Global Military Aviation MRO Market expected reach US$23.4 Billion by 2027
LONDON, June 14, 2017 /PRNewswire/ -- Highlights
· Global Military Aviation MRO market is expected to be worth US$18.5 Billion in 2017 and is expected increase to US$23.4 Billion by 2027, representing a CAGR of 2.38% during the forecast period.
· The expenditure on the sector is expected to be driven by aging military equipment globally, technological innovations in the industry, internal and external security threats, territorial disputes, and modernization initiatives undertaken by armed forces across the world.
· In terms of categories, multi-role aircraft MRO is expected to account for the highest proportion of spending, followed by markets for transport aircraft MRO, multi-mission helicopter MRO, transport helicopter MRO and UAV MRO.
· The US is the largest spender, with a cumulative expenditure of US$162.4 Billion over the next decade. Expenditure in the Asia-Pacific region, which occupies 11% of the global market share, is driven by emerging nations, such as China, India, and Australia, among others.
· Europe occupies 9% of the global military aviation MRO market share, and expenditure is driven by the need to provide MRO services for the aging aircraft, helicopter and UAV fleet in most nations.
· The global economic slowdown has reduced the defense budgets of most leading spenders in the world, including the US, France, Germany, and the UK.
· These countries have cut back their spending on various defense sectors such as space, aircraft, and military vehicles.
· Budgetary pressures are expected to result in decreased procurement of new military aircraft, helicopter, and UAVs and place more emphasis on maintenance, repair, and overhaul of existing equipment in order to extend their service life.
· The report "Global Military Aviation MRO Market 2017-2027" offers detailed analysis of the Global Military Aviation MRO Market over the next ten years, and provides market size forecasts.
Global Military Aviation MRO Market 2017-2027
Summary
Global Military Aviation MRO market is expected to be worth US$18.5 Billion in 2017 and is expected increase to US$23.4 Billion by 2027, representing a CAGR of 2.38% during the forecast period. The expenditure on the sector is expected to be driven by aging military equipment globally, technological innovations in the industry, internal and external security threats, territorial disputes, and modernization initiatives undertaken by armed forces across the world.
In terms of categories, multi-role aircraft MRO is expected to account for the highest proportion of spending, followed by markets for transport aircraft MRO, multi-mission helicopter MRO, transport helicopter MRO and UAV MRO. The market for multi-role aircraft MRO is anticipated to be the largest category primarily due to the ongoing procurement of various types of multi-role aircraft by countries around the world and also because of need for MRO services of aging military fighter aircraft fleet, and MRO services for a number of ongoing multi-role aircraft procurement programs that are anticipated to be executed over the forecast period.
The US is the largest spender, with a cumulative expenditure of US$162.4 Billion over the next decade. Expenditure in the Asia-Pacific region, which occupies 11% of the global market share, is driven by emerging nations, such as China, India, and Australia, among others. Europe occupies 9% of the global military aviation MRO market share, and expenditure is driven by the need to provide MRO services for the aging aircraft, helicopter and UAV fleet in most nations.
The global economic slowdown has reduced the defense budgets of most leading spenders in the world, including the US, France, Germany, and the UK. These countries have cut back their spending on various defense sectors such as space, aircraft, and military vehicles. Budgetary pressures are expected to result in decreased procurement of new military aircraft, helicopter, and UAVs and place more emphasis on maintenance, repair, and overhaul of existing equipment in order to extend their service life.
The report "Global Military Aviation MRO Market 2017-2027" offers detailed analysis of the Global Military Aviation MRO Market over the next ten years, and provides market size forecasts. Furthermore, it covers key technological and market trends in the industry, and analyzes factors influencing demand for military aviation MRO.
In particular, it provides an in-depth analysis of the following -
- Overview: Snapshot of the military aviation MRO market during 2017-2027, including highlights of the demand drivers, trends and challenges. It also provides a snapshot of the spending with respect to regions as well as segments.
- Market Dynamics: Insights into the technological developments in the military aviation MRO market and a detailed analysis of the changing preferences of governments around the world. It also analyzes changing industry structure trends and the challenges faced by the industry participants.
- Segment Analysis: Insights into the military aviation MRO market from a segmental perspective and a detailed analysis of factors influencing the market for each sector.
- Regional Review: Insights into modernization patterns and budgetary allocation for top countries within a region.
- Regional Analysis: Insights into the military aviation MRO market from a regional perspective and a detailed analysis of factors influencing the market for each region.
- Trend Analysis - Key Defense Market: Analysis of the key markets in each region, providing an analysis of the military aviation MRO segments expected to be in demand in each region.
- Key Program Analysis: Details of the top programs in each segment expected to be executed during the forecast period.
- Competitive landscape analysis: Analysis of competitive landscape of the global military aviation MRO industry. It provides an overview of key defense companies, together with insights such as key alliances, strategic initiatives and a brief financial analysis.
Companies mentioned in this report: Boeing, BAE Systems , Elbit Systems Ltd., Saab, Lockheed Martin , Airbus, General Atomics, Raytheon, Northrop Grumman, DynCorp International, Pratt & Whitney.
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