Special Mission Aircraft Market to Reach $26.5 Billion, Globally, by 2031 at 5.9%: Allied Market Research

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Oct 10, 2022, 00:30 ET

Increase in demand for drones and industry-specific solutions, and rise in spending to procure defense equipment globally, rise in adoption of autonomous aircraft, and increase in demand for air-to-air refueling are expected to drive the growth of the global special mission aircraft market.

PORTLAND, Ore., Oct. 10, 2022 /PRNewswire/ -- 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". According to the report, the global special mission aircraft industry generated $15.3 billion in 2021, and is projected to reach $26.5 billion by 2031, growing at a CAGR of 5.9% from 2022 to 2031.

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Drivers, Restraints, and Opportunities

Increase in demand for drones and industry-specific solutions, and rise in spending to procure defense equipment globally, rise in adoption of autonomous aircrafts, and increase in demand for air-to-air refueling are expected to drive the growth of the global special mission aircraft market. On the other hand, lack of skilled and trained personnel is expected to hinder the growth to some extent. However, extensive applications of mission-specific systems for conducting search-and-rescue, maritime patrol, medical evacuation, VIP transportation, and other duties are expected to create ample opportunities for the industry.

COVID-19 Scenario

The outbreak of COVID-19 has had harmed the global special mission aircraft market, owing to the occurrence of lockdowns in various countries across the globe.
Lockdown resulted in the closure of various manufacturing facilities, including aircraft manufacturing facilities, impacted the growth of the market.
In addition, all sorts of flight operations were canceled during the pandemic due to stringent social distancing restrictions imposed by the government.
Furthermore, shortage of raw materials due to trade ban further aggravated the impact on the market.

The military aviation segment to dominate

Based on platform, the military aviation segment held the largest market share in 2021, holding nearly three-fourths of the global special mission aircraft market. In addition, the same segment is expected to cite the fastest CAGR of 6.3% during the forecast period. The growth of this segment is mainly due to increase in use of special mission aircraft for tracking enemies, rescue missions, delivering supplies, and gathering intelligence data.

The intelligence, surveillance, and reconnaissance (ISR) segment to lead the trail

Based on application, the intelligence, surveillance, and reconnaissance (ISR) segment held the largest market share in 2021, holding more than one-third of the global special mission aircraft market. In addition, the same segment is expected to cite the fastest CAGR of 6.7% during the forecast period. This is mainly due to increased demand for the acquisition of surveillance aircraft due to factors such as drug trafficking and deep-sea piracy.

The defense segment to occupy a dominating share

Based on end-user, the defense segment held the largest market share in 2021, holding around three-fourths of the global special mission aircraft market. In addition, the same segment is expected to cite the fastest CAGR of 6.2% during the forecast period. This is because of increase in use of special mission aircraft in political and territorial disputes.

The OEM segment to dominate

Based on point of sale, the OEM segment held the largest market share in 2021, holding nearly three-fourths of the global special mission aircraft market. The growth of this segment is mainly due to increase in procurement of technologically advanced aircraft from military and commercial applications. The aftermarket segment, on the other hand, is expected to cite the fastest CAGR of 6.8% during the forecast period. This is mainly due to rise in upgradation and refurbishment activities of the special mission aircraft.

The Asia-Pacific region to occupy the lion's share

Based on region, the global special mission aircraft market across the Asia-Pacific region held the largest market share in 2021, holding more than one-third of the global market. In addition, the same segment is expected to cite the fastest CAGR of 6.6% during the forecast period. The growth is because of surge in defense expenditure across various countries in the Asia-Pacific region.

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Prominent Players of the Market

Elbit Systems Ltd.
BAE Systems
Bombardier Inc.
Dassault Aviation
General Atomics Aeronautical Systems, Inc.
Israel Aerospace Industries Ltd.
Kratos Defense & Security Solutions, Inc.
Leonardo S.p.A.
Lockheed Martin Corporation
Northrop Grumman Corporation
Raytheon Technologies Corporation
Saab SA
Textron Aviation
Tales Group
The Boeing Company

The report analyzes these key players in the global special mission aircraft market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.

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