ReportsnReports has released findings that anticipate the global military aircraft engines market is set to be driven by the various fleet replacement programs, modernization strategies and aircraft upgrade projects across the world, the company said.
With the global geopolitical situation changing rapidly, most of the countries are concentrating on modernizing their air power, including procurement of high-tech and advance engines. Additionally, emerging economies in the Middle East and South Asian regions are witnessing increasing defense expenditure and are therefore likely to present global military aircraft engine manufacturers with greater opportunities in the coming decade.
Key findings of the report include the global military aircraft engines market is expected to be worth USD8.7 billion in 2016 and is expected increase to USD11.2 billion by 2026, representing a CAGR of 2.60 percent. Asia Pacific, with an estimated share of 27.9 percent over the forecast period, followed by the North America at 27.4 percent and Europe at 26.5 percent. The Middle Eastern market for military aircraft is expected to account for a share of 12.2 percent followed by the Latin American and African markets with a cumulative share of 6.0 percent. Combat aircraft engine and other aircraft engines are expected to account for 46.1 percent and 20.2 percent of the military aircraft engine market respectively, followed by transport aircraft engines and rotorcraft engines, with a cumulative share of 33.6 percent.
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