Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Special Mission Aircraft Market by Application (Intelligence, Surveillance, and Reconnaissance (ISR), Command and Control, Communication and Navigation, Others), by Platform (Military Aviation, Commercial Aviation, Unmanned Aerial Vehicle), by End-User (Defence, Commercial and Civil, Space), by Point of Sale (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031". The report indicates that the global special mission aircraft industry size is anticipated to value $26.5 billion by 2031. The industry has witnessed a share of $15.3 billion in 2021 and is estimated to display a noteworthy CAGR of 5.9% from 2022 to 2031.
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Special Mission Aircraft Industry Leading Market Players:
- The Boeing Company
- Tales Group
- Textron Aviation
- Saab SA
- Raytheon Technologies Corporation
- Northrop Grumman Corporation
- Lockheed Martin Corporation
- Leonardo S.p.A.
- Kratos Defense & Security Solutions, Inc.
- Israel Aerospace Industries Ltd.
- General Atomics Aeronautical Systems, Inc.
- Dassault Aviation
- Bombardier Inc.
- BAE Systems
- Elbit Systems Ltd.
The report assesses the major participants in the global special mission aircraft market. These participants have employed vital business strategies, including introducing new products, strategic expansion, forming alliances, and engaging in joint ventures to boost their market presence and strengthen their industry position. The report aids the intended audience in evaluating market performance, the performance of individual market segments, product portfolio growth within the market, and the contributions made by each participant to the market's expansion.
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Prime determinants of growth:
The global special mission aircraft market is expanding rapidly due to surge in demand for air-to-air refueling, growing adoption of autonomous aircraft, increase in expenditure to purchase defense equipment across the globe, and rise in demand for industry-specific solutions and drones. However, the scarcity of skilled and trained workforce restricts the market growth to some extent. Nevertheless, substantial applications of mission specific systems for managing maritime patrol, VIP transportation, search-and-rescue, medical evacuation, and other duties will offer remunerative growth opportunities in the upcoming years.
The military aviation segment to lead the trail
On the basis of platform, the military aviation segment grabbed the largest share in 2021, accounting for nearly three-fourths of the overall market revenue of the overall market revenue. The same segment is estimated to witness a notable CAGR of 6.3% throughout the forecast timeframe. The growth of the segment is driven by surge in usage of special mission aircraft for collecting intelligence information, delivering supplies, rescue missions, and for tracking enemies.
The intelligence, surveillance, and reconnaissance (ISR) segment to dominate the market
In terms of application, the intelligence, surveillance, and reconnaissance (ISR) segment contributed to the largest share in 2021, accounting for more than one-third of the overall market revenue. Also, the same segment is anticipated to display the fastest growth with 6.7% CAGR from 2022 to 2031. The growth is attributed to heightened demand for adoption of surveillance aircraft owing to factors like deep sea piracy and drug trafficking.
The defense segment to retain its dominance
On the basis of end-user, the defense segment gained the fastest share in 2021, accounting for around three-fourths of the overall market share. The same segment is expected to showcase the fastest CAGR of 6.2% throughout the forecast timeframe, owing to surge in usage of special mission aircraft in territorial and political disputes.
The OEM segment to rule the roost
On the basis of point of sale, the OEM segment generated the largest share in 2021, contributing to nearly three-fourths of the total market revenue. The segment is driven by acquirement of advanced aircraft from commercial and military applications. However, the aftermarket segment would exhibit the fastest CAGR of 6.8% throughout the forecast timeframe. The growth is attributed to surge in refurbishment and upgradation activities of the special mission aircraft.
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Asia-Pacific to retain its dominance
The regional analysis in the report indicates that the Asia-Pacific region held the highest market share in 2021, contributing to more than one-third of the global market revenue. Also, the same region would cite the fastest growth with 6.6% CAGR throughout the forecast timeframe. The increase in defense spending among several countries in the Asia-Pacific region.
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