Market Trends of Europe Fighter Aircraft Industry
Short Take-off and Landing Aircraft Segment to Witness the Highest Growth During the Forecast Period
- The short take-off and landing (STOL) fighter aircraft is expected to show significant growth during the forecast period. STOL fighter aircraft are advanced versatile aerial combat machines that can be deployed at shorter runways in less time. Fighter aircraft manufacturers are focusing on integrating STOL and vertical take-off and landing (VTOL) capabilities in an aircraft. Significant investments have been made in this area in the form of fifth and sixth-generation fighter aircraft development programs.
- For instance, in March 2022, Germany announced its ambitious fleet modernization program to replace the aging Tornado aircraft fleet with F-35s. The country plans to purchase up to 35 F-35s from Lockheed Martin Corporation. Furthermore, in January 2022, Greece signed a contract worth EUR 11.5 billion (USD 13.57 million) with France for six Rafale fighter jets. Thus, growing defense expenditures and rising procurement of STOL fighter jets from the United Kingdom, France, Germany, and other European countries drive the market growth during the forecast period.
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The United Kingdom is Expected to Show the Highest Growth During the Forecast Period
- The UK is forecasted to showcase remarkable growth during the forecast period. According to the Stockholm International Peace Research Institute (SIPRI), the nation's annual defense expenditure amounted to USD 68.4 billion in 2021, the highest in the region. The UK is part of the alliance of nations collaborating with the US on the F-35 development program, along with Australia, Canada, Denmark, Italy, the Netherlands, and Norway.
- The F-35 features a significant chunk of components built in the UK, with up to 10-15% of the components of each aircraft being built or developed in the country. In addition, the UK is currently the largest foreign customer for the F-35 program. The country's 138 aircraft will become the largest anticipated foreign fleet of the F-35 once all the aircraft are delivered to the country.
- In December 2022, the UK government announced that the country would develop next-generation fighter jets with Italy and Japan. In addition, the country is planning to develop sixth-generation aircraft programs, like the UK-led Tempest Stealth Fighter Project, for which Sweden and Italy became partners, and the Netherlands also expressed interest. Such programs are expected to drive the market's growth during the forecast period.
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