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Light Attack & Reconnaissance Aircraft Market Research Report 2019: Industry Size, Share, Trends, Growth and Opportunity Assessment, Regional Analysis and Segmentation By Type (Fixed-Wing & Rotary-Wing), Application (Combat, Surveillance, Intelligence & Reconnaissance), Take-off-Weight (> 6000 lbs, < 6000 lbs) & Region – Global Forecast to 2024Light Attack and Reconnaissance (LAAR) aircraft refers to a lightweight propeller-driven aircraft, capable of identifying, tracking, and attacking targets on its own or with the support of ground forces. The LAAR aircraft is designed to support different military operational requirements and can be deployed in critical missions such as close air support, light attack, surveillance, intelligence, armed reconnaissance, and basic and primary pilot training.
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Therefore, significant investments have been made for the development of LAAR aircraft, which are expected to grow further during the forecast period. Resultantly, the global LAAR aircraft market is growing rapidly. Moreover, factors such as the greater emphasis on aerial ISR activities to counter security concern on border security are escalating the market on the global platform.
Acknowledging the colossal traction, the market is garnering currently, Market Research Future (MRFR) in its published study report asserts that the light attack & reconnaissance aircraft market would accrue exponentially by 2024, registering over 4% of a CAGR 4% CAGR throughout the forecast period (2018 to 2024).
The increased focus and investments made in the development of low-cost Intelligence, Surveillance, and Reconnaissance (ISR) aircraft would drive the growth of the LAAR market. The increasing demand and continuous innovation in aircraft architecture is another key driving force contributing to the growth of the light attack and reconnaissance aircraft market, globally.
On the flipside, factors such as the requirement of high budget and high cost associated with the maintenance of a fleet of LAAR aircraft is a major factor acting as a headwind to the growth of the market. Nevertheless, some of the unique advantages of LAARs coupled with the demand for optimized aircraft performance will fuel the growth of the light attack & reconnaissance aircraft market during the review period.
Major Players:
• Embraer (US)
• Air Tractor (US)
• IOMAX USA Inc. (US)
• AHRLAC (South Africa)
• Textron (US)
• Hindustan Aeronautics Ltd (India)
• BAE Systems (UK)
• Hongdu Group (China)
• Paramount Group (South Africa)
• Lockheed Martin (US)
• others
Industry/Innovation/Related News:
May 20, 2019 ---Textron Aviation and Textron Aviation Defense (the US), a subsidiary of Textron Aviation Inc. announced that they would be showcasing their defense and unique mission capabilities at the Paris Air Show, to be held between 17 to 23 June 2019. These capabilities, feature static displays of the highly advanced Beechcraft AT-6 Wolverine, a flight inspection-configured Cessna Citation Latitude, a Cessna Grand Caravan EX equipped with an array of radars & sensors, and an ISR-configured Beechcraft King Air 350i.
The Beechcraft AT-6 Wolverine accounts for the world’s most cost-effective turboprop approach to light attack and armed reconnaissance, equipped with the warfighter that has the greatest level of mission configurability, the most advanced ISR technology, which meets the full spectrum of US Air Force Light Attack Aircraft (LAA) Integrated Weapon System (IWS) requirements.
Competitive Landscape
Fiercely competitive, the global LAAR market appears to be fragmented due to the presence of several prominent players. These players form a competitive landscape, investing increasingly in R&D activities to being more advancement in the manufacturing process in addition to adopting strategic initiatives such as collaboration, partnership, and expansion.
Manufacturer strives to develop light multirole combat aircraft designed for a variety of air-to-air, air-to-ground, and reconnaissance missions. They also develop the first light attack and reconnaissance aircraft that can cater to customers with smaller budgets and less infrastructure.
Market Segments
For a better understanding, the report is segmented into four key dynamics:-
By Type : Fixed-wing and Rotary-wing
By Application : Combat, Surveillance, Intelligence, and Reconnaissance.
By Take-off-weight: > 6000 lbs and < 6000 lbs.
By Region : North America, Europe, Asia Pacific, and Rest-of-the-World (RoW).
Geographical Analysis
The North America region, heading with increased investment in the operation and maintenance of LAAR aircraft, would keep its dominance over the global light attack & reconnaissance aircraft market throughout the forecast period. Additionally, factors such as the increase in collaboration with US counterpart for technology transfer of aircraft architecture technology would support the growth of the regional market.
The substantial investments by the US Air Force made in the development and the early adoption of light-attack combat and reconnaissance aircraft in Air Force Special Operations Command foster the LAAR market in the region.
The presence of few aircraft imbued with the attributes of stealth & information gathering, fusion, processing, and sharing capabilities in its fighter as well as bomber inventories and attributes commonly known as the fifth generation alongside the increasing F-35 and B-21 production rates are striking a new force-structure balance.
Although, North America is the leading market for LAAR, developing regions like APAC & EMEA are witnessing increasing demand for LAAR in civil & military aircraft. These regions are estimated to grow further at a substantial CAGR during 2018-2024.
The light attack and reconnaissance aircraft market in the Asia Pacific region accounts for the second-largest market, globally. North Korea possesses nuclear weapons & ballistic missiles, and China and India are not far behind. Increasing production rates of F-35 and B-21 in India and China as a key to solving this deficiency acts as a significant tailwind behind the growth of the regional market.
List of Tables
Table 1 Global Light Attack and Reconnaissance Aircraft Market: by Region, 2018-2024
Table 2 North America Light Attack and Reconnaissance Aircraft Market: by Country, 2018-2024
Table 3 Europe Light Attack and Reconnaissance Aircraft Market: by Country, 2018-2024
Table 4 Asia Pacific Light Attack and Reconnaissance Aircraft Market: by Country, 2018-2024
Table 5 Middle East & Africa Light Attack and Reconnaissance Aircraft Market: by Country, 2018-2024
Table 6 South America Light Attack and Reconnaissance Aircraft Market: by Country, 2018-2024
Continued........
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top Down & Bottom Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Continued.......
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