(MENAFN- EIN Presswire) Special Mission Aircraft Market
The special mission aircraft market is segmented into application, platform, end-user and point of sale.
PORTLAND, OR, UNITED STATES, April 17, 2023 /einpresswire.com / -- According to a new report published by Allied Market Research, titled,“special mission aircraft market ," The special mission aircraft market was valued at $15.3 billion in 2021, and is estimated to reach $26.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.
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There are prominent key factors that drive the growth of the special mission aircraft market such as increase in demand for drones, rise in demand for industry-specific solutions, and rise in spending to procure defense equipment globally. The market economy is also responsible for the growth of the market. Emerging countries in the region, such as India and China, are investing heavily in aerospace and defense industry, which is expected to provide lucrative opportunities for the growth of the special mission aircraft industry .
Drivers, Restraints, and Opportunities
Increase in demand for drones and industry-specific solutions, and rise in spending to procure defense equipment globally, rise in adoption of autonomous aircrafts, and increase in demand for air-to-air refueling are expected to drive the growth of the global special mission aircraft market . On the other hand, lack of skilled and trained personnel is expected to hinder the growth to some extent. However, extensive applications of mission-specific systems for conducting search-and-rescue, maritime patrol, medical evacuation, VIP transportation, and other duties are expected to create ample opportunities for the industry.
COVID-19 Scenario
The outbreak of COVID-19 has had harmed the global special mission aircraft market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdown resulted in the closure of various manufacturing facilities, including aircraft manufacturing facilities, impacted the growth of the market.
In addition, all sorts of flight operations were canceled during the pandemic due to stringent social distancing restrictions imposed by the government.
Furthermore, shortage of raw materials due to trade ban further aggravated the impact on the market.
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Prominent Players of the Market
Elbit Systems Ltd.
BAE Systems
Bombardier Inc.
Dassault Aviation
General Atomics Aeronautical Systems, Inc.
Israel Aerospace Industries Ltd.
Kratos Defense & Security Solutions, Inc.
Leonardo S.p.A.
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab SA
Textron Aviation
Tales Group
The Boeing Company
The special mission aircraft market is segmented into application, platform, end-user and point of sale. The application segment is further divided as intelligence, surveillance, and reconnaissance (ISR), command & control, communication & navigation, and others. By platform, the market is classified into military aviation, commercial aviation, and unmanned aerial vehicle. On the basis of end-user, it is divided into defense, commercial & civil, and space. By point of sale, it is segmented into OEM, and aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY FINDINGS OF THE STUDY
By application, the Intelligence, Surveillance, and Reconnaissance (ISR) segment is expected to register a significant growth during the forecast period.
By platform, the military aviation segment is expected to register a significant growth during the forecast period.
By end-user, the defense segment is projected to lead the global special mission aircraft market.
By point of sale, the aftermarket segment is projected to lead the global special mission aircraft industry.
Region-wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in this special mission aircraft market are BAE Systems Plc., Bombardier, Dassault Aviation, Elbit Systems Ltd., General Atomics, Israel Aerospace Industries Ltd. (IAI), Kratos Defense & Security Solutions, Inc., Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Saab AB, Textron Inc., Thales Group, and The Boeing Company.
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