Oct 19, 2020 4:00 PM ET
iCrowd Newswire – Oct 19, 2020
A decoy flare or flare is an infrared aerial countermeasure used by combat aircrafts and helicopters to counter the incoming threat of heat-seeking missiles launched from surface or air. These decoys are also widely used by defense aircraft carrier as well helicopter carrier owing to its ease of integration. The infrared-guided missiles are difficult to locate as compared to the radar-guided missiles as they approach the aircraft. Once the incoming missile is detected, decoy flares are deