LONDON--(BUSINESS WIRE)--The global decoy flares market research report from Technavio projects an incremental growth of USD 149.32 million, progressing at a CAGR of over 4% during the forecast period. The report indicates negative growth in the short term as the business impact of COVID-19 spreads.
"One of the primary growth drivers for this market is the increase in aircraft deliveries”, says a senior analyst for Industrials at Technavio. The number of aircraft deliveries, especially military aircraft is increasing significantly worldwide. Military aircraft use decoy flares as a defensive mechanism to avoid being detected and attacked by air defense systems. Therefore, the rising focus on the production of newer aircraft will positively influence the growth of the global decoy flares market during the forecast period. In addition, the growing development of missile jamming decoys is expected to further boost market growth.
Decoy Flares Market Segment Highlights for 2020
- The decoy flares market is expected to post a year-over-year growth rate of 3.63%.
- Based on the application, the market registered maximum growth in the aircraft segment in 2019. The growth of the segment is driven by factors such as growing demand for advanced military aircraft and increasing demand for advanced countermeasure systems.
- The market growth in the segment will be significant over the forecast period.
- 38% of the growth will originate from the North America region.
- The market in North America is mainly driven by the increase in military aircraft sales. Besides, the increased demand for light attack and surveillance aircraft, tanks, missiles, rockets, artillery, guns, and ammunition is contributing to the growth of the decoy flares market in North America.
- The US is the key market for decoy flares in North America. Market growth in this region will be faster than the growth of the market in Europe, MEA, and South America.
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- The decoy flares market size is expected to accelerate at a CAGR of over 4% during the forecast period.
- The decoy flares market is segmented Application (Aircraft and Rotorcraft) and Geography (North America, Europe, APAC, South America, and MEA).
- The market is concentrated due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including BAE Systems Plc, Chemring Group Plc, Elbit Systems Ltd., Etienne Lacroix Group, Leonardo Spa, MBDA, Rheinmetall AG, and TransDigm Group Inc.
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