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Thailand Military Aircraft Modernization Market By Type (Fighter Aircraft, Transport Aircraft, Helicopters, Special Mission Aircraft); By Modernization (Avionics, Engine Upgrades, Structural Modifications, Weapon System Upgrades); By Component (Software, Hardware) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2019-2022
Base Year	2023
Forecast Period	2024-2032
Thailand Military Aircraft Modernization Market Size 2023	USD 181.67 million
Thailand Military Aircraft Modernization Market, CAGR	7.98%
Thailand Military Aircraft Modernization Market Size 2032	USD 335.87 million

Market Overview

Thailand’s military aircraft modernization is projected to grow from USD 181.67 million in 2023 to USD 335.87 million by 2032, reflecting a compound annual growth rate (CAGR) of 7.98%.

The Thailand military aircraft modernization market is driven by the country’s strategic focus on enhancing defense capabilities amidst regional security challenges. The growing need to upgrade aging fleets and integrate advanced technologies such as stealth and unmanned aerial systems is pushing modernization efforts. Additionally, increasing defense budgets and Thailand’s participation in international defense collaborations are bolstering investment in state-of-the-art military aviation. Trends indicate a shift toward multi-role aircraft that offer versatility across air, land, and maritime operations, along with improvements in avionics, radar, and weaponry systems. The government’s long-term defense plans and the growing threat of cyber warfare also emphasize the need for cutting-edge, secure military assets.

The geographical landscape of Thailand’s military aircraft modernization is influenced by its strategic location in Southeast Asia, with key areas like Bangkok, the Eastern Economic Corridor, Chiang Mai, and Southern Thailand playing vital roles. Bangkok serves as the central hub for defense decisions, while the Eastern Economic Corridor is crucial for industrial and technological advancements. Chiang Mai and Southern Thailand are strategically important for border security and maritime defense. Key players in the market include Hindustan Aeronautics Limited (HAL), Mitsubishi Heavy Industries, Korea Aerospace Industries (KAI), Aviation Industry Corporation of China (AVIC), and Kawasaki Heavy Industries, among others. These companies are integral to the modernization process, providing advanced technologies such as multi-role aircraft, avionics, and engine upgrades. Their involvement helps strengthen Thailand’s defense capabilities, ensuring the country’s air force remains competitive in the region.

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Market Insights

The Thailand military aircraft modernization market is valued at USD 181.67 million in 2023, expected to grow at a CAGR of 7.98%, reaching USD 335.87 million by 2032.
The need to upgrade aging aircraft fleets and enhance defense capabilities is a key market driver.
Technological advancements in multi-role aircraft, stealth capabilities, and UAVs are shaping the market trends.
Increasing defense budgets and international collaborations are strengthening Thailand’s air force modernization efforts.
Key players such as Hindustan Aeronautics Limited, Mitsubishi Heavy Industries, and Korea Aerospace Industries lead the competitive landscape.
Market restraints include the high cost of modernization and limited budget allocation for defense.
Geographically, Bangkok, the Eastern Economic Corridor, Chiang Mai, and Southern Thailand are the primary regions driving the modernization efforts, with Bangkok holding a central role in decision-making and procurement.

Market Drivers

Growing Security Threats in the Region

Thailand’s military aircraft modernization is primarily driven by the increasing security concerns in the Asia-Pacific region. Geopolitical tensions, territorial disputes, and regional conflicts have raised the demand for a more advanced and capable defense force. As neighboring countries enhance their military strength, Thailand is compelled to upgrade its air force to maintain a strategic edge. For instance, the Royal Thai Air Force (RTAF) has announced plans to replace its aging fleet of F-16A/B fighter jets with the Saab Gripen E/F to enhance its air combat capabilities. This growing focus on national security and defense readiness drives significant investments in modern aircraft systems to address potential threats effectively.

Aging Aircraft Fleet and Need for Upgrades

A key driver behind the modernization of Thailand’s military aircraft is the aging fleet of its air force. Many of Thailand’s existing aircraft, such as the F-5 fighters and other older models, are approaching the end of their operational life. These outdated aircraft require expensive maintenance and lack the advanced features necessary to keep up with modern warfare demands. For instance, the RTAF is set to replace its F-16s with the new Gripen E/F fighters, which will be deployed to the 102 Squadron based in Korat. Consequently, there is a strong push to replace or retrofit these legacy systems with state-of-the-art aircraft that provide enhanced operational capabilities, such as improved radar, avionics, and weaponry.

