Massive investment in APAC and specifically India will help emerge a new market for the global military and aerospace industry. Privatization and complex new technologies will also help the growth of the military and aerospace industry.
Digital transformation, automation and IoT to share a new market impact complementing the military and aerospace industry.
Meanwhile, a report stating the current scenario of the military and aerospace industry has cited that the market is on to grow at a CAGR of 7.53% during the period 2018-2022.
The report covers also protract across the market landscape and its growth prospects over the coming years.
To calculate the market size, the report considers the revenue generated from the sales of products such as memory, logic, MOS microcomponents, analog, and others.
According to the report, the massive growth is going to come from the upgrading and modernization of aircraft will drive the market growth.
Globally, aircraft are being modernized with the incorporation of advanced electronics and systems in the machines to equip pilots for safe flying. Modern electronics are more accurate and weigh less that aids in reducing fuel usage and emissions.
On the other hand, the growing use of UAVs will be a key trend driving the market growth. A UAV or drone, are aircraft that are remotely controlled by drone pilots. In addition to the military sector, these drones are finding their applications in sectors such as logistics. These UAVs are used to deliver aid packages to disaster-affected areas.
Further, the report states that the high cost associated with manufacturing will impact market growth. In addition to the automotive sector, the semiconductor industry is capital-intensive owing to the requirement of significant investment in the manufacturing of semiconductors.