The Global Military Aviation MRO Market

Transcription

1 The Global Military Aviation MRO Market John Carpenter House, 7 Carmelite Street, LondonEC4Y 0BS, United Kingdom, Tel: +44 (0)

2 TABLE OF CONTENTS 1 Introduction What is this Report About? Definitions Summary Methodology About Strategic Defence Intelligence () Executive Summary Global Military Aviation MRO Market Size and Drivers Military Aviation MRO Market Size and Forecast Global military aviation MRO market to show positive growth during the forecast period Global Military Aviation MRO Market Regional Analysis North America dominates the global military aviation MRO market Demand for Attack Aircraft MRO in the US to support the global Military Aviation MRO market Military aviation MRO market to be robust in Europe due to planned budget cuts The aviation MRO market in the Asia-Pacific to be driven by spending in China, Australia and India Military aviation MRO market in the Middle East to increase during the forecast period Brazil expected to be the highest spender in the Military Aviation MRO sector in the Latin American region Military aviation market in Africa expected to increase over the forecast period Military Aviation MRO Sub Sector Market Size Composition Attack Aircraft MRO market to record strong CAGR growth Transport aircraft MRO to account for the second largest segment in this sector Market for rotor craft MRO to account for the third largest segment in this sector Market for UAV MRO to register a CAGR of XX% during the forecast period Demand Drivers and Growth Stimulators Aging military aircraft fleet Technological innovations driving the military MRO market Defense Budget Spending Review European capital expenditure expected to increase during the forecast period Asian defense budgets expected to increase at a robust pace North American defense expenditure projected to decline marginally during the forecast period Modernization programs likely to drive defense expenditure in South American countries Military budgets of African countries expected to increase during the forecast period Defense budgets of Middle Eastern countries likely to increase during the forecast period Defense Modernization Review

3 3.6.1 Financial constraints causing delays in European defense modernization programs Defense budgets of Asian countries likely to be driven by competitive arms acquisitions Global economic slowdown leading to defense budget cuts in the North American region Need to replace aging equipment driving South American defense expenditure Security threats increasing the defense budget of African countries Demand for air defense systems is likely to increase in the Middle East Industry Trends, Recent Developments and Challenges Technological Developments DSTO has developed the C-130J aircraft propeller balancing software Snubber technology to result in cost savings in engine repairs An acoustic system developed to monitor the structural integrity in military aircraft Market Trends Countries outsourcing MRO work Growth in performance based logistics (PBL) contracts Civil MRO providers crossing over to the military domain Industry Consolidation Joint programs expected to increase over the forecast period Companies are expected to consolidate in the face of global defense budget cuts Private equity interest growing in the aviation MRO sector Key Challenges High taxes hamper indigenous growth in some countries Lack of skilled personnel SWOT Analysis of the Military Aviation MRO Market Strengths Military aviation MRO outsourcing by leading defense spending nations driving growth for the sector Procurement and modernization initiatives driving the market Force readiness initiatives by major defense spenders are providing impetus for market growth Weaknesses Lack of domestic MRO capabilities in some countries Long cycle times often lead to a reduction in military equipment inventories Performance based contracts impair profitability for aviation MRO providers Opportunities Many nations currently possess aging fleets of aircraft Defense budget cuts expected to channel more funds towards the military aviation MRO sector Threats A large portion of the MRO workload brought under the ambit of government depots in US

4 5.5.2 The US and European economic crisis Country Analysis Military Aviation MRO Market United States Market Size and Forecast Attack aircraft MRO expected to account for the largest share of US military aviation MRO expenditure Transport Aircraft MRO segment of military aviation MRO expected to constitute the second largest market share in the US Rotorcraft MRO segment to exhibit a CAGR of XX% during the forecast period France Market Size and Forecast Military Aviation MRO market to be attractive in France during the forecast period Attack aircraft MRO market to be attractive in France during the forecast period European heavy lift helicopter maintenance contract to drive the rotorcraft MRO market during the forecast period Maintenance of A400M aircraft to be a major program in transport aircraft MRO market Russia Market Size and Forecast Expenditure on attack aircraft MRO to be robust during the forecast period Maintenance services for Mi-8 multi-role helicopters to be a major program in Russian rotorcraft MRO market The United Kingdom Market Size and Forecast Attack aircraft MRO market in the UK to increase during the forecast period Transport aircraft MRO market to register robust growth during the forecast period Integrated Merlin Operational Support (IMOS) contract to be a major program in rotorcraft MRO market Saudi Arabia Market Size and Forecast Attack aircraft MRO market expected to increase during the forecast period Rotorcraft MRO market to be robust during the forecast period UAE Market Size and Forecast Rotorcraft MRO market expected to increase during the forecast period Overhaul of C-130J transport aircraft to be a major program in transport aircraft MRO market Australia Market Size and Forecast MRO contracts for various fighter aircraft to drive attack MRO expenditure Australia to spend US$XX billion on maintaining, repairing and overhauling its fleet of transport aircraft China Market Size and Forecast China is expected to invest heavily in attack aircraft MRO to maintain its growing fleet of multi-role fighters China expected to allocate US$XX billion towards military rotorcraft MRO India Market Size and Forecast