Technological Advancements and Multi-role Capabilities

Technological advancements play a pivotal role in the modernization of military aircraft. Thailand is increasingly investing in aircraft that can perform multiple roles, such as fighter, surveillance, and reconnaissance functions. The demand for multi-role aircraft, coupled with innovations in stealth technology, unmanned aerial vehicles (UAVs), and improved avionics, is pushing the modernization effort. These upgrades allow Thailand to enhance its strategic capabilities, extend operational reach, and improve the precision of airstrikes, thus providing a more versatile and efficient defense force.

Strategic Defense Collaborations and International Partnerships

Thailand’s engagement in international defense collaborations and partnerships is a significant factor driving the market. By working with key global defense players, Thailand gains access to cutting-edge military technologies, including advanced aircraft and systems. These partnerships also help streamline the acquisition of modern aircraft, providing Thailand with better equipment and increased interoperability with allies. Furthermore, these collaborations boost Thailand’s position within regional defense pacts, making aircraft modernization a crucial element of its broader defense strategy.

Market Trends

Shift Toward Multi-role Aircraft

A key trend in Thailand’s military aircraft modernization is the increasing preference for multi-role aircraft. These versatile platforms allow for a range of functions, including combat, surveillance, and reconnaissance. The demand for multi-role jets is driven by their ability to adapt to various military operations, reducing the need for specialized aircraft. As the Royal Thai Air Force (RTAF) seeks greater flexibility and cost efficiency, investments are increasingly directed toward these adaptable systems. For instance, the RTAF has integrated the Saab JAS 39 Gripen, a multi-role fighter capable of air defense and ground attack missions. This trend is also driven by advancements in avionics and weaponry that make multi-role aircraft more capable than ever before.

Integration of Advanced Technologies

Thailand’s military aircraft modernization is increasingly focused on incorporating advanced technologies such as stealth, digital cockpits, and advanced radar systems. The integration of these technologies enhances operational effectiveness by enabling aircraft to evade enemy radar, improve situational awareness, and execute precise strikes. For instance, the RTAF has upgraded its F-5E/F aircraft to the F-5TH Super Tigris standard, incorporating advanced avionics and radar systems. These advancements also bolster the country’s air defense capabilities against emerging threats, including cyber warfare. As technological progress accelerates globally, Thailand is keen to stay competitive by adopting cutting-edge technologies to maintain an edge in regional defense.

Emphasis on Unmanned Aerial Vehicles (UAVs)

The growing use of unmanned aerial vehicles (UAVs) is another prominent trend in Thailand’s military aircraft modernization efforts. UAVs provide cost-effective surveillance, reconnaissance, and combat capabilities without putting human pilots at risk. Thailand has recognized the value of UAVs in enhancing its air force’s ability to gather intelligence, monitor borders, and perform targeted operations. With the increasing sophistication of UAV technology, Thailand is likely to expand its fleet of drones as part of its overall modernization strategy, incorporating both tactical and strategic UAVs into its defense operations.

Strengthening International Defense Partnerships

Thailand’s military aircraft modernization is also influenced by its strengthened international defense partnerships. Collaborations with global defense powers, including the United States and regional allies, have facilitated the acquisition of advanced aircraft and technology. These partnerships ensure that Thailand’s air force has access to the latest in military aviation, and they also allow for greater interoperability with allied forces. As these international ties deepen, Thailand is poised to continue leveraging these partnerships to modernize its fleet, incorporating technologies and platforms that meet both national and regional defense requirements.

Market Challenges Analysis

High Cost of Modernization

One of the primary challenges in Thailand’s military aircraft modernization is the substantial cost involved. Upgrading or replacing aging aircraft with state-of-the-art systems requires significant financial investment. With limited defense budgets, balancing modernization efforts while addressing other defense needs can be difficult. Furthermore, the procurement of advanced aircraft, especially those with high-tech features such as stealth technology and advanced radar systems, comes at a premium. For instance, the Royal Thai Air Force (RTAF) is deliberating between acquiring F-16 Block 70/72 fighter jets, priced at approximately $63 million per unit, and Saab JAS 39 Gripen E jets, costing around $85 million per unit. These financial constraints often lead to delays in procurement or a phased approach to modernization, slowing down the overall progress. Additionally, ongoing maintenance and support costs for new technologies can strain the defense budget, making it challenging to keep pace with rapid advancements in military aviation.

