Countries across the world are increasingly emphasizing improving their defense sector, which has led to several technological advancements, such as decoy flares. Used primarily in the defense & military sector, decoy flares are used to avert an attack coming from a missile. Decoy flares constitute a pyrotechnic structure usually based on magnesium or an alternative hot-burning metal having nearly the same burning temperature or more than engine exhaust.
The Global Decoy Flares Market was prized at USD 2.1 billion in 2022 and is projected to grow at a CAGR of around 5.2% during the forecast period, i.e., 2023-28, stated MarkNtel Advisors in their recently drafted research report. The urge to possess the best defense segment in the world and to have the necessary precautions regarding the threats concerning security and terrorism has propelled the governments of numerous countries to expand and upgrade their defense systems, leading to the elevation of the Global Decoy Flares Market significantly. Moreover, the research report also states that the notable upsurge in the demand and delivery of several aircraft across the world, especially military aircraft, has also aided in the market’s growth.
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Additionally, factors such as geopolitical risks, the rise of the military flying industry, increased concerns regarding terrorism, threats from advanced missiles, rising defense budgets, the expanding use of missile jamming decoys, and advancements in the aircraft industry have contributed to significant growth in the Global Decoy Flares Market. This market is expected to continue its positive trend in the forecast period.
Companies Having a Solid Stance in the Global Decoy Flares Market
BAE Systems Plc, Chemring Group Plc, Elbit Systems Ltd., Etienne Lacroix Group, Leonardo Spa, MBDA, Rheinmetall AG, TransDigm Group Inc., Armtech Defense Technologies, and others, are the major companies retaining a plentiful share in the Global Decoy Flares Market and are continuously evolving to fortify their position in the given industry.
Segmentation Analysis of the Global Decoy Flares Market
- By Type (Pyrotechnic Flares, Pyrophoric Flares, and others)
- By Application (Fixed Wing and Rotary Wing)
- By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
Fixed Wing is predicted to hold the highest share and lead in the Decoy Flares Market in the upcoming years. The growing rise in adoption of the fixed-wing segment in the applications related to military and civil aircraft along with the worldwide expansion of the civil aviation sector to keep up with the advanced security and safety precautions has led to a wide-ranging implementation of the fixed-wing decoy further boosting the overall market.
North America is likely to continue its dominance across the Global Decoy Flares Market. The technological advancements taking place in the regional defense segment and the growing emphasis on upgrading the defense structures along with strong military capacity have emerged as the primary factors leading to the region’s dominance. Moreover, North America’s dominance is also fueled due to the existing manufacturers, the growth of research institutions, and the expansion of aerospace and defense industries.
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