Bell-Boeing, a joint venture (JV) between The Boeing Company BA and Bell Helicopter — a unit of Textron Inc. TXT — recently secured a modification contract involving the V-22 aircraft program. Work related to the deal is scheduled to be completed by September 2024. Details of the DealValued at $170.4 million, the contract was awarded by the Naval Air Systems Command, Patuxent River, MD. Per the terms, the JV will conduct the production and delivery of one CMV-22B variation in quantity aircraft for the U.S. Navy and exercise options for V-22 Common Configuration Readiness and Modernization (CC-RAM) Lot 4 requirements.Majority of the task will be executed in Ridley Park, PA. Growing Jet Demand & V-22 JetsA rapid increase in terror attacks has compelled nations to strengthen their arsenal and bump up defense budget. With the United States being the largest exporter of defense equipment across the world, the nation enjoys a steady flow of contracts for its combat-proven weaponries from both Pentagon and its foreign allies. With military jets and helicopters constituting a major portion of a nation’s armaments, there is a steady flow of contracts for these weaponries.Notably, Bell-Boeing’s primary product, V-22 Osprey is a family of multi-mission, tiltrotor military aircraft with both vertical as well as short takeoff and landing capabilities. It is designed to combine the functionality of a conventional helicopter with long-range, high-speed cruise performance of a turboprop aircraft. Notably, the CMV-22B is a variant of the V-22 family of jets and fulfills the Joint Force Maritime Component Commander (JFMCC) time-critical logistics air connector requirements by transporting personnel, mail and priority cargo from advance bases to the seabase.Apart from its wide usage domestically, this family of tiltrotors has been deployed in numerous missions overseas including casualty evacuation, tactical recovery of aircraft and personnel, humanitarian assistance/disaster relief, resupply, and VIP transport along with theater security cooperation. No doubt with growing demand for military aircraft these tiltrotors enjoy a decent demand pool across the globe. The latest deal win is a bright example of that.Prospects for Jet ManufacturersPer a forecast made by Research and Markets firm, the global military aircraft market size is projected to register CAGR of above 2.5% during the 2020-2025 period. This surely is going to benefit major U.S. combat aircraft manufacturers like Bell-Boeing, Lockheed LMT and Northrop Grumman NOC, with North America dominating this market space.Price Movement & Zacks RankTextron’s stock has gained 8.1% in the past year against the industry’s decline of 24.5%. Boeing’s shares have lost 32.3% in the past year compared with the industry’s decline of 24.5%. While Textron currently carries a Zacks Rank #3 (Hold), Boeing has a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot stocks we're targeting >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Northrop Grumman Corporation (NOC): Free Stock Analysis Report The Boeing Company (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research