According to the new research report titled “Decoy Flares Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 3,547.07 million by 2027, registering a CAGR of 14.4% from 2020 to 2027.
Decoys are widely used by defense aircraft carriers and helicopter carriers owing to their easy integration. The IR-guided missiles approaching the aircraft are difficult to locate compared to the radar-guided missiles. Once the incoming missile is detected, decoy flares are deployed manually or automatically to counter it. Besides military use, the decoy flares are also implemented in civilian aircraft units and helicopters in volatile regions of the world to counter the threat from terrorism. A flare or a decoy flare is an infrared (IR) aerial countermeasure used by combat aircraft and helicopters to counter the incoming threat of heat-seeking missiles launched from surfaces on ground or in air.
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Thus, continuous increase in defense expenditures and upgrading of existing fighter jets, leading to the surging procurement of advanced fighter and transport aircraft, drives the growth of the global decoy flares market. Further, increasing Initiatives by the key market players are anticipated to bolster the growth of the decoy flares market during the forecast period. However, the difficulties associated with the decoy flares hinders the market growth.
Key Findings of Study:
The global decoy flares market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). The market in Europe is projected to experience a significant pace during the forecast period.
Several decoy flares market players are focusing on significant strategic initiatives; for instance, in March 2019, TransDigm Group Incorporated acquired Esterline Technologies Corporation for US$ 3.9 billion. Similarly, in November 2018, Elbit Systems Ltd. acquired IMI Systems Ltd. to offer an enhanced portfolio of products in defense systems. The IMI Systems’ unique combination and capabilities in the defense system enable the customers to enjoy the benefit of high-standard quality solutions and to cope up with demanding challenges of the future battlefield. On December 2018, Premier Explosives Limited entered into a Memorandum of Agreement (MoA) with the Indian Air Force (IAF) for the design and development of chaffs and flares. This project was planned to be executed within 52 weeks at the company’s cost. Premier Explosives Limited was also eligible for the protection of Intellectual Property Rights (IPR) as per the Defence Procurement Policy 2016.
Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers. However, the emergence of the COVID-19 pandemic resulted in the reduction in the manufacturing volumes of aircraft per model, along with the receding of the production of various defense equipment, weaponry, and countermeasure products. The decline in production volumes is majorly attributed to human movement restrictions, which led the aircraft and other defense product manufacturers to operate with a limited workforce. This has further slightly diminished the growth rate of the decoy flares market during Q1 and Q2 of 2020. However, most of the defense contracts are of a longer period, which has helped the contractors maintain their operational efficiency. Since the defense aircraft manufacturers continued their production with an aim to deliver the products to respective customers on-time, the demand for decoy flares continued to flow at a slower rate. However, disruptions in supply chain have also led to the decoy flare market revenue drop.
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The Insight Partners
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.