A new analysis from Frost & Sullivan (F&S) has revealed that the procurement and modernisation programmes aimed to improve air capabilities will continue to significantly support growth of the global military fixed wing market.
The newly released global military fixed wing market assessment, which covers combat, trainer, utility and special mission application segments, has shown that this market earned $63.33bn in revenues last year and expects to achieve $72.77bn in 2023.
The coming decade would see the modern multirole combat and special mission aircraft dominating the market, while advanced integrated modular avionics and intelligence, surveillance and reconnaissance (ISR)-oriented upgrades will also hold a significant role.
It was revealed in the assessment that the combat and special mission application segments will remain profitable since world air forces are in line to improve air-to-ground attack and ISR capabilities, the report stated.
Frost & Sullivan Aerospace & Defence senior research analyst Arun Kumar Sampathkumar said: "For aerial troop transport and tactical intelligence gathering efforts, transport and surveillance aircrafts will also be used.
"These activities will impose the need to upgrade and expand existing fleets as per requirements."
According to the analysis, budget cuts in the West are expected to affect defence spending in the region, while countries depending on oil revenues to support defence programmes will face budget constraints due to the expected decrease in oil prices.
These limitations will result in the postponement of aircraft development / procurement programmes, as well as the prioritisation of upgrade programmes.
Meanwhile, defence forces will prefer to choose capabilities form a diverse set of on-board avionics, which will provide competitive edge to military fixed wing suppliers, the assessment revealed.