type and system type.
Breakup by Aircraft Type:
Breakup by System Type:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BAE Systems Plc, Elbit Systems Ltd., Honeywell International Inc., Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Safran SA, Thales Group and The Boeing Company.
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