LONDON–(BUSINESS WIRE)–The new military aircraft modernization and upgrade and retrofit market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the military aircraft modernization and upgrade and retrofit market.
“One of the primary growth drivers for this market is the incorporation of CNS systems in aircraft,” says a senior analyst for the Industrials industry at Technavio. The military aircraft modernization includes the incorporation of emergency warning systems such as GCAS and EGPWS which help to enhance the aircraft situational awareness of pilots and reduce their workloads. As the markets recover, Technavio expects the military aircraft modernization and upgrade and retrofit market size to grow by USD 2.61 billion during the period 2020-2024.
Military Aircraft Modernization and Upgrade and Retrofit Market Segment Highlights for 2020
- The military aircraft modernization and upgrade and retrofit market is expected to post a year-over-year growth rate of 2.10%.
- Combat airplanes are extremely popular and overused by armed forces as they help in countering and launching attacks on enemy grounds.
- 45% of the growth will originate from the North America region.
- The US is one of the key markets for military aircraft modernization and upgrade and retrofit in North America. However, market growth in this region will be slower than the growth of the market in APAC, Europe, and South America.
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- The military aircraft modernization and upgrade and retrofit market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The military aircraft modernization and upgrade and retrofit market is segmented by Type (Combat aircraft, Transport aircraft, and Others) and Geography (North America, APAC, Europe, MEA, and South America).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including BAE Systems Plc, Elbit Systems Ltd., Honeywell International Inc., Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., Raytheon Technologies Corp., Thales Group, and The Boeing Co.
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