Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 2.7 % over the past five years, to reach an estimated $250.9bn in 2024.
Trends and Insights
Federal defense funding in the US has fluctuated, leading to volatility within the industry
- The United States is the largest market, and shifts in government demand significantly influence the broader industry. Although federal defense funding has generally increased over time, the budget cuts in 2021 and 2022 led to corresponding declines across the industry.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
The United States will continue to be the primary engine of industry growth
- The growing missile capabilities of China and Russia and the proliferation of ballistic missile technology will add weight to plans to strengthen funding for missile defense systems. The US military also seeks to continue developing, improving and testing several next-generation missiles, namely the Long-Range Anti-Ship Missile (LRASM), an anti-ship cruise missile incorporating new stealth and autonomous targeting technologies.
Biggest companies in the Global Military Aircraft & Aerospace Manufacturing
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Lockheed Martin Corporation | 52,651.5 | 6,780.2 | 12.9 | |
Raytheon Technologies Corporation | 31,017.8 | 2,828.7 | 9.1 | |
The Boeing Company | 27,132.7 | -1,578.1 | -5.8 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Military aircrafts, Complete guided missiles and Military aircraft engines. Military aircrafts is the largest segment of the Global Military Aircraft & Aerospace Manufacturing.
Trends and Insights
Military aircraft are sought for national defense strategies
- Military aircraft encompass a broad range of specialized aircraft designed and purposed for the defense of nations. This segment includes fighter jets, bombers, reconnaissance planes, transport aircraft and helicopters, each fulfilling distinct roles within military operations. These aircraft are equipped with advanced technology, weapon systems and communication tools tailored for combat, surveillance and logistics.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Companies in the Global Military Aircraft and Aerospace Manufacturing industry manufacture complete military aircraft, missiles or space vehicles, along with associated parts and services. Industry operators also develop prototypes of aerospace products, convert aircraft (i.e. conduct major modifications to systems) and complete aircraft or propulsion system overhaul and rebuilding (i.e. periodically restoring aircraft to original design specifications).
What's included in this industry?
Manufacturing military aircraft, missiles and space vehiclesManufacturing military aerospace engines, propulsion units, auxiliary equipment or partsDeveloping and making military prototypesMilitary aircraft conversionMilitary complete aircraft or propulsion system overhaul and rebuildingManufacturing military space launch vehiclesMaintenance and post-sale servicing of manufactured productsCompanies
Lockheed Martin CorporationRaytheon Technologies CorporationThe Boeing CompanyPurchase this report to view all 5 major companies in this industry.
Related Terms
EUROPEAN AVIATION SAFETY AGENCY (EASA)UNMANNED AERIAL VEHICLE (UAV)FIFTH-GENERATION JET FIGHTERPerformance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Missile demand boosts industry. Missile systems have seen heightened demand, propelled by regional conflicts and their strategic advantages over aircraft in certain scenarios...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Military aircraft form an essential part of national defense strategies. Demand for these aircraft is continually driven by the need for air superiority and technological adv...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The US continually invests in advanced military aviation technology to maintain global leadership and preparedness. Emphasis on innovation, significant budgets and partnershi...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Business Locations Charts
- Share of global output by region in 2024
- Share of population compared to output in each region in 2024
- Data tables
- Share of global output by region in 2024
- Detailed analysis
- Geographic spread of the industry across Global, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
There is a moderate level of competition because of the global scope of aerospace and aircraft manufacturing. Most countries' governments prefer to hire domestic contractors ...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Lockheed Martin to Acquire Terran Orbital. On August 15, 2024, Lockheed Martin announced that it has signed a definitive agreement to acquire Terran Orbital, a satellite-base...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Lockheed Martin Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Raytheon Technologies Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of The Boeing Company's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Lockheed Martin Corporation, and factors influencing its performance in the industry
- Description and key data for Raytheon Technologies Corporation, and factors influencing its performance in the industry
- Description and key data for The Boeing Company, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Aircraft and aerospace manufacturers turn to their nation’s government for assistance. This can come in the form of additional employment, negotiating export deals or long-te...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Technological innovation enhances profitability by attracting premium contracts and setting market leaders apart. Meanwhile, geopolitical stability or instability can drastic...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Global Military Aircraft & Aerospace Manufacturing industry in Global in 2024?
The market size of the Global Military Aircraft & Aerospace Manufacturing industry in Global is $250.9bn in 2024.
How many businesses are there in the Global Military Aircraft & Aerospace Manufacturing industry in 2024?
There are 1,778 businesses in the Global Military Aircraft & Aerospace Manufacturing industry in Global, which has grown at a CAGR of 8.9 % between 2019 and 2024.
Has the Global Military Aircraft & Aerospace Manufacturing industry in Global grown or declined over the past 5 years?
The market size of the Global Military Aircraft & Aerospace Manufacturing industry in Global has been growing at a CAGR of 2.7 % between 2019 and 2024.
What is the forecast growth of the Global Military Aircraft & Aerospace Manufacturing industry in Global over the next 5 years?
Over the next five years, the Global Military Aircraft & Aerospace Manufacturing industry in Global is expected to grow.
What are the biggest companies in the Global Military Aircraft & Aerospace Manufacturing market in Global?
The biggest companies operating in the Global Military Aircraft & Aerospace Manufacturing market in Global are Lockheed Martin Corporation, Raytheon Technologies Corporation and The Boeing Company
What does the Global Military Aircraft & Aerospace Manufacturing in Global include?
Manufacturing military aircraft, missiles and space vehicles and Manufacturing military aerospace engines, propulsion units, auxiliary equipment or parts are part of the Global Military Aircraft & Aerospace Manufacturing industry.
Which companies have the highest market share in the Global Military Aircraft & Aerospace Manufacturing in Global?
The company holding the most market share in Global is Lockheed Martin Corporation.
How competitive is the Global Military Aircraft & Aerospace Manufacturing industry in Global?
The level of competition is moderate and steady in the Global Military Aircraft & Aerospace Manufacturing industry in Global.
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Methodology
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IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
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