Market Size of Europe Military Aircraft Modernization And Retrofit Industry
| 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
*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.
