DUBLIN, May 26, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Special Mission Aircraft Market by Operation, by Application and by Region - Global Forecast to 2020" report to their offering.
The global special mission aircraft market is projected to grow from USD 10.49 Billion in 2015 to USD 12.49 Billion by 2020, at a CAGR of 3.5% from 2015 to 2020. Economic development and geopolitical instability in varied regions has resulted in increasing the defense spending in order to modernize defense mechanisms to protect borders from external as well as internal threats. This is expected to fuel the growth of the market in the coming years. The demand for special mission aircraft is anticipated to be driven further by territorial disputes, internal as well external security threats, and modernization initiatives undertaken by governments across the globe.
The scope of this report covers the special mission aircraft market by application, operation, and region. By application, the intelligence surveillance and reconnaissance (ISR) segment accounted for the largest share in 2015, and is expected to lead the market from 2015 to 2020. This growth is mainly attributed to the increasing use of ISR to discover marine oil spills as well as assess the location, extent, and severity of spills.
In terms of operation, the air force segment accounted for the largest share of the global special mission aircraft market in 2015, followed by the naval and army segments. The U.S. Air Force is the most powerful airforce worldwide that holds approximately 757 special mission aircraft, followed by Japan, China, Russia, and India. Japan and China accounted for 132 and 131 special mission aircrafts, respectively.
Among all regions, North America accounted for the largest share of the global special mission aircraft market. This growth is mainly propelled by the high dependence of the U.S. military forces on its airborne assets in order to perform a wide range of missions. Rising insurgencies are further driving the market, especially in the Asia-Pacific, Africa, and the Middle East regions. There are several opportunities for new entrants in the emerging economies of China, India, UAE, and Israel. However, decrease in defense budget of the American and European countries acts as a restraining factor for the global market.
- Israel Aerospace Industry Ltd. (IAI)
- Lockheed Martin Corporation
- Northrop Grumman
- SAAB AB
- Textron Inc.
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Special Mission Aircraft Market, By Operation
7 Special Mission Aircraft Market, By Application
8 Geographic Analysis
9 Competitive Landscape
10 Company Profiles
For more information visit http://www.researchandmarkets.com/research/gcj3l6/special_mission
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SOURCE Research and Markets