by The increasing relevance of multi-role aircrafts in defense and military operations has led to rising need for advanced systems that facilitate their smooth functioning. Military aircrafts come equipped with sophisticated hydraulic systems that enable critical flight operations through actuation of components like landing gear, flight control surfaces, and weapon systems. Hydraulic fluids play a vital role in powering these systems by transmitting mechanical power from an actuator to the flight control surfaces or other mechanisms. They offer advantages like high power-to-weight ratio, resistance to contamination, excellent lubrication, and efficient heat dissipation.
The global Military Aircraft Market is estimated to be valued at US$ 106.9 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing emphasis on developing multi-role aircrafts that can perform a wide range of military missions has significantly boosted demand for advanced hydraulic systems. Multi-role fighters can conduct both air-to-air and air-to-ground attacks with high effectiveness, thanks to integrated fly-by-wire flight control interfaces. This has propelled aircraft manufacturers to focus on building customized hydraulic actuators, pumps, filters, reservoirs, and lines suitable for facilitating multi-functional capabilities. Additionally, miniaturization of hydraulic components allows for optimized packaging and integration within the narrow confines of aircraft structures. Leading players are innovating lighter and more compact hydraulic solutions to reduce weight penalties and improve fuel efficiency of multi-role military planes.
SWOT Analysis
Strength: Military aircrafts like fighter jets, drones etc. have high demand driven by defense budget allocation globally. Military aircrafts are designed to withstand hostile environment and critical missions.
Weakness: High research and development cost for designing and manufacturing military aircrafts. Strict military aircraft specifications increase production challenges.
Opportunity: Emerging nations increasing defense budget to strengthen their military capabilities is creating new market prospects. Advancements in autonomous technology and connectivity solutions offer opportunities to integrate new capabilities in military aircrafts.
Threats: Geopolitical tensions and territorial disputes can impact defense budget and procurement plans. Stringent aircraft certification standards across nations pose threat.
Key Takeaways
The Global Military Aircraft Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The increasing defense expenditure of developed as well as emerging economies to strengthen their military capabilities will drive the demand for military aircrafts.
Regional analysis: North America region currently dominates the military aircraft market with a share of over 35% in 2023. The US is the highest spender on defense globally and has the largest fleet of military aircrafts. However, Asia Pacific region is expected to witness the fastest growth due to rising procurement of combat and utility aircrafts by China and India.
Key players: Key players operating in the military aircraft market are Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, SPX Corporation. These players are focusing on integrating advanced avionics, sensors, and connectivity solutions in their aircraft offerings to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
