Asia-Pacific Military Aircraft Modernization and Retrofit Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Asia-Pacific Military Aircraft Modernization and Retrofit Market is projected to grow with a CAGR of more than 4% during the forecast period. 

• The economic growth, territorial disputes, and the military's modernization plan to replace the aging defense equipment have propelled the growth in the defense spending of the countries over the last decade, and it reached USD 506.9 billion in 2018.
• The rising threat of terrorism has also fostered the urgency to induct new aircraft with advanced ISR capabilities to ensure tracking of any sort of hostile activity in high-risk areas and neutralizing the threat prior to escalation.
• The regional drive to develop indigenous military aircraft has driven the administration to draft favorable policies for the market players to promote a R&D intensive environment, thereby acting as a growth driver for the market. 

Scope of the Report

The Asia-Pacific military aircraft modernization and retrofit market encompasses the procurement of the different types of aircraft combat, such as multi-role, transport, and ISR, as well as the upgrade and modernization plans currently underway to enhance the aerial capabilities of the regional armed forces. It also provides insights about the budget allocation and spending of the various countries in the region in the past, present, as well as during the forecast period.

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Key Market Trends

R&D of Next-Gen Military Aircraft Necessitating Integration of Advanced Systems

The augmented role of combat aircraft in a critical situation has led several countries to induct a new fleet in an effort to modernize their aerial defense. These efforts are not limited to just combat aircraft, and also encompass multirole aircraft, stealth bombers, ISR capable strategic aircraft and military transport that can suffice the variety of requirements of the troops during an armed conflict. On this note, several nations are engaged in procuring new aircraft, either through indigenous R&D or through the transfer of technology. Several contracts have been penned between interested nations around the world and numerous deliveries have been made during the past five years.

For instance, Japan previously planned to acquire 42 F-35A models. However, in December 2018, Japan announced its plans to procure approximately 150 F-35 stealth fighter jets from the United States as part of Japan’s new defense plan. In October 2019, the United States State Department approved the foreign military sale to Japan for the upgrade of 98 F-15J aircraft to a Japanese Super Interceptor (JSI) configuration, for an estimated cost of USD 4 billion. Similarly, HAL, the state-owned defense aircraft manufacturer of India, is currently developing a fifth-generation fighter aircraft under the Advanced Medium Combat Aircraft (AMCA) program. The first flight of a full-scale prototype is expected to be scheduled in 2032. Such developments are envisioned to foster the growth of the market in focus during the forecast period.

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