What it holds
Military Aircraft follows the money through the Defense bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Aircraft | military aircraft, military aero engines |
How it breaks down
- United Kingdom42%
- United States37%
- Italy21%
- Large cap ($10bn to $200bn)63%
- Mid cap ($2bn to $10bn)21%
- Small cap (under $2bn)16%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Rolls-Royce Holdings | RR.LSE | $142 billion |
| Lockheed Martin | LMT.XNYS | $145 billion |
| Leonardo - Societa' Per Azioni | LDO.MI | $32 billion |
| Melrose Industries | MRO.LSE | $8 billion |
| Red Cat Holdings | RCAT.XNAS | $750 million |
The market
All aerostructures, mostly commercial; not military only
Allied Market Research, 2025Military aircraft engines market
The Business Research Company, via Research and Markets, 2026Military aircraft engine market
MarkNtel Advisors, 2025Global military aircraft market (aircraft only per snippet; engines and aerostructures not stated as included)
Stratview Research, 2024Military aircraft estimates cluster near USD 48 billion for 2024 except Stratview at USD 58 billion, and the military aero engine estimates range from USD 9.5 billion to USD 34.29 billion, so the disagreement is large. The aerostructures figures are for all aerostructures, mostly commercial, so they are broader than the military segment; I classed the aircraft and engine figures as one part of the segment because the snippets exclude engines and aerostructures from the aircraft figures.
All 25 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| All aerostructures, mostly commercial; not military only (growth, a year) | +6.6% | 2026–2035 | Allied Market Research |
| All aerostructures, mostly commercial; not military only | $75bn | 2025 | Allied Market Research |
| All aerostructures, mostly commercial; not military only | $65bn | 2025 | Research and Markets |
| All aerostructures, mostly commercial; not military only | $61bn | 2023 | MarketsandMarkets |
| All aerostructures, mostly commercial; not military only (CAGR period start not stated in snippet) (growth, a year) | +6.8% | to 2030 | Research and Markets |
| All aerostructures, mostly commercial; not military only (CAGR period start not stated in snippet) (growth, a year) | +6.6% | to 2028 | MarketsandMarkets |
| Global military aero engine market (growth, a year) | +4.5% | 2024–2032 | Dataintelo |
| Global military aero engine market | $9.5bn | 2023 | Dataintelo |
| Global military aircraft market (aircraft only per snippet) (growth, a year) | +5.9% | 2025–2030 | Stratview Research |
| Global military aircraft market (aircraft only per snippet) (growth, a year) | +4.7% | 2025–2034 | Precedence Research |
| Global military aircraft market (aircraft only per snippet) (growth, a year) | +4.7% | 2026–2033 | SkyQuest |
| Global military aircraft market (aircraft only per snippet) (growth, a year) | +4.3% | 2024–2032 | Credence Research |
| Global military aircraft market (aircraft only per snippet) | $48bn | 2024 | Precedence Research |
| Global military aircraft market (aircraft only per snippet) | $48bn | 2024 | SkyQuest |
| Global military aircraft market (aircraft only per snippet) | 48,277.0 USD million | 2024 | Credence Research |
| Global military aircraft market (aircraft only per snippet; engines and aerostructures not stated as included) | $58bn | 2024 | Stratview Research |
| Military aero engine market (growth, a year) | +5.1% | 2026–2033 | Verified Market Reports |
| Military aero engine market | $14bn | 2024 | Verified Market Reports |
| Military aircraft engine market (growth, a year) | +10% | 2026–2032 | MarkNtel Advisors |
| Military aircraft engine market | $34bn | 2025 | MarkNtel Advisors |
| Military aircraft engines market | $18bn | 2025 | The Business Research Company, via Research and Markets |
| Military aircraft engines market | $19bn | 2026 | The Business Research Company, via Research and Markets |
| Military aircraft engines market | 17,896.4 USD million | 2026 | Global Growth Insights |
| Military aircraft engines market (CAGR period start not stated in snippet) (growth, a year) | +3.5% | to 2030 | The Business Research Company, via Research and Markets |
| Military aircraft engines market (CAGR period start not stated in snippet) (growth, a year) | +2.6% | to 2035 | Global Growth Insights |
Questions
- What is Military Aircraft?
- Military aircraft, engines and aerostructures.
- What does Military Aircraft hold?
- Listed companies that earn their revenue from the parts it takes to build Defense Supercycle: Aircraft. 5 companies as of 2026-10-28.
- What is not in Military Aircraft?
- Prime contractor integrated platform programs: Prime / Platform OEM Sleeve, not Aircraft, Shipbuilding, Missiles / Munitions or Space; single-domain pure plays stay in their domain bucket Airborne radar, electronic warfare and avionics sold as subsystems: C4ISR / Electronics, not Aircraft Complete military aero engines and engine modules: Aircraft, not Industrial Base; raw castings, forgings and specialty metals sold to engine makers: Industrial Base, not Aircraft
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: appropriations.house.gov/sites/evo-subsites/republicans-appr · breakingdefense.com/2025/06/pentagon-procurement-budget-fy26 · straitsresearch.com/report/military-aircraft-market · congress.gov/crs-product/R48860 · everycrsreport.com/reports/R48860.html · fortunebusinessinsights.com/military-aircraft-market-102771 · sipri.org/sites/default/files/2025-11/fs_2512_top_100_2024.p · snsinsider.com/press-release/global-military-aircraft-market
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Prime contractor integrated platform programs: Prime / Platform OEM Sleeve, not Aircraft, Shipbuilding, Missiles / Munitions or Space; single-domain pure plays stay in their domain bucket
- Airborne radar, electronic warfare and avionics sold as subsystems: C4ISR / Electronics, not Aircraft
- Complete military aero engines and engine modules: Aircraft, not Industrial Base; raw castings, forgings and specialty metals sold to engine makers: Industrial Base, not Aircraft
- Unmanned aerial systems: Aircraft, not Missiles / Munitions; loitering munitions: Missiles / Munitions, not Aircraft; unmanned ground and naval vessels follow Ground Vehicles and Shipbuilding
- Airframe structures and assemblies: Aircraft, not Industrial Base; raw forgings and specialty metals: Industrial Base, not Aircraft
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.