A need for modernization will drive procurement opportunities and growth in the global combat aircraft market, with projections reaching more than $101 billion by 2026, according to the latest study by researcher Frost & Sullivan. The research firm also predicts revenues in the global combat aircraft market to reach $493.14 billion by 2026 due to geographic instability; territorial and border disputes; and the need to replace aging combat fleets with modern fighter aircraft capable of longer ranges, higher payload capacity, and better survivability.
The researchers’ projections call for a compound annual growth rate (CAGR) of 39% to 2026. “Geopolitics aside, the combat fleet in many countries—such as India, Vietnam, and Malaysia—are reaching obsolescence fast, and replacements must be procured to ensure that power projection capabilities of these countries are maintained,” said Arjun Sreekumar, industry analyst, defense at Frost & Sullivan. “There is a global renewed emphasis on stealth, sensor fusion, manned-unmanned teaming (MUM-T) capability, and active protection system upgrades.
“To harness lucrative growth opportunities, players should offer a combination of low-cost platforms, aggressive marketing, and flexible payment mechanisms,” Sreekumar added.
The projections can be found in the Frost & Sullivan study “Global Combat Aircraft Market, Forecast to 2026,” which covers the global market for new aircraft and upgrades specific to combat aircraft. It lists the combat aircraft fielded by different countries based on their required missions and traces how the different aircraft have been upgraded over the years. The report includes fixed-wing fighter aircraft from leading suppliers, including Boeing, Dassault Aviation, Lockheed Martin, and Saab. It examines parts of the market according to different types of combat aircraft, such as strike, fighter, and multirole fighter aircraft.