Equipping aircrafts with various systems and fittings not only increases its survivability but also reduces its vulnerability to all kinds of external threats. Thus, the use of survivability equipment in aircrafts have witnessed a surge in recent years. These equipment reduce damage from traditional missiles and other projectiles.
Market Research Future (MRFR) has recently published an exhaustive study on the global aircraft survivability equipment market. It has outlined the key macro and micro-economic factors that are likely to affect the market over the forecast period of 2018-2023. MRFR has indicated the market to reach a valuation of USD 4910 Mn at a CAGR of 5.20% over the forecast period.
Major militaries across the globe are investing in upgrading their aircrafts with latest technologies which have influenced the market positively. Due to the rise in asymmetric warfare, the importance of aircraft survivability equipment has further increased the importance of survivability equipment.
Growing geopolitical tension across the globe and threat from guerilla warfare and insurgency has compelled various nations to take preventive measures and keep themselves abreast from external threats. This has resulted in increased spending on enhancing defense capabilities by multiple countries which have generated high demand within the global aircraft survivability equipment market.
On the contrary, the Aircraft Survivability Equipment Market Growth might be met by some impediments which can restrict its growth over the forecast period. high costs associated with advanced aircraft survivability equipment can restrict the market growth in price-sensitive regions. Developed countries such as the US can afford to spend a fortune on such equipment, however, developing countries might not be able to afford them. Moreover, the cost of replacing existing legacy equipment on a mass-scale involves towering costs which can hinder the prospects of the market over the forecast period.
Aircraft Survivability Equipment Market Segmentation
The global aircraft survivability equipment market has been segmented based on fit, subsystem, and platform.
By fit, the aircraft survivability equipment market has been segmented into line and forward fit. The line fit segment is the largest segment, while the forward fit segment is anticipated to be the fastest growing segment over the forecast period.
By subsystem, the aircraft survivability equipment market has been segmented into electronic support, electronic attack, and non-combat systems. The electronic attack systems segment accounts for the largest share of the market while the electronic support segment is expected to be the fastest growing segment over the forecast period.
By platform, the aircraft survivability equipment market has been segmented into combat aircraft, military transport aircraft, combat helicopters, UAVs, and others. The combat aircraft segment is leading the market as they are of paramount importance in any air force. The combat helicopters segment is anticipated to be the fastest growing segment over the forecast period. Increasing use of helicopters in armed forces due to their versatile applicability can be credited for augmented demand within the combat helicopters segment.
Aircraft Survivability Equipment Market Regional Analysis
By region, the aircraft survivability market has been segmented into North America, the Middle East & Africa (MEA), Latin America, Europe, and Asia Pacific (APAC).
North America is the largest market for aircraft survivability equipment spurred by the presence of the US, which boasts of the strongest army in the world. The US spends extravagantly on its defense mechanism which generates high demand within the aircraft survivability equipment market.
The APAC aircraft survivability equipment market is anticipated to exhibit remarkable growth over the forecast period. Increasing defense spending in developing countries such as South Korea, China, and India is likely to propel the growth of the market.
Aircraft Survivability Equipment Market Competitive Landscape
Thales Group (France), Saab AB (Sweden), Ruag Holding AG (Switzerland), Israel Aerospace Industries (Israel), Northrop Grumman (US), BAE Systems (US), Terma A/S (Denmark), Raytheon (US),Elbit Systems Ltd. (Israel), and Chemring Group (UK) are the notable players in the aircraft survivability equipment market.
Aircraft Survivability Equipment Market Industry Updates
June 2019 – the Indian Army will deploy unmanned aerial vehicles (UAVs) to search for the missing AN-32 transport aircraft of the Indian Air Force.
Aircraft Survivability Equipment Market Research Report – Global Forecast to 2023 @ https://www.marketresearchfuture.com/reports/aircraft-survivability-equipment-market-6744