Geopolitical and Technological Barriers

Geopolitical tensions and access to cutting-edge technology pose another challenge for Thailand’s military aircraft modernization. While international defense collaborations help in acquiring modern aircraft, these partnerships often come with political and strategic implications. Restrictions on technology transfer and the need to comply with the policies of international partners can limit Thailand’s ability to fully customize its aircraft to meet specific defense needs. Moreover, the rapidly evolving nature of military aviation technology makes it difficult to stay ahead of emerging threats. As countries globally invest in next-generation aircraft, Thailand faces the challenge of ensuring its modernization efforts remain competitive in a constantly shifting geopolitical landscape. This can result in delays and force the air force to prioritize immediate needs over long-term strategic objectives.

Market Opportunities

Thailand’s military aircraft modernization presents several significant market opportunities driven by the country’s strategic defense objectives. As regional security concerns continue to rise, there is an increasing demand for advanced defense systems that enhance air superiority. This presents opportunities for defense contractors to provide cutting-edge technologies, such as multi-role fighter jets, unmanned aerial vehicles (UAVs), and advanced radar systems. With a focus on versatility and operational flexibility, the market is ripe for the development of multi-role aircraft that can perform a wide range of missions, including air-to-ground combat, surveillance, and reconnaissance. This shift opens doors for technology providers to offer solutions that integrate seamlessly with modern military strategies, ensuring Thailand’s air force remains competitive.

Furthermore, Thailand’s growing defense budget and international defense collaborations create opportunities for foreign suppliers to expand their footprint in the region. Collaborations with global defense powers allow for the transfer of advanced military technologies and the possibility of joint ventures, increasing local production capabilities. As Thailand modernizes its military infrastructure, the demand for training systems, maintenance support, and simulation technologies also presents a lucrative opportunity for companies to establish long-term relationships. With strategic investments in aircraft modernization, Thailand’s evolving defense needs provide an attractive market for suppliers who can deliver the latest innovations in military aviation and support services. This comprehensive modernization effort is expected to sustain growth in the sector over the next decade.

Market Segmentation Analysis:

By Type:

The Thailand military aircraft modernization market is segmented by aircraft type, with fighter aircraft, transport aircraft, helicopters, and special mission aircraft being the key categories. Fighter aircraft remain the dominant segment, driven by the need for enhanced combat readiness and air superiority in the region. These aircraft require frequent upgrades in avionics, weapon systems, and engines to stay competitive. Transport aircraft, essential for logistics and troop movement, are also a significant focus of modernization, with upgrades aimed at improving payload capacity and operational efficiency. Helicopters, vital for surveillance, search and rescue, and combat missions, are being modernized to enhance their endurance and operational versatility. Lastly, special mission aircraft, which play a crucial role in reconnaissance, electronic warfare, and intelligence-gathering, are increasingly being fitted with advanced systems to improve their capabilities and performance across diverse missions.

By Modernization:

The modernization efforts in Thailand’s military aircraft are further segmented by key upgrades, including avionics, engine upgrades, structural modifications, and weapon system improvements. Avionics modernization focuses on enhancing navigation, communication, and radar systems to improve situational awareness and operational effectiveness. Engine upgrades are aimed at improving fuel efficiency, range, and power, ensuring that aircraft remain reliable and effective over time. Structural modifications involve reinforcing the airframe and integrating lightweight materials to improve aircraft durability and performance. Lastly, weapon system upgrades are crucial for enhancing the strike capabilities of aircraft, ensuring that Thailand’s air force remains capable of executing precise and impactful operations in modern warfare.

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Segments:

Based on Type:

Fighter Aircraft
Transport Aircraft
Helicopters
Special Mission Aircraft

Based on Modernization:

Avionics
Engine Upgrades
Structural Modifications
Weapon System Upgrades

Based on Component:

Software
Hardware

Based on the Geography:

Bangkok
Eastern Economic Corridor (EEC)
Chiang Mai
Southern Thailand

Regional Analysis

Bangkok

Bangkok, as the capital city and primary military hub of Thailand, holds the largest market share in the country’s military aircraft modernization efforts. With over 40% of the total market share, Bangkok is the focal point for defense-related investments, including air force modernization. The Royal Thai Air Force (RTAF) is headquartered in Bangkok, where most of the key decision-making, procurement, and strategic planning occurs. As the center of government activity and defense policy, the city attracts significant investments in upgrading military infrastructure, such as avionics, weapon systems, and multi-role aircraft. Given the city’s political and economic importance, it is anticipated that Bangkok will continue to dominate the market share for the foreseeable future, with continued emphasis on enhancing the capabilities of the RTAF to ensure air superiority in the region.

