Military Transport Aircraft Market 2023 : Segment Growth, Opportunity Assessment, Top 10 Key Players and Forecast 2030
Military Transport Aircraft Market by Aircraft Type, Payload, and Application : Global Opportunity Analysis and Industry Forecast, 2021-2030
PORTLAND, OR, UNITED STATES, August 10, 2023/EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Military Transport Aircraft Market by Aircraft Type, Payload, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global military transport aircraft market was valued at $28.33 billion in 2020, and is projected to reach $45.40 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. China was the major share contributor in the global military transport aircraft market share in 2020. South Korea is expected to grow at a significant rate during the forecast period, owing to increase in production of aerospace products across the country.
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A military transport aircraft, also known as airlifted transport aircraft, is a military-owned transport aircraft that is used to support military operations by airlifting troops and military equipment. Transport aircraft are crucial to maintain supply lines to forward bases that are inaccessible by ground or water, and they can be used for both strategic and tactical missions. They are often diverted to civilian emergency relief missions by transporting humanitarian aids. Fixed-wing transport airplanes are classified as strategic or tactical aircraft based on their range capability to reflect the needs of the land forces for essential product supply.
Some military transport aircraft perform multiple duties, including aerial refueling, as well as rescue missions, and tactical, operational, and strategic airlifts onto unprepared runways. Military transport helicopters are used in places where conventional aircraft cannot be used. For example, the military transport helicopter is the primary transport asset of the U.S. Marines which acts as a key factor for the growth of the market across the U.S. The landing possibilities of helicopters are nearly limitless, and where landing is impossible, such as densely packed jungle, the ability of the helicopter to hover allows troops to deploy by abseiling and roping.
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Developmental activities carried out by key manufacturers have created a positive impact on the growth of the market. For instance, in September 2021, Airbus, Space of Spain and Tata Group signed a contract worth $26.65 billion to procure 56 C-295 medium transport aircraft, which will replace the ageing Avro-748 planes of the Indian Air Force. Similarly, in November 2020, Embraer showcased its hybrid short take-off military & commercial transport aircraft in Brazil. Such developments carried out by giants such as Lockheed Martin Corporation and Boeing strengthen the growth of the market across the globe.
The global military transport aircraft market is segmented into aircraft type, payload, application, and region. By aircraft type, the global market is categorized into fixed wings and rotorcraft. On the basis of payload, it is differentiated into below 50 tons, 51 tons to 100 tons, and 101 tons and above. By application, the global market is fragmented into troop airlifting, cargo supply, and others. Region wise, the military transport aircraft market industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Surge in demand for rotorcraft airplanes and rapid technological advancements in air transportation services act as the key driving forces of the market. However, high maintenance & upgradation cost associated with the existing aircraft fleet restrain the market growth. On the contrary, rise in need of replacing aging fleets and upsurge in defense spending globally are anticipated to open new avenues for the growth of the market during the forecast period.
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Key Findings Of The Study
By aircraft type, the rotorcraft segment is expected to register significant growth during the forecast period.
On the basis of payload, the 51 tons to 100 tons segment is anticipated to exhibit significant growth in the future.
Depending on application, the others segment is anticipated to exhibit significant growth in the future.
LAMEA is anticipated to register the highest CAGR.
Covid-19 Impact Analysis
COVID-19 outbreak impacted the aerospace industry significantly, which, in turn, resulted in substantial decline in the aircraft sales, shortage of raw material, and delayed delivery of aircraft.
Aviation industry players are facing issues such as complete halt of production activities and mandated plant closures by the government, which negatively impacted the overall market.
Various companies operating in the aviation industry are stepping up by reconfiguring their supply chain, production, and services for delivery of critical medical supplies.
However, in early 2021, markets are opening gradually to their full potential.
Domestic air passenger numbers have been returning to the pre-pandemic level, particularly in the developing countries such as China and Russia.
This situation is further expected to improve as government has started relaxing norms around the world for resuming business activities.
The key players operating across the global military transport aircraft includes Airbus SE, Aviation Industry Corporation of China (AVIC), Embraer SA, Kawasaki Heavy Industries, Leonardo SpA, Lockheed Martin Corporation, Mitsubishi Heavy Industries, Rostec, Textron Aviation, and the Boeing Company
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David Correa
Allied Analytics LLP
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