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(Wireless-NewsWire.Com, October 25, 2018 ) According to Verified Market Intelligence, the Global Special Mission Aircraft Market was valued at USD 11.37 billion in 2016 and is projected to reach USD 15.98 billion by 2025, growing at a CAGR of 3.85% from 2017 to 2025.
Special mission aircraft are aircraft that are versatile in nature as they can be used for multiple services, both military as well as non-military. In terms of the armed forces, the aircraft can be used for operations of various degrees. The aircraft is equipped with surveillance technology that is placed in order to be able to determine the specific movements of the enemy units. These aircraft typically do not have offensive weapons on board. The special mission aircraft have abilities in several areas such as the antisubmarine, maritime patrol as well as the airborne early warning and control segments.
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With the increase in acts of terror and insurgencies due to several reasons, for example, conflict, there is an increase in the investments being made by the government in terms of the defense sector. The investments are made for the developments of systems such as the advancement of the EW countermeasure system in aircraft. These factors are increasing the growth of the market for special mission aircraft. A factor that is restraining the growth of the market is the lack of knowledge and expertise of the pilots for these special missions.
Competitive Landscape:
The major players in the market are as follows:
Textron Inc.
SAAB AB
Northrop Grumman
Lockheed Martin Corporation
Bombardier
Israel Aerospace Industry Ltd. (IAI)
Boeing
Gulfstream Aerospace
Siemens AG
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