Eastern Economic Corridor (EEC)

The Eastern Economic Corridor (EEC), with its growing industrial base and strategic location, accounts for approximately 25% of the market share in Thailand’s military aircraft modernization. The EEC is a critical region due to its proximity to maritime routes and international trade hubs, which have made it a vital area for defense investments. The region is home to key military bases and facilities, which are increasingly focused on the modernization of both air and naval defense capabilities. With major international defense collaborations and private-sector investments, the EEC is seeing a surge in the development of advanced military technologies, including aircraft upgrades. The region’s expanding role as a technological and economic hub ensures its continuing significance in Thailand’s military aircraft modernization strategy.

Chiang Mai

Chiang Mai, located in northern Thailand, holds a smaller but growing share of the market, accounting for around 15% of the total. The region is strategically important due to its proximity to the northern borders, where security concerns are heightened. Chiang Mai hosts several key air force bases that are involved in the modernization of aircraft for surveillance, intelligence gathering, and counterinsurgency operations. While the market share is smaller compared to Bangkok and the EEC, Chiang Mai’s role in maintaining border security and its focus on upgrading specific military platforms, such as helicopters and special mission aircraft, makes it a vital part of Thailand’s defense modernization strategy. Investment in this region is expected to grow steadily, focusing on enhancing air mobility and surveillance capabilities.

Southern Thailand

Southern Thailand, contributing approximately 20% to the overall market share, is a region of increasing importance for military aircraft modernization due to its strategic location in the southern maritime region. The southern coast plays a crucial role in ensuring the security of vital shipping lanes and protecting Thailand’s maritime interests. Modernization efforts in this region are focused on enhancing the capabilities of both transport and special mission aircraft to support maritime operations, border patrol, and disaster relief missions. Southern Thailand’s proximity to key international shipping routes and the southern conflict zone further underscores the importance of advanced military aviation in maintaining national security. As the region continues to develop, it is expected that defense modernization will remain a top priority, strengthening air surveillance and response capabilities.

Key Player Analysis

Hindustan Aeronautics Limited (HAL)
Mitsubishi Heavy Industries
Korea Aerospace Industries (KAI)
Aviation Industry Corporation of China (AVIC)
Kawasaki Heavy Industries
Singapore Technologies Engineering
Tata Advanced Systems Limited
PT Dirgantara Indonesia
IHI Corporation
Chengdu Aircraft Corporation

Competitive Analysis

The competitive landscape of Thailand’s military aircraft modernization is driven by several key players, including Hindustan Aeronautics Limited (HAL), Mitsubishi Heavy Industries, Korea Aerospace Industries (KAI), Aviation Industry Corporation of China (AVIC), Kawasaki Heavy Industries, Singapore Technologies Engineering, Tata Advanced Systems Limited, PT Dirgantara Indonesia, IHI Corporation, and Chengdu Aircraft Corporation. These companies are actively contributing to Thailand’s efforts to modernize its air force with cutting-edge technologies such as multi-role fighter jets, advanced avionics, and UAVs. Companies are focusing on providing advanced technologies, including multi-role fighter jets, avionics upgrades, and engine enhancements. Key players differentiate themselves through their expertise in specific areas such as stealth technology, UAV integration, and weapon system improvements. Additionally, collaborations with the Thai government and military entities play a crucial role in securing contracts, as local players gain an edge through their understanding of regional defense requirements. Competition also revolves around providing cost-effective solutions that align with Thailand’s defense budget constraints, while maintaining high standards of performance and reliability. Companies offering comprehensive, integrated modernization packages that include maintenance support, training, and long-term service contracts are likely to have a competitive advantage. For example, Boeing has been partnering with Thailand on its defense and security needs for almost half a century, including the recent purchase of eight AH-6 helicopters by the Royal Thai Army. Furthermore, the ability to offer cutting-edge technology, such as advanced radar systems and next-generation fighter aircraft, positions companies as strong contenders in this growing market. As Thailand’s military aircraft modernization continues to evolve, competition will intensify, with an emphasis on providing innovative, scalable, and adaptable solutions to meet the country’s defense needs.

