DUBLIN--(BUSINESS WIRE)--The "NATO Military Aircraft Modernization and Retrofit Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Military Aircraft Modernization and Retrofit Market in NATO countries is projected to grow with a CAGR of more than 3% during the forecast period.
Companies Mentioned
Key Market Trends
Fixed-Wing Segment to Continue its Dominance During the Forecast Period
The NATO countries are avid users of fixed-wing aircraft. The fleet of fixed-wing aircraft is comparatively much larger than the helicopter fleet, hence the scope of modernization is much higher for the fixed-wing aircraft. The defense expenditure of the NATO countries is expected to account for USD 984 billion in 2019. The prominent NATO member countries, such as the US, France, Germany, the UK, and Italy have consistently ranked amongst the highest global defense spending nations each year, signifying substantial investments towards the R&D of advanced weaponry and procurement of sophisticated military assets.
For instance, in January 2019, the French government signed a USD 2.3 billion to upgrade the Rafale fleet with the F4 standard. The aircraft fleet is expected to be validated by 2024 and would include upgraded radar sensors and front-sector optronics and improved helmet-mounted displays (HMDs). The upgrade would also include provisions to use MBDA's Mica NG air-to-air missile and the 1,000-kilogram AASM air-to-ground modular weapon and the Scalp missiles. Similarly, in December 2019, the Greek government awarded a USD 279.7 million contract to Lockheed Martin Corporation to upgrade its fleet of 150 F-16 combat aircraft to the Viper class configuration by 2027. Such developments are envisioned to drive the growth prospects of the market in focus during the forecast period.
United States is Projected to hold the major share in the Market
In 2019, the US accounted for the largest market share due to its gigantic defense spending which is multifold compared to other NATO countries. The US defense expenditure witnessed a 5.3% YoY growth to account for USD 732 billion in 2019. For FY2021, the requested US defense budget of USD 704.6 billion is aimed at improving the military readiness and invest modernization of its armed forces.
On this note, in June 2020, Raytheon Technologies Corporation was awarded a USD 202.6 million contract for F-15 RADAR modernization. The APG-82(V)1 AESA radars are designed to incorporate with F-15E Strike Eagle dual-role fighter jets for the simultaneous detection, identification, and tracking of multiple targets. Similarly, in June 2019, L3Harris Technologies Inc. announced receiving a USD 499 million contract from the US Air Force (USAF) to upgrade the fleet of 176 C-130H aircraft under the C-130 Avionics Modernization Program Increment 2 initiative.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Aircraft Type
5.1.1 Fixed-Wing
5.1.2 Rotary Wing
5.2 By Country
5.2.1 United States
5.2.2 Canada
5.2.3 United Kingdom
5.2.4 France
5.2.5 Germany
5.2.6 Italy
5.2.7 Rest of NATO Countries
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Raytheon Technologies Corporation
6.2.2 L3Harris Technologies Inc.
6.2.3 BAE Systems plc
6.2.4 Lockheed Martin Corporation
6.2.5 Elbit Systems Ltd.
6.2.6 Honeywell International Inc.
6.2.7 Northrop Grumman Corporation
6.2.8 Safran SA
6.2.9 General Dynamics Corporation
6.2.10 Leonardo S.p.A.
6.2.11 The Boeing Company
6.2.12 Airbus SE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/dsuuxh
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