The afterburner market is expected to record robust growth over the forthcoming years on account of the burgeoning deployment of fighter aircrafts across developing nations. Over the past few years, emerging economies worldwide have been investing heavily in their security landscape. For instance, in Sept. 2016, India inked an agreement with the French government to procure 36 new Rafale fighter jets for €7.87 billion. The nation has already received the first batch of five fighter planes in July 2020. Aided by initiatives like the aforementioned, the market is anticipated to record lucrative growth over the forecast period.
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In the aeronautics sector, fuel efficiency is considered to be one of the most crucial aircraft parameters. As the weight of aircraft increases, its cost of flying hours and fuel consumption also increases. To counter this, afterburner manufactures worldwide are nowadays using cutting-edge manufacturing techniques such as additive or 3D manufacturing. This has enabled the companies to achieve around a 25% reduction in the weight of the assembly components. Based on this trend, studies suggest that the afterburner market is expected to record significant growth over the forecast period.
Air force agencies across the world have been adopting air superiority fighter plans owing to their numerous features such as secondary ground-attack capability, stealth ability, high maneuverability, and long range capability. These aircraft come with supersonic as well as long-range weapon abilities. Besides, nations worldwide have been partnering to offer more advanced air superiority fighter plans. For instance, the US announced plans to offer India with cutting-edge fighter plane that can even beat F-35s in an aerial dogfight. On this note, it is expected that the air superiority fighter plans segment will record a 13% CAGR over the forecast period.
Companies operating in the afterburner market have started to focus on strategic partnerships. Taking 2018 for instance, The Boeing Company formed a new joint venture with Safran S.A to design develop, and services APUs (Auxiliary Power Units). The joint venture named ‘Initium Aerospace’ is anticipated to create greater value for customers, integrating the best services and technologies of Safran and boing to deliver more competitive APU in the industry.
Apart from this, industry participants are partnering with governments worldwide to cope up with the rapidly changing demands of the defense sector. For instance, in 2020, EUROJET inked a deal with NATO Eurofighter & Tornado Management Agency to offer 56 novel fighter aircraft engines to the German Air Force. With initiatives like the aforementioned, the afterburner market will record robust growth over the ensuing years.
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The APAC industry growth will be augmented by the expanding India fighter aircraft market, along with the mass production of aircraft in the country. Reportedly, the Asia Pacific afterburner market held a market share of over 25% in 2019.
Major Key Points from Table of Content:
Chapter 4 Afterburner Market, By Engine Type
4.1 Global market insights, by engine type
4.2 Turbofans Engine
4.2.1 Global market estimates and forecasts, 2016 - 2026
4.2.2 Market estimates and forecast, by region, 2016 - 2026
4.3 Turbojet Engine
4.3.1 Global market estimates and forecasts, 2016 - 2026
4.3.2 Market estimates and forecast, by region, 2016 – 2026
Chapter 5 Afterburner Market, By Plane Type
5.1 Global market insights, by plane type
5.2 Air Superiority Fighter
5.2.1 Global market estimates and forecasts, 2016 - 2026
5.2.2 Market estimates and forecast, by region, 2016 - 2026
5.3 Light fighter
5.3.1 Global market estimates and forecasts, 2016 – 2026
5.3.2 Market estimates and forecast, by region, 2016 – 2026
5.4 Electric Compressor
5.4.1 Global market estimates and forecasts, 2016 – 2026
5.4.2 Market estimates and forecast, by region, 2016 - 2026
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