Global military aircraft market worth $190 billion by 2031: reportNews
August 16, 2023
AMSTERDAM, Netherlands. The global military aircraft market will surge to $189.8 billion by 2031 as new procurement programs combined with modernization programs for existing aircraft drive market growth, a new report predicts.
The report, from Market Forecast, states that there has been a worldwide increase in spending and investment on military aircraft platforms. New technologies are also fueling growth, the report states.
"Artificial intelligence (AI), machine learning (ML), blockchain, internet of things (IoT), cloud computing, robots, additive manufacturing, augmented reality (AR), Virtual reality (VR), predictive and prescriptive maintenance are the technological innovations making MRO services very effective and driving the demand for them," it reads. "These technologies improve automation, efficiency, information gathering, and training of highly specialised maintenance technicians. The innovations enable seamless operations of the MRO service industry, from training to actual maintenance work."