5 6.9.1 India s aviation MRO market driven by the significant investment in procuring military fighter aircraft India expected to spend US$XX billion on transport aircraft MRO over the forecast period Brazil Market Size and Forecast Rotorcraft MRO expected to be the highest segment of expenditure by Brazil on military aviation MRO Transport aircraft MRO segment expected to exhibit a CAGR of XX% during the forecast period Colombia Market Size and Forecast Colombia s expenditure on transport aircraft MRO to increase at a CAGR of XX% South Africa Market Size and Forecast Attack aircraft MRO market to increase during the forecast period Major Military Aviation MRO Programs Attack Aircraft MRO Tu-160 bombers modernization program MiG B-52 Stratofortress Weapon System Modernization Raptor Enhancement Development and Integration program Transport Aircraft MRO Hercules aircraft maintenance program C-17 Globemaster III integrated sustainment program (GISP) E-3D AWACS Sentry Whole Life Support Program (WLSP) Rotorcraft MRO Merlin Capability Sustainment Program US Air Force contract field teams (CFT) program Logistics Support for H-60 Seahawk Helicopters UAV MRO Maintenance for Sperwer Drones contract Unmanned Aircraft System (UAS) Services III Support for the Predator MQ-1 Aircraft and related Systems Competitive Landscape and Strategic Insights Competitive Landscape overview Boeing: Overview Boeing: Products and Services Boeing: Alliances Boeing: Recent Contract Wins Boeing: Financial Analysis BAE Systems: Overview

6 8.1.7 BAE Systems: Products and Services BAE Systems: Alliances BAE Systems: Recent Contract Wins BAE Systems: Financial Analysis DynCorp International Inc.: Overview DynCorp International Inc.: Products and Services DynCorp International Inc.: Alliances DynCorp International Inc.: Recent Contract Wins DynCorp International Inc.: Financial Analysis Pratt & Whitney: Overview Pratt & Whitney: Products and Services Pratt & Whitney: Alliances Pratt & Whitney: Recent Contract Wins Pratt & Whitney: Financial Analysis Honeywell: overview Honeywell: products and services Honeywell: alliances Honeywell International: recent contract wins Honeywell: financial analysis EADS: Overview EADS: Products and Services EADS: Alliances EADS: Recent Contract Wins EADS: Financial Analysis Lockheed Martin: Overview Lockheed Martin: Products and Services Lockheed Martin: Alliances Lockheed Martin: Recent Contract Wins Lockheed Martin: Financial Analysis Saab: Overview Saab: Products and Services Saab: Alliances Saab: Recent Contract Wins Saab: Financial Analysis Thales: Overview Thales: Products and Services Thales: Alliances

7 Thales: Recent Contract Wins Thales: Financial Analysis Northrop Grumman: Overview Northrop Grumman: Products and Services Northrop Grumman: Alliances Northrop Grumman: Recent Contract Wins Northrop Grumman: Financial Analysis General Dynamics: Overview General Dynamics: Products and Services General Dynamics: Alliances General Dynamics: Recent Contract Wins General Dynamics: Financial Analysis Raytheon: Overview Raytheon: Products and Services Raytheon: Alliances Raytheon: Recent Contract Wins Raytheon: Financial Analysis Elbit Systems.: Overview Elbit Systems: Products and Services Elbit Systems: Alliances Elbit Systems: Recent Contract Wins Elbit Systems: Financial Analysis Rolls-Royce: Overview Rolls-Royce: Products and Services Rolls Royce: Alliances Rolls Royce: Recent Contract Wins Rolls Royce: Financial Analysis Embraer SA: Overview Embraer SA: Products and Services Embraer SA: Alliances Embraer SA: Recent Contract Wins Embraer SA: Financial Analysis Appendix Methodology Contact us About SDI

