The global market for military aircraft engines is anticipated to witness a moderate compound annual growth rate of 2.6% in the next ten years to reach $11.2bn in value by 2026, according to a new report by Strategic Defence Intelligence (SDI ).
Titled ‘The global military aircraft engines market 2016-2026‘, the report provides insight analysis on the major paradigms influencing the growth factors of the military aircraft engine marketplace.
According to the report, the demand for military aircraft engines will thrive due to fleet replacement programmes, as well as aircraft modernisation and upgrade projects worldwide, while procurement of new multi-role aircraft and fighter jets by China, India and Australia in Asia-Pacific and the US in North America will further spur the growth.
Driven majorly by new generation fighter jets, the military aircraft market is anticipated to see $108.7bn in cumulative spending by 2026, which will drive the sales of combat aircraft engines such as Pratt & Whitney F135-PW for F-35 fighter, Eurojet EJ 200 for Typhoon fighter, Volvo RM12 for JAS-39 Gripen, Snecma M88 for Rafale fighter, and WS-13, WP8, and WS-10 engines powering Chinese fighters.
The growing demand for transport aircraft, helicopters and low-cost aircraft platforms such as unmanned aerial vehicles (UAVs) is expected to create the need for versatile engines.
Other positive growth contributors include technology transfer and joint production agreements, as well as design and development of more powerful and efficient engines to meet the evolving needs such as global terrorism.