The global fixed wind market is set to be worth $98.3 billion in 2032, growing at a compound annual growth rate (CAGR) of 3.12% between 2022 and 2032. It will be majorly driven by the rapid advancements in stealth technologies due to a steady increase in military expenditures of many countries, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Global Military Fixed Wing Aircraft Market 2022–2032’, reveals that the key trends driving the demand for these systems over the next decade will include the high demand for 4-plus generation multirole aircraft and a focus on indigenous aircraft programs.
Harsh Deshmukh, Associate Analyst Defense at GlobalData, comments: “With an increasing need for fifth-generation combat aircraft, countries have already begun their modernization efforts to replace obsolete fleets with ones that will be relevant beyond 2050. Mid-life cycle upgrades have been focused on prolonging the fleets’ life by up to 10 years, thereby allowing the development programs to obtain initial operational capability.”
Several nations are focusing on the domestic design and production to reduce their reliance on imports of military hardware. Hefty costs of importing foreign aircraft are also driving some developing countries to undertake military aircraft manufacturing initiatives. Such indigenous efforts would be bolstering the procurement process for the military fixed wing aircraft market which can be seen with the ongoing procurement of aircraft like NETRA and Tejas by India, and China procuring it's indigenously developed KJ-600 ISR aircraft. These nations are concentrating on the domestically produced military aircraft and expanding their in-house platform development capabilities, mainly through technology transfer agreements.
Air force organizations across the world are also working on high-value programs, such as the joint program among Spain, Germany and France for the development of a Next Generation Fighter (NGF), Japan's F-X program, US' B-21 Raider, and India's P-8I ISR Aircraft.
The growth of the fighter aircraft market has been further aided by the technological developments in stealth and precision weaponry, as nations seek to have the most modern fighting capabilities. Apart from a small number of nations, others lack access to fifth-generation aircraft. Therefore, it is anticipated that over the forecast period, there will be a rise in the development and procurement of fifth-generation fighters.
Deshmukh concludes: “The fifth generation fighters usher in new levels of performance, while also introducing stealth profiles and advanced avionics. There are several indigenous programs being undertaken by the developing countries like India with its AMCA, Türkiye’s TAI TF-X, and Russia’s SU-75 Checkmate. On the other hand, the US is dominating the space with Lockheed Martin’s F-35.
“However, due to lower procurement and operational costs in comparison to fifth generation aircraft, there will also be a significant demand for multi-role 4.5 generation combat aircraft, mainly from developing countries.”