8 9.4 Disclaimer

9 LIST OF FIGURES Figure 1: Global Military Aviation MRO Market (US$ Billion), Figure 2: Military Aviation MRO Market Breakdown by Region (%), Figure 3: North American Military Aviation MRO Market (US$ Billion), Figure 4: European Military Aviation MRO Market (US$ Billion), Figure 5: Asia-Pacific Military Aviation MRO Market (US$ Billion), Figure 6: Middle East Military Aviation MRO Market (US$ Billion), Figure 7: Latin American Military Aviation MRO Market (US$ Million), Figure 8: African Military Aviation MRO Market (US$ Million), Figure 9: Military Aviation MRO Market Breakdown by Segment (%), Figure 10: Attack Aircraft MRO Market Size (US$ Billion), Figure 11: Transport Aircraft MRO Market Size (US$ Billion), Figure 12: Rotorcraft MRO Market Size (US$ Billion), Figure 13: UAV MRO Market Size (US$ Billion), Figure 14: Defense Capital Expenditure of Top Three European Defense Spenders (US$ Billion), Figure 15: Defense Capital Expenditure of Top Three Asian Defense Spenders (US$ Billion), Figure 16: Defense Capital Expenditure of Top North American Defense Spenders (US$ Billion), Figure 17: Defense Capital Expenditure of Top Three South American Defense Spenders (US$ Billion), Figure 18: Defense Capital Expenditure of Top Three African Countries (US$ Billion), Figure 19: Defense Capital Expenditure of Top Three Middle Eastern Defense Spenders (US$ Billion), Figure 20: Military Aviation MRO Market in the US (US$ Billion), Figure 21: Military Aviation MRO Market Split By Category in the US (%), Figure 22: Attack Aircraft MRO Market Size in the US (US$ Billion), Figure 23: Transport Aircraft MRO Market Size in the US (US$ Billion), Figure 24: Rotorcraft MRO Market Size in the US (US$ Billion), Figure 25: Military Aviation MRO Market in France (US$ Million), Figure 26: Military Aviation MRO Market Split by Sector in France (%), Figure 27: Attack Aircraft MRO Market Size in France (US$ Million), Figure 28: Rotorcraft MRO Market Size in France (US$ Million), Figure 29: Transport Aircraft MRO Market Size in France (US$ Million), Figure 30: Military Aircraft MRO Market in Russia (US$ Billion), Figure 31: Russian Military Aviation MRO Market Split by Sector (%), Figure 32: Attack Aircraft MRO Market Size in Russia (US$ Billion), Figure 33: Rotorcraft MRO Market Size in Russia (US$ Million), Figure 34: Military Aviation MRO Market in the UK (US$ Billion), Figure 35: Military Aviation MRO Market Split by Sector in UK (%), Figure 36: Attack Aircraft MRO Market Size in the UK (US$ Billion), Figure 37: Transport Aircraft MRO Market Size in the UK (US$ Million), Figure 38: Rotorcraft MRO Market Size in the UK (US$ Million), Figure 39: Military Aviation MRO Market in Saudi Arabia (US$ Million), Figure 40: Attack Aircraft MRO Market Size in Saudi Arabia (US$ Million), Figure 41: Rotorcraft MRO Market Size in Saudi Arabia (US$ Million), Figure 42: Military Aviation MRO Market in UAE (US$ Million), Figure 43: Rotorcraft MRO Market Size in UAE (US$ Million), Figure 44: Transport Aircraft MRO Market Size in UAE (US$ Million), Figure 45: Military Aviation MRO Market in Australia (US$ Million), Figure 46: Military Aviation MRO Market Split by Sector in Australia (%), Figure 47: Attack Aircraft MRO Market Size in Australia (US$ Million), Figure 48: Transport Aircraft MRO Market Size in Australia (US$ Million), Figure 49: Military Aviation MRO Market in China (US$ Million), Figure 50: Military Aviation MRO Market Split by Sector in China (%), Figure 51: Attack Aircraft MRO Market Size in China (US$ Million), Figure 52: Rotorcraft MRO Market Size in China (US$ Million), Figure 53: Military Aviation MRO Market in India (US$ Billion), Figure 54: Military Aviation MRO Market Split by Sector in India (%),