Recent Developments

In January 2025, Lockheed Martin delivered 110 F-35 fighter jets to the U.S. and its allies in 2024, achieving a target set by CEO Jim Taiclet. This delivery is part of the ongoing modernization under the Technology Refresh 3 (TR-3) program, enhancing the jets’ displays and processing power.
In January 2025, Northrop Grumman was awarded a $3.5 billion contract by the U.S. Navy to develop the E-130J aircraft, which will replace the E-6B Mercury for nuclear command, control, and communications missions. This project is crucial for maintaining the U.S. nuclear deterrent capabilities.
In December 2024, Lockheed Martin demonstrated an uncrewed capability with a surrogate HIMARS launcher, marking significant progress in developing autonomous systems that can operate alongside manned vehicles. This technology aims to enhance artillery capabilities for the U.S. Army.
In December 2024, Saab received an order valued at SEK 466 million from the Swedish Defence Materiel Administration for enhancements to the Gripen C/D, focusing on integrating advanced missile systems to improve operational capabilities.
In August 2024, Boeing delivered the first MH-139A Grey Wolf production aircraft to the U.S. Air Force as part of a modernization initiative aimed at supporting national security and enhancing capabilities within the U.S. nuclear triad. The aircraft features improved speed, range, and operational flexibility.

Market Concentration & Characteristics

The market concentration of Thailand’s military aircraft modernization is moderate, with a mix of domestic and international players vying for a share of the defense spending. A few large, well-established companies dominate the market, providing advanced technologies such as multi-role fighter jets, avionics systems, and engine upgrades. These major players maintain a competitive edge by offering integrated solutions that cover not only the aircraft itself but also long-term maintenance, training, and support services. While multinational defense contractors play a significant role, there is also a growing presence of local firms, particularly those that collaborate with the government to meet specific regional defense needs. The market characteristics are defined by a strong emphasis on technological innovation, with a focus on enhancing operational efficiency, stealth capabilities, and multi-role functionality in military aircraft. The Thai government’s defense budget, although constrained, remains a crucial factor, driving companies to offer cost-effective solutions without compromising on performance. Given Thailand’s strategic location and increasing regional security concerns, demand for modernized air forces is expected to grow. As a result, the market is characterized by high competition, collaboration opportunities, and a need for adaptability to quickly incorporate emerging technologies. The growing importance of air power in national security is likely to further accelerate the modernization process.

Report Coverage

The research report offers an in-depth analysis based on Type, Modernization, Component and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

Thailand’s military aircraft modernization is expected to grow steadily, with a projected increase in defense spending over the next decade.
The demand for multi-role and advanced fighter aircraft will continue to drive modernization efforts.
Technological advancements, particularly in avionics, engines, and radar systems, will be crucial in enhancing the operational capabilities of Thailand’s air force.
Increased focus on UAV integration will provide Thailand with improved surveillance and reconnaissance capabilities.
Strategic partnerships with international defense companies will play a significant role in acquiring cutting-edge military technologies.
The modernization of transport and special mission aircraft will support Thailand’s overall defense and humanitarian operations.
Cost-effective solutions, balancing performance and budget constraints, will be a priority for defense contractors in the region.
Continuous upgrades to existing aircraft will be necessary to extend the lifespan and enhance mission-readiness.
Regional security dynamics and evolving threats will drive the need for more advanced and versatile military aircraft.
The growing importance of air power in national defense will lead to sustained investments in aircraft modernization, ensuring Thailand’s air superiority in the Southeast Asian region.

