Special Mission Aircraft Market Forecast 2022 - 2027: Things to Focus to Ensure Long-term Success
Posted by Amrut Mahajani on February 2nd, 2023
The Special Mission Aircraft Market is projected to grow from USD 15.9 billion in 2022 to USD 19.9 billion by 2027, at a CAGR of 4.6%. The special mission aircraft market has been growing at a high rate, and this trend is expected to continue during the forecast period. This growth can be attributed to the increased demand for emergency medical services (EMS) aircraft and offshore aircraft in the Asia Pacific, the Middle East, and Africa, the increasing demand for military aircraft due to the replacement of aging aircraft, and capability expansion programs worldwide.
Major manufacturers in this market are based in North America. The Boeing Company (US), Lockheed Martin (US), Dassault Aviation SA (France), Textron Aviation (US), and Northrop Grumman Corporation (US) are among a few leading players operating in the special mission aircraft market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the special mission aircraft market.
The Boeing Company
Boeing is the world's largest aircraft company, producing commercial jetliners as well as security, space, and defense technologies along with after-market services. The company operates in more than 150 countries and works closely with various airlines and government agencies. Boeing operates in four segments: Commercial Airplanes, Defense, Space & Security, Global Services, and
In March 2020, The US Navy (USN) awarded Boeing a USD 1.5 billion contract for 18 P-8A Poseidon maritime patrol aircraft. The deal is for six aircraft for the South Korean navy, four aircraft for the Royal New Zealand Air Force, and eight aircraft for the USN.
Lockheed Martin Corporation
Lockheed Martin Corporation is a company that specializes in the research, design, development, manufacturing, and integration of advanced technology systems and related products and services in the aerospace, defense, security, and advanced technologies sectors.
The company develops, delivers, and supports aerospace & defense systems, and operates through four segments, namely, Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. It has 572 manufacturing plants in 500 cities across all 50 states in the US. It is listed on the New York Stock exchange, with the ticker symbol LMT.
Dassault Aviation SA
Dassault Aviation SA has expertise in both combat aircraft and business jet designing and manufacturing. It sells Falcon Jet and provides after-market services for the company's newly built jets. Dassault also builds military aircraft, such as the Mirage and
Rafale jet fighters
The company’s Falcon jets are designed by the same department as for the Rafale fighter and offer long endurance plus the ability to use short and challenging runways. The Falcon 2000 MRA maritime reconnaissance aircraft fulfills a broad spectrum of missions, including the fight against piracy, trafficking and pollution, fishery control, search & rescue, surveillance, etc.
Textron Aviation is home to the Beechcraft, Cessna, and Hawker aircraft brands and continues to be a leader in general aviation through two principal lines of business: aircraft and aftermarket.
Aircraft includes sales of business jets, turboprop, and piston aircraft, as well as the special mission and military aircraft. The aftermarket includes commercial parts sales, maintenance, inspection, and repair services.
In February 2022, Textron Aviation was awarded a contract for four new Cessna 172S Skyhawk flight trainer aircraft to the Philippine Navy. The four Cessna 172S Skyhawks join an existing fleet of Cessna 172 training aircraft with the Naval Air Wing at Sangley Point, Philippines.
Northrop Grumman Corporation
Northrop Grumman Corporation (Northrop Grumman) designs, develops, builds, and supports some of the world’s most advanced products, such as cutting-edge aircraft, next-generation spacecraft, unrivaled cybersecurity systems, and all-seeing radars. It plays a vital role in special mission operations. The company operates through four business segments, namely, Aerospace Systems, Innovation Systems, Mission Systems, and Technology Services.
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About the AuthorAmrut Mahajani
Joined: January 30th, 2023
Articles Posted: 107
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