10 Figure 55: Attack Aircraft MRO Market Size in India (US$ Million), Figure 56: Transport Aircraft MRO Market Size in India (US$ Million), Figure 57: Military Aviation MRO Market in Brazil (US$ Million), Figure 58: Rotorcraft MRO Market Size in Brazil (US$ Million), Figure 59: Transport Aircraft MRO Market Size in Brazil (US$ Million), Figure 60: Military Aviation MRO Market in Colombia (US$ Million), Figure 61: Transport Aircraft MRO Market Size in Colombia (US$ Million), Figure 62: Military Aviation MRO Market in South Africa (US$ Million), Figure 63: Attack Aircraft MRO Market Size in South Africa (US$ Million), Figure 64: Boeing Revenue Trend Analysis (US$ Billion), Figure 65: Boeing Operating Profit (US$ Million), Figure 66: Boeing Net Profit Trend Analysis (US$ Million), Figure 67: BAE Systems Revenue Trend Analysis (GBP Billion), Figure 68: BAE Systems Operating Profit (GBP Million), Figure 69: BAE Systems Net Profit Trend Analysis (GBP Million), Figure 70: DynCorp International Inc. Revenue Trend Analysis (US$ Billion), Figure 71: DynCorp International Inc. Operating Profit (US$ Million), Figure 72: DynCorp International Inc. Net Profit Trend Analysis (US$ Million), Figure 73: Honeywell Revenue Trend Analysis (US$ billion), Figure 74: Honeywell Operating Profit Trend Analysis (US$ billion), Figure 75: Honeywell Net Profit Trend Analysis (US$ billion), Figure 76: EADS Revenue Trend Analysis (EUR Billion), Figure 77: EADS Operating Profit (EUR Million), Figure 78: EADS Net Profit Trend Analysis (EUR Million), Figure 79: Lockheed Martin Revenue Trend Analysis (US$ Billion), Figure 80: Lockheed Martin Operating Profit (US$ Billion), Figure 81: Lockheed Martin Net Profit Trend Analysis (US$ Billion), Figure 82: Saab Revenue Trend Analysis (SEK Billion), Figure 83: Saab Operating Profit (SEK Million), Figure 84: Saab Net Profit Trend Analysis (SEK Million), Figure 85: Thales Revenue Trend Analysis (EUR Billion), Figure 86: Thales Operating Profit (EUR Million), Figure 87: Thales Net Profit Trend Analysis (EUR Million), Figure 88: Northrop Grumman Revenue Trend Analysis (US$ Billion), Figure 89: Northrop Grumman Operating Profit (US$ Million), Figure 90: Northrop Grumman Net Profit Trend Analysis (US$ Million), Figure 91: General Dynamics Revenue Trend Analysis (US$ Billion), Figure 92: General Dynamics Operating Profit (US$ Million), Figure 93: General Dynamics Net Profit Trend Analysis (US$ Million), Figure 94: Raytheon Revenue Trend Analysis (US$ Billion), Figure 95: Raytheon Operating Profit (US$ Million), Figure 96: Raytheon Net Profit Trend Analysis (US$ Million), Figure 97: Elbit Systems Revenue Trend Analysis (US$ Billion), Figure 98: Elbit Systems Operating Profit (US$ Million), Figure 99: Elbit Systems Net Profit Trend Analysis (US$ Million), Figure 100: Rolls-Royce Revenue Trend Analysis (GBP Billion), Figure 101: Rolls Royce Operating Profit (GBP Million), Figure 102: Rolls Royce Net Profit Trend Analysis (GBP Million), Figure 103: Embraer SA Revenue Trend Analysis (US$ Billion), Figure 104: Embraer SA Operating Profit (US$ Million), Figure 105: Embraer SA Net Profit Trend Analysis (US$ Million),

