Europe Military Aircraft Modernization And Retrofit Market Size

Statistics for the 2023 & 2024 Europe Military Aircraft Modernization And Retrofit market size, created by Mordor Intelligence™ Industry Reports. Europe Military Aircraft Modernization And Retrofit size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Europe Military Aircraft Modernization And Retrofit Industry

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Europe Military Aircraft Modernization And Retrofit Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Size (2024) USD 6.52 Billion
Market Size (2029) USD 9.54 Billion
CAGR (2024 - 2029) 7.92 %
Market Concentration High

Major Players

Europe Military Aircraft Modernization And Retrofit Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Europe Military Aircraft Modernization and Retrofit Market Analysis

The Europe Military Aircraft Modernization And Retrofit Market size is estimated at USD 6.52 billion in 2024, and is expected to reach USD 9.54 billion by 2029, growing at a CAGR of 7.92% during the forecast period (2024-2029).

Growth in military modernization programs coupled with growing defense spending of various countries within the European region are some of the factors that are anticipated to lead to market growth in the future. Moreover, various other factors that are estimated to drive the growth of the market during the forecast period include technological advancements in military aircraft, growth in the number of acquisitions of new military aircraft, and the changing nature of warfare.

On the other hand, expensive aircraft modernization costs, especially for older aircraft types, are expected to hamper the growth in the market. 

Furthermore, the growth in the usage of artificial intelligence in aircraft modernization will lead to the creation of greater business opportunities and this is expected to drive the market growth during the forecast period.

Europe Military Aircraft Modernization and Retrofit Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)