According to the latest report by IMARC Group, titled “Military Aircraft Modernization and Retrofit Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global military aircraft modernization and retrofit market size reached a strong growth in 2020. Military aircraft modernization and retrofit solutions help in the development and modification of an existing aircraft with weapon, digital cockpit, mission and defensive systems. These solutions help in improving operational efficiency, extending the service life, providing scheduled maintenance, upgrading avionics system, troubleshooting mechanical issues, etc. Currently, several companies are providing innovative support and services for advanced fighter aircraft, that majorly comprise of electronic warfare, communications, attack systems, optronics, radio-navigation and identification systems, cockpit display systems, fire control radars, avionics suite and electrical power generation, helmet-mounted sight, etc.
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With the rising prevalence of geopolitical conflicts, several governing agencies are upgrading their existing fleet of military aircraft with advanced systems and components for providing strategic advantage on the modern battlefield. Additionally, the increasing adoption of combat aircraft is propelling the demand for military aircraft modernization and retrofit to renovate them with defensive mechanisms and equipment. This helps in enhancing their aerial combat and surveillance capabilities, thereby driving the global market. Apart from this, extensive R&D activities for enhancing aircraft speed and introducing autopilot landing systems to assist pilots during extreme weather conditions will continue to catalyze the market growth in the coming years. Looking forward, IMARC Group expects the global military aircraft modernization and retrofit market to exhibit moderate growth during 2021-2026.
Breakup by Aircraft Type:
- Fixed Wing Aircraft
- Rotary Wing Aircraft
Breakup by System Type:
- Navigation Systems
- Weapon Systems
- Headup Displays
- Optronic Equipment
- Fire Control Radars
- Defensive Systems
- Others
Competitive Landscape with Key Player:
- 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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