Report : Decoy Flares Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Products (Pyrotechnic Flares, Pyrophoric Flares, and Highly Flammable Payloads), Caliber (26 mm, 50 mm, 1”x1”x8” NATO Square Format, and 2”x1”x8” NATO Square Format), Application (Fixed Wing and Rotary Wing), and Geography
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.
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. 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.
The decoy flare market is experiencing significant growth owing to increasing year on year government budgets for national security. Many countries are spending heavily for the procurement of advanced and state-of-the-art combat aircraft. The defense industry market players are heavily investing on the development of innovative countermeasures solutions, such as decoy flares. The increasing implementation of decoy flares in defense aircraft and combat helicopter carriers is propelling the growth of market. However, infrared (IR) flares are less effective when chased by radar-guided missile, which reduces the demand for these flares , thereby hampering the decoy flares market growth.
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.