Decoy Flares Market To Reach USD 4.9 Billion By 2032 | DataHorizzon Research
The decoy flares market size was valued at USD 1.9 Billion in 2023 and is expected to reach a market size of USD 4.9 Billion by 2032 at a CAGR of 10.4%.
Fort Collins, Colorado, May 10, 2024 (GLOBE NEWSWIRE) -- *
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*Technological advances in the military and warfare are crucial for decoy flares market growth.*
The advancement of military aircraft fleets globally is a crucial driver for the *decoy flares market.* Governments are heavily investing in upgrading their aerial defense capabilities to address evolving threats. For instance, the U.S. Air Force is modernizing its F-16 fighter jet fleet with advanced countermeasure systems, including cutting-edge decoy flares. The allocation of USD 11.7 billion in the fiscal year 2022 budget by the U.S. Department of Defense for aircraft procurement and related systems underscores the continued emphasis on fleet modernization.
Rising geopolitical tensions across various regions worldwide have spurred an increased demand for decoy flares. Countries prioritize reinforcing their aerial defense capabilities to deter potential adversaries and safeguard their airspace. Ongoing conflicts in the Middle East and growing tensions in the Asia-Pacific region have driven the demand for advanced countermeasure solutions like decoy flares. According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure reached USD 1.98 trillion in 2020, indicating a significant rise in investments in defense capabilities.
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*Segmentation Overview:*
*The decoy flares market has been segmented into flare type, caliber, application, and region.*
*The fixed-wing segment registered a significant market share in 2023.*
· Based on the market segmentation by application, the fixed-wing segment accounted for the largest market share in the decoy flares market in 2023. Fixed-wing aircraft, such as fighter jets, bombers, and transport planes, are the primary users of decoy flares.
*The pyrotechnic flare segment accounted for a robust market share in 2023.*
· Based on the market segmentation by flare type, the pyrotechnic flare segment held the largest market share in the decoy flares market. Pyrotechnic flares have been widely adopted due to their cost-effectiveness, reliability, and ease of integration with existing countermeasure systems.
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*Decoy Flares Market Report Highlights:*
· The decoy flares market growth is anticipated at a *CAGR of 10.4% by 2032.*
· The upcoming trends are the development of advanced, multispectral decoy flares and the integration of intelligent, programmable flare systems.
· The Asia-Pacific region is expected to witness the fastest growth in the decoy flares market in the near future. Countries like China, India, and Japan are investing heavily in strengthening their aerial defense capabilities, driven by regional geopolitical tensions and the need to modernize their military aircraft fleets.
· Some prominent players in the decoy flares market report include Chemring Group PLC, Esterline Technologies Corporation, IMI Systems Ltd., Rheinmetall AG, Lacroix Defense, Elbit Systems Ltd., Armtrac Limited, Rostec, MBDA, RAFAUT Group, Expal Systems, and Curtiss-Wright Corporation.
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