CHAPTER NO. 1 : INTRODUCTION 18

1.1.1. Report Description 18

Purpose of the Report 18

USP & Key Offerings 18

1.1.2. Key Benefits for Stakeholders 18

1.1.3. Target Audience 19

1.1.4. Report Scope 19

CHAPTER NO. 2 : EXECUTIVE SUMMARY 20

2.1. Military Aircraft Modernization Market Snapshot 20

2.1.1. Thailand Military Aircraft Modernization Market, 2018 – 2032 (USD Million) 21

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 22

3.1. Russia-Ukraine and Israel-Palestine War Impacts 22

CHAPTER NO. 4 : MILITARY AIRCRAFT MODERNIZATION MARKET – INDUSTRY ANALYSIS 23

4.1. Introduction 23

4.2. Market Drivers 24

4.2.1. Growing geopolitical tensions and military spending 24

4.2.2. Technological advancements in avionics and weapon systems 25

4.3. Market Restraints 26

4.3.1. High costs associated with modernization programs 26

4.4. Market Opportunities 27

4.4.1. Integration of AI and autonomous capabilities in legacy aircraft systems 27

4.5. Porter’s Five Forces Analysis 28

4.6. Buying Criteria 29

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 30

5.1. Import Analysis by Thailand 30

5.1.1. Thailand Military Aircraft Modernization Market Import Volume/Revenue, By Thailand, 2018 – 2023 30

5.2. Export Analysis by Thailand 31

5.2.1. Thailand Military Aircraft Modernization Market Export Volume/Revenue, By Thailand, 2018 – 2023 31

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 32

6.1. Demand Analysis by Thailand 32

6.1.1. Thailand Military Aircraft Modernization Market Demand Volume/Revenue, By Thailand, 2018 – 2023 32

6.2. Supply Analysis by Thailand 33

6.2.1. Thailand Military Aircraft Modernization Market Supply Volume/Revenue, By Thailand, 2018 – 2023 33

CHAPTER NO. 7 : PRODUCTION ANALYSIS 34

7.1. Production Analysis by Thailand 34

7.1.1. Thailand Military Aircraft Modernization Market Production Volume/Revenue, By Thailand, 2018 – 2023 34

CHAPTER NO. 8 : PRICE ANALYSIS 35

8.1. Price Analysis by Type 35

8.1.1. Thailand Military Aircraft Modernization Market Price, By Type, 2018 – 2023 35

8.1.2. Thailand Type Market Price, By Type, 2018 – 2023 35

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 36

9.1. Key Raw Materials and Suppliers 36

9.2. Key Raw Materials Price Trend 36

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 37

10.1. Manufacturing Cost Analysis 37

10.2. Manufacturing Process 37

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 38

11.1. Company Market Share Analysis – 2023 38

11.2. Value Chain Analysis 38

11.2.1. Thailand Military Aircraft Modernization Market: Company Market Share, by Volume, 2023 39

11.2.2. Thailand Military Aircraft Modernization Market: Company Market Share, by Revenue, 2023 40

11.2.3. Thailand Military Aircraft Modernization Market: Top 6 Company Market Share, by Revenue, 2023 40

11.2.4. Thailand Military Aircraft Modernization Market: Top 3 Company Market Share, by Revenue, 2023 41

11.3. Thailand Military Aircraft Modernization Market Company Volume Market Share, 2023 42

11.4. Thailand Military Aircraft Modernization Market Company Revenue Market Share, 2023 43

11.5. Company Assessment Metrics, 2023 43

11.5.1. Stars 43

11.5.2. Emerging Leaders 43

11.5.3. Pervasive Players 43

11.5.4. Participants 43

11.6. Start-ups /SMEs Assessment Metrics, 2023 43

11.6.1. Progressive Companies 43

11.6.2. Responsive Companies 44

11.6.3. Dynamic Companies 44

11.6.4. Starting Blocks 44

11.7. Strategic Developments 45

11.7.1. Acquisitions & Mergers 45

New Product Launch 45

Thailand Expansion 45

11.8. Key Players Product Matrix 46

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 47

12.1. PESTEL 47

12.1.1. Political Factors 47

12.1.2. Economic Factors 47

12.1.3. Social Factors 47

12.1.4. Technological Factors 47

12.1.5. Environmental Factors 47

12.1.6. Legal Factors 47

12.2. Adjacent Market Analysis 47

CHAPTER NO. 13 : MILITARY AIRCRAFT MODERNIZATION MARKET – BY TYPE SEGMENT ANALYSIS 48

13.1. Military Aircraft Modernization Market Overview, by Type Segment 48

13.1.1. Military Aircraft Modernization Market Revenue Share, By Type, 2023 & 2032 49

13.1.2. Military Aircraft Modernization Market Attractiveness Analysis, By Type 50

13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 50

13.1.4. Military Aircraft Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 51

13.2. Fighter Aircraft 52

13.3. Transport Aircraft 53

13.4. Helicopters 54

13.5. Special Mission Aircraft 55