11 LIST OF TABLES Table 1: Global Military Aviation MRO Market Overview Table 2: Global Military Aviation MRO Market Overview Table 3: SWOT Analysis of the Military Aviation MRO Market Table 4: US Military Aviation MRO Market Overview Table 5: Key Military Aviation MRO Programs Table 6: French Military Aviation MRO Market Overview Table 7: Major French Military Aviation MRO Programs Table 8: Russian Military MRO Market Overview Table 9: Major Russian Military Aircraft MRO Programs Table 10: UK Military Aviation MRO Market Overview Table 11: Major UK Military Aviation MRO Programs Table 12: Saudi Arabia s Military Aviation MRO Market Overview Table 13: Major Military Aviation MRO Programs of Saudi Arabia Table 14: UAE s Military Aviation MRO Market Overview Table 15: Major Military Aviation MRO Programs of UAE Table 16: Australian Military Aviation MRO Market Overview Table 17: Key Aviation MRO Programs Table 18: Chinese Military Aviation MRO Market Overview Table 19: Main Chinese Military Aviation MRO Programs Table 20: Indian Military Aviation MRO Market Overview Table 21: Key Indian Military Aviation MRO Programs Table 22: Brazilian Military Aviation MRO Market Overview Table 23: Key Brazilian Military Aviation MRO Programs Table 24: Military Aviation MRO Market Overview of Colombia Table 25: South African Military Aviation MRO Market Overview Table 26: Program Details Tu-160 Bombers Modernization Program Table 27: Program Details MiG-29 Upgrade Program Table 28: Program Details B-52 Stratofortress Weapon System Modernization Program Table 29: Program Details Raptor Enhancement Development and Integration program Table 30: Program Details Hercules aircraft maintenance program Table 31: Program Details C-17 Globemaster III integrated sustainment program (GISP) Table 32: Program Details E-3D AWACS Sentry Whole Life Support Program Table 33: Program Details Merlin Capability Sustainment Program Table 34: Program Details US Air Force contract field teams (CFT) program Table 35: Program Details Logistics Support program or H-60 Seahawk Helicopters Table 36: Program Details Maintenance for Sperwer Drones contract Table 37: Program Details Unmanned Aircraft System (UAS) Services III Table 38: Program Details Support for the Predator MQ-1 Aircraft and related Systems Table 39: Boeing Alliances Table 40: Boeing Recent Contract Wins Table 41: BAE Systems Alliances Table 42: BAE Systems Recent Contract Wins Table 43: DynCorp International Inc. Alliances Table 44: DynCorp International Inc. Recent Contract Wins Table 45: Pratt & Whitney Alliances Table 46: Pratt & Whitney Recent Contract Wins Table 47: Honeywell Alliances Table 48: Honeywell Recent Contract Wins Table 49: EADS Alliances Table 50: EADS Recent Contract Wins Table 51: Lockheed Martin Alliances Table 52: Lockheed Martin Recent Contract Wins Table 53: Saab Alliances Table 54: Saab Recent Contract Wins

12 Table 55: Thales Recent Contract Wins Table 56: Northrop Grumman Alliances Table 57: Northrop Grumman Recent Contract Wins Table 58: General Dynamics Alliances Table 59: General Dynamics Recent Contract Wins Table 60: Raytheon Recent Contract Wins Table 61: Elbit Systems Recent Contract Wins Table 62: Rolls Royce Alliances Table 63: Rolls Royce Recent Contract Wins Table 64: Embraer SA Alliances Table 65: Embraer SA Recent Contract Wins

13 1 Executive Summary The global military aviation MRO market is expected to increase at a CAGR of XX% during the forecast period The value of the global military aviation MRO market is estimated at US$XX billion in 2012 and is expected to value US$XX billion by 2022, representing a CAGR of XX% during the forecast period. The demand for military aviation MRO services is anticipated to be driven by aging military equipment globally, technological innovations in the industry, internal and external security threats, territorial disputes and modernization initiatives undertaken by armed forces across the world. Cumulatively, the global market for military aviation MRO is projected to value US$XX billion during the forecast period and is expected to be dominated by North America, followed by Europe and Asia Pacific. Despite the economic crisis in the Eurozone, Europe s share of the global market is projected to increase during the forecast period, albeit marginally due to the scheduled deployment of various modernization programs which had been initiated in previous years. In terms of categories, the attack aircraft MRO market is expected to account for the highest proportion of spending, followed by markets for transport aircraft MRO, rotorcraft MRO and UAV MRO. The market for attack aircraft MRO is anticipated to be bigger than other categories because of the increasing age of the global military fighter aircraft fleet. Furthermore, in the face of global budget cuts, defense departments around the world are now looking to terminate various new military aircraft programs and are instead focusing on maintaining, repairing and overhauling their existing fleet. 13

14 US$ Billion The Global Military Aviation MRO Market Global Military Aviation MRO Market Size and Drivers 2.1 Military Aviation MRO Market Size and Forecast Global military aviation MRO market to show positive growth during the forecast period The global military aviation MRO market is estimated to value US$XX billion in 2012 and increase at a CAGR of XX% during the forecast period to reach its peak of US$XX billion by The market consists of four military aviation MRO activities categories: attack aircraft MRO, transport aircraft MRO, rotorcraft MRO and UAV MRO. The attack aircraft MRO market is expected to account for XX% of the global military aviation MRO market, followed by transport aircraft MRO with a share of XX% and rotorcraft MRO with XX% share. The UAV MRO market accounts for the remaining XX% share. During the forecast period, cumulative global expenditure on military aviation MRO is expected to reach US$XX billion. The chart below shows the expected military aviation MRO market value during : Figure 1: Global Military Aviation MRO Market (US$ Billion), XX XX XX XX XX XX XX Source: SDI analysis SDI 14

