Corax
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I agree with the point about the KAAN replacing the Viper, but I don't think we'll see the PAF pursue a separate FGFA fighter program. I believe the future of the PAF will pretty much be the FGFA, J-10CE, and JF-17 (from current to future variants). Each of those fighter types brings a specific set of capabilities (e.g., payload, range and stealth in the KAAN; adept air-to-air in the J-10CE; affordability and numbers in the JF-17). Provided that their respective electronics suites are modern and they are compatible with the latest munitions, they'll do fine in their respective roles.
The way I see it, the KAAN and J-10CE would form the offensive speartip of the PAF. These are the aircraft the PAF will send into Swift Retort-type missions, i.e., a nucleus of a few KAAN (carrying SOWs) plus J-10CEs with LRAAMs. The PAF will further complement them with UCAVs, be it loyal wingman with LRAAMS or strike UCAVs with PGBs. Moreover, a number of KAANs will likely take up the maritime support role too.
However, the JF-17 (especially a later variant as @arslank03 explained) would continue forming the workhorse of the fleet. This fighter will take the lead in guarding Pakistani airspace, supporting the offensive formations where necessary, carrying out the bulk of strikes in border disputes, and possibly -- down the line -- CAS (when equipped with a guided dispenser munition, ARMs, AGMs, etc).
IMO... by 2040 the PAF could be aiming for 90 FGFAs, 150 J-10CEs, and 90-150 JF-17s.
I'm slightly sceptical of whether the PAF will keep that many JF-17s operational by 2040, and there's only so much you can do with the aiframe of the JF-17 until it essentially becomes a completely new design. Yes, funding is always going to be an issues, when is it never? But here we are with all the current doom and gloom and the PAF is signing up to the KAAN project, as well as countless other ongoing armed forces projects, so make of that what you will. The main reason why I think an altogether different single engine FGFA programme could be on the cards is synergies with an optional unmanned loyal wing variant, as well as using the lessons learnt from the JF-17 programme and extend those to a nex gen type. Moreover, if we assume just 90 FGFAs and the rest of a c. 400 fleet comprising J-10s and JF-17s, that still means three quarters of the PAF fleet comprising previous gen platforms, which in my view won't cut it past 2040. A fleet comprising 90-100 KAAN, 100-150 single engine FGFA, 50 loyal wingman variant, and 60-90 J-10C would be better suited by 2040-50, in my view.