CHAPTER NO. 14 : MILITARY AIRCRAFT MODERNIZATION MARKET – BY MODERNIZATION SEGMENT ANALYSIS 56

14.1. Military Aircraft Modernization Market Overview, by Modernization Segment 56

14.1.1. Military Aircraft Modernization Market Revenue Share, By Modernization, 2023 & 2032 57

14.1.2. Military Aircraft Modernization Market Attractiveness Analysis, By Modernization 58

14.1.3. Incremental Revenue Growth Opportunity, by Modernization, 2024 – 2032 58

14.1.4. Military Aircraft Modernization Market Revenue, By Modernization, 2018, 2023, 2027 & 2032 59

14.2. Avionics 60

14.3. Engine Upgrades 61

14.4. Structural Modifications 62

14.5. Weapon System Upgrades 63

CHAPTER NO. 15 : MILITARY AIRCRAFT MODERNIZATION MARKET – BY COMPONENT SEGMENT ANALYSIS 64

15.1. Military Aircraft Modernization Market Overview, by Component Segment 64

15.1.1. Military Aircraft Modernization Market Revenue Share, By Component, 2023 & 2032 65

15.1.2. Military Aircraft Modernization Market Attractiveness Analysis, By Component 66

15.1.3. Incremental Revenue Growth Opportunity, by Component, 2024 – 2032 66

15.1.4. Military Aircraft Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 67

15.2. Hardware 68

15.3. Software 69

CHAPTER NO. 16 : MILITARY AIRCRAFT MODERNIZATION MARKET – THAILAND ANALYSIS 70

16.1. Type 70

16.1.1. Thailand Military Aircraft Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 70

16.2. Thailand Military Aircraft Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 70

16.3. Modernization 71

16.3.1. Thailand Military Aircraft Modernization Market Revenue, By Modernization, 2018 – 2023 (USD Million) 71

16.3.2. Thailand Military Aircraft Modernization Market Revenue, By Modernization, 2024 – 2032 (USD Million) 71

16.4. Component 72

16.4.1. Thailand Military Aircraft Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 72

16.4.2. Thailand Military Aircraft Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 72

CHAPTER NO. 17 : COMPANY PROFILES 73

17.1. Hindustan Aeronautics Limited (HAL) 73

17.1.1. Company Overview 73

17.1.2. Product Portfolio 73

17.1.3. Swot Analysis 73

17.1.4. Business Strategy 74

17.1.5. Financial Overview 74

17.2. Mitsubishi Heavy Industries 75

17.3. Korea Aerospace Industries (KAI) 75

17.4. Aviation Industry Corporation of China (AVIC) 75

17.5. Kawasaki Heavy Industries 75

17.6. Singapore Technologies Engineering 75

17.7. Tata Advanced Systems Limited 75

17.8. PT Dirgantara Indonesia 75

17.9. IHI Corporation 75

17.10. Chengdu Aircraft Corporation 75

List of Figures

FIG NO. 1. Thailand Military Aircraft Modernization Market Revenue, 2018 – 2032 (USD Million) 22

FIG NO. 2. Porter’s Five Forces Analysis for Thailand Military Aircraft Modernization Market 29

FIG NO. 3. Thailand Military Aircraft Modernization Market Import Volume/Revenue, By Thailand, 2018 – 2023 31

FIG NO. 4. Thailand Military Aircraft Modernization Market Export Volume/Revenue, By Thailand, 2018 – 2023 32

FIG NO. 5. Thailand Military Aircraft Modernization Market Demand Volume/Revenue, By Thailand, 2018 – 2023 33

FIG NO. 6. Thailand Military Aircraft Modernization Market Supply Volume/Revenue, By Thailand, 2018 – 2023 34

FIG NO. 7. Thailand Military Aircraft Modernization Market Production Volume/Revenue, By Thailand, 2018 – 2023 35

FIG NO. 8. Thailand Military Aircraft Modernization Market Price, By Type, 2018 – 2023 36

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 37

FIG NO. 10. Manufacturing Cost Analysis 38

FIG NO. 11. Manufacturing Process 38

FIG NO. 12. Value Chain Analysis for Thailand Military Aircraft Modernization Market 39

FIG NO. 13. Company Share Analysis, 2023 40

FIG NO. 14. Company Share Analysis, 2023 41

FIG NO. 15. Company Share Analysis, 2023 41

FIG NO. 16. Company Share Analysis, 2023 42

FIG NO. 17. Military Aircraft Modernization Market – Company Volume Market Share, 2023 43

FIG NO. 18. Military Aircraft Modernization Market – Company Revenue Market Share, 2023 44

FIG NO. 19. Military Aircraft Modernization Market Revenue Share, By Type, 2023 & 2032 50

FIG NO. 20. Market Attractiveness Analysis, By Type 51

FIG NO. 21. Incremental Revenue Growth Opportunity by Type, 2024 – 2032 51

FIG NO. 22. Military Aircraft Modernization Market Revenue, By Type, 2018, 2023, 2027 & 2032 52

FIG NO. 23. Thailand Military Aircraft Modernization Market for Fighter Aircraft, Revenue (USD Million) 2018 – 2032 53

FIG NO. 24. Thailand Military Aircraft Modernization Market for Transport Aircraft, Revenue (USD Million) 2018 – 2032 54

