Light Attack & Reconnaissance Aircraft Market Estimated to Surge at Roughly 4% CAGR During Forecast Period 2018-2024

Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Light Attack & Reconnaissance Aircraft Market Research Report.

Market Highlights

Light attack and reconnaissance (LAAR) aircraft is a lightweight propeller deployed for ground attack, light counter-insurgency, and surveillance operations. Military aircraft with heavy armor and high-intensity munitions are generally very expensive, thus very few countries can afford such aircraft. Although, these planes are a requirement for many countries for their defense, limited defense budgets don’t allow them to do so. Due to lack of low-cost light aircraft, some countries with low specification requirement are forced to operate expensive and high specification-based aircraft. This aircraft is ideal for operational requirements of the armed forces and can be deployed in missions such as light attack, close air support, intelligence, armed reconnaissance, surveillance, and basic and primary pilot training. Advancing development of low-cost intelligence, surveillance, and reconnaissance aircraft allows manufacturers to upgrade the quality of light attack and reconnaissance aircraft. Thus, the global light attack and reconnaissance aircraft market is projected to witness approximately a 4% CAGR from 2018 to 2024 (forecast period), as extensively reported by Market Research Future (MRFR).

The continuous development of low-cost Intelligence, Surveillance, and Reconnaissance (ISR) aircraft will enable the flight operators to create light attack and reconnaissance aircraft. The factors driving the market growth are greater emphasis on aerial ISR activities owing to border tensions and increasing demand for advancement in the aircraft architecture. The decelerating economy of developing countries who are unable to afford expensive aircraft is also driving the growth of this market. The advancement of remote-controlled drones eliminates the need for direct human interference, which prompts the buyers to opt out of procuring manned aircraft.

The latest popular trend in the market is development of cheaper export variant aircraft by developing economies. Developing countries take advantage of the steep prices of aircraft in developed countries. The relatively lower cost of manufacturing in the developing countries provides them with the lead to develop aircraft at a cheaper rate. Though they are still expensive locally, the platforms will be cheaper compared with their counterparts in developed countries.

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Market Segmentation

The global light attack and reconnaissance aircraft market is segmented on the basis of type, application, take-off-weight, and region.

By device type, the market is segmented into fixed wing and rotary wing. The fixed-wing segment comprises the largest share of the market. Fixed wing generates a lift caused by the vehicle's forward airspeed and the shape of the wings. Some fixed-wing aircraft are used by the air force to defend countries. These fixed-wing aircraft drop bombs on ground targets. Airplanes are also used by the military to see many things on the ground easily. On the other hand, rotary wing aircraft can take off and land vertically, need less space to operate, can fly very slowly at no extra cost, and can hover making them ideal for search and rescue operations.

The market is segmented into application type which is segmented into surveillance, combat, intelligence, and reconnaissance. Surveillance segment commands the largest demand in the light attack and reconnaissance aircraft market during the forecast period. Surveillance devices are used on a large-scale to detect tracing of suspicious movements of humans at night. Military surveillance equipment is used for monitoring of activities and changing environments with the views to support, protect, or direct military personnel. Surveillance equipment can include hidden cameras, closed-circuit television sets (CCTVs), and microphones or bugs. Whereas a reconnaissance aircraft is a military aircraft designed to perform aerial imagery. Their roles include a collection of imagery intelligence, and measurement and signature intelligence.

The market is segmented on the basis of take-off weight, that is >6000lbs and <6000lbs.

Regional Analysis

Key PlayersThe key players in global light attack and reconnaissance aircraft market are IOMAX USA Inc. (U.S.), Air Tractor (U.S.), Embraer (U.S.), Textron (U.S.), AHRLAC (South Africa), Hindustan Aeronautics Ltd (India), and Hongdu Group (China). Agreements and product developments are expected to assist these players in maintaining their market position.Embraer (ERJ) is about to get into a major joint venture agreement with Boeing (BA). There are talks of creating a new joint venture for Embraer’s commercial jet business that Boeing could control with a majority stake in it.Ahrlac aircraft, which was built by Paramount and Ahrlac Holdings, has exceeded 300 testing hours and has been followed by a second prototype as the factory prepare for full production of the Ahrlac and its military variant the Mwari. This move will pave the way to Ahrlac being free from export restrictions.