15 2.2 Global Military Aviation MRO Market Regional Analysis North America dominates the global military aviation MRO market North America accounts for the highest spend in the global military aviation MRO market and most of the expenditure can be attributed to the US, with Canada accounting for a small share. As the US has been engaged in continuous military operations in Afghanistan and Iraq along with Canadian forces, a significant number of their aircraft have undergone wear and tear. Furthermore, most of the country s active fleet is likely to reach the end of its life-cycle over the next three to four years. This will warrant significant MRO investments in the country s aging airborne systems, such as its KC-135 tankers (44 years old) and UH-1 Huey helicopters (35 years old), among others. The recent US defense budget cuts are not expected to have a significant impact on military aviation MRO spending as the US Department of Defense (DoD) is committed to maintaining readiness and the performance of its active fleet which in turn necessitates focus on increasing service lives of older aircraft that are deployed in the battlefield. However, due to persisting factors such as an aging fleet, modernization initiatives, supplier consolidation and outsourcing limitations, there is anticipation of a slight reduction in military MRO budgets. The table below gives a brief overview of the global military aviation MRO market: Table 1: Global Military Aviation MRO Market Overview Region Market in 2012 Market in 2022 Total Market ( ) Annualized growth/decline ( ) North America US$XX billion US$XX billion US$XX billion XX% Asia-Pacific US$XX billion US$XX billion US$XX billion XX% Europe US$XX billion US$XX billion US$XX billion XX% Middle East US$XX billion US$XX billion US$XX billion XX% Africa US$XX million US$XX million US$XX billion XX% Latin America US$XX million US$XX million US$XX billion XX% Total Military Aviation MRO Market US$XX billion US$XX billion US$XX billion XX% Source: SDI analysis SDI 15

16 2.3 Military Aviation MRO Sub Sector Market Size Composition Attack Aircraft MRO market to record strong CAGR growth Attack Aircraft MRO has emerged as the category which is expected to witness maximum global spending in the military MRO market. Globally, military tensions are on the rise between US-China, Israel-Iran, India- Pakistan, China-Taiwan, India-China, and Chile-Peru. In such a scenario, major defense spenders including the US, China, and South Korea are committed to maintaining readiness and performance of their active fleets which in turn necessitates focus upon increasing service lives of older aircraft. Furthermore, as a result of recent conflicts and operations in Afghanistan and the Middle East, armed forces of the coalition allies are being encouraged to move towards life-cycle extension programs around a number of aircraft platforms that are considered to be of strategic importance. The aviation MRO sub sector is also being driven by the focus of procurement agencies of major defense spending nations on adopting a through-life approach to programs covering both aircraft acquisition and in-service support cost reductions. For example, the US DoD and a number of European MoDs are anticipated to bring together their MRO requirements, procurement and logistics functions into single procurement teams. The major programs in this category include France s modernization of Rafale Marine Fighters, Bulgaria s upgrade of their Mig-29 fighter fleet, Russia s modernization of MiG-31 interceptors to the MiG-31BM version and US B-52 Stratofortress Weapon System modernization program. The attack aircraft MRO market is expected to register a strong CAGR growth of XX% during the forecast period and account for XX% of the global military MRO market, while transport aircraft MRO and rotorcraft MRO are expected to constitute XX% and XX% respectively. The UAV MRO market is expected to have a relatively low share of XX%. The table below gives a brief overview of the global military aviation MRO market: Table 2: Global Military Aviation MRO Market Overview Category Market in 2012 Market in 2022 Total Market ( ) Annualized growth/decline ( ) Attack Aircraft MRO US$XX billion US$XX billion US$XX billion XX% Transport Aircraft MRO US$XX billion US$XX billion US$XX billion XX% Rotorcraft MRO US$XX billion US$XX billion US$XX billion XX% UAV MRO US$XX million US$XX billion US$XX billion XX% Total Military Aviation MRO Market US$XX billion US$XX billion US$XX billion XX% Source: SDI analysis SDI 16