16 December 2019
Visiongain has published a new defence report entitled Close Air Support Market Report 2020-2030.
The Close Air Support (CAS) market is estimated to witness a Compound Annual Growth Rate (CAGR) of 3.34 per cent from 2019 to 2029.
Several factors are having a profound, driving effect on the market, notably the increasing demand for low-cost aircraft, investment in ‘off-the-shelf’ aeroplanes, and continuing importance of CAS to joint operations.
Visiongain anticipates that global investment and consolidation will be modest over the next decade. The market’s stable and good health is due to the factors listed above as well as the presence of many established companies, such as AERO Vodochody, Air Tractor, Embraer, Hindustan Aeronautics Ltd., Bell Helicopter, Textron, Leonardo S.p.A., Airbus, Lockheed Martin, and Sierra Nevada Corporation.
The senior Defence Analyst said: "The Global Close Air Support market is expected to generate sales of USD 8.16 billion in 2019.
"Close air support is the direct support of soldiers on the ground from air assets, both manned and unmanned, fixed-wing and rotary-wing. It has been in existence for over a hundred years but was widely misunderstood by the general public until the recent wars in Iraq and Afghanistan.
"Visiongain forecasts that over the next decade, the Close Air Support market will experience a rise in expenditure due to the increasing demand for low-cost aircraft. Indeed, several of the world’s wealthiest and most influential nations are investing in ‘off-the-shelf’ aeroplanes to yield long-term cost savings.
"It is also anticipated that continued investment and consolidation will be secure over the long term given the importance of CAS to joint operations and the fact its mere presence can affect morale on the battlefield.
"In conclusion, by 2029, the Close Air Support market will have surpassed the 10 billion-dollar mark, achieving a total sales figure of USD 11.3 billion."
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