FIG NO. 25. Thailand Military Aircraft Modernization Market for Helicopters, Revenue (USD Million) 2018 – 2032 55

FIG NO. 26. Thailand Military Aircraft Modernization Market for Special Mission Aircraft, Revenue (USD Million) 2018 – 2032 56

FIG NO. 27. Military Aircraft Modernization Market Revenue Share, By Modernization, 2023 & 2032 58

FIG NO. 28. Market Attractiveness Analysis, By Modernization 59

FIG NO. 29. Incremental Revenue Growth Opportunity by Modernization, 2024 – 2032 59

FIG NO. 30. Military Aircraft Modernization Market Revenue, By Modernization, 2018, 2023, 2027 & 2032 60

FIG NO. 31. Thailand Military Aircraft Modernization Market for Avionics, Revenue (USD Million) 2018 – 2032 61

FIG NO. 32. Thailand Military Aircraft Modernization Market for Engine Upgrades, Revenue (USD Million) 2018 – 2032 62

FIG NO. 33. Thailand Military Aircraft Modernization Market for Structural Modifications, Revenue (USD Million) 2018 – 2032 63

FIG NO. 34. Thailand Military Aircraft Modernization Market for Weapon System Upgrades, Revenue (USD Million) 2018 – 2032 64

FIG NO. 35. Military Aircraft Modernization Market Revenue Share, By Component, 2023 & 2032 66

FIG NO. 36. Market Attractiveness Analysis, By Component 67

FIG NO. 37. Incremental Revenue Growth Opportunity by Component, 2024 – 2032 67

FIG NO. 38. Military Aircraft Modernization Market Revenue, By Component, 2018, 2023, 2027 & 2032 68

FIG NO. 39. Thailand Military Aircraft Modernization Market for Hardware, Revenue (USD Million) 2018 – 2032 69

FIG NO. 40. Thailand Military Aircraft Modernization Market for Software, Revenue (USD Million) 2018 – 2032 70

List of Tables

TABLE NO. 1. : Thailand Military Aircraft Modernization Market: Snapshot 21

TABLE NO. 2. : Drivers for the Military Aircraft Modernization Market: Impact Analysis 25

TABLE NO. 3. : Restraints for the Military Aircraft Modernization Market: Impact Analysis 27

TABLE NO. 4. : Thailand Military Aircraft Modernization Market Revenue, By Type, 2018 – 2023 36

TABLE NO. 5. : Key Raw Materials & Suppliers 37

TABLE NO. 6. : Thailand Military Aircraft Modernization Market Revenue, By Type, 2018 – 2023 (USD Million) 71

TABLE NO. 7. : Thailand Military Aircraft Modernization Market Revenue, By Type, 2024 – 2032 (USD Million) 71

TABLE NO. 8. : Thailand Military Aircraft Modernization Market Revenue, By Modernization, 2018 – 2023 (USD Million) 72

TABLE NO. 9. : Thailand Military Aircraft Modernization Market Revenue, By Modernization, 2024 – 2032 (USD Million) 72

TABLE NO. 10. : Thailand Military Aircraft Modernization Market Revenue, By Component, 2018 – 2023 (USD Million) 73

TABLE NO. 11. : Thailand Military Aircraft Modernization Market Revenue, By Component, 2024 – 2032 (USD Million) 73

Frequently Asked Questions

What is the current size of the Thailand Military Aircraft Modernization market?

The Thailand Military Aircraft Modernization market is valued at USD 181.67 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.98%, reaching USD 335.87 million by 2032.

What factors are driving the growth of the Thailand Military Aircraft Modernization market?

Growth is driven by increasing regional security threats, the need to upgrade aging aircraft fleets, advancements in technologies like stealth and UAVs, and strategic defense collaborations. Rising defense budgets and a focus on multi-role aircraft also play a significant role in boosting the market.

What are the key segments within the Thailand Military Aircraft Modernization market?

The market is segmented by aircraft type into Fighter Aircraft, Transport Aircraft, Helicopters, and Special Mission Aircraft. Modernization efforts include Avionics, Engine Upgrades, Structural Modifications, and Weapon System Enhancements. Key geographic areas driving modernization include Bangkok, the Eastern Economic Corridor, Chiang Mai, and Southern Thailand.

What are some challenges faced by the Thailand Military Aircraft Modernization market?

Major challenges include the high cost of modernization, limited defense budget allocation, and reliance on international suppliers for advanced technologies. Geopolitical and technological barriers, along with the complexity of integrating new systems into legacy platforms, further complicate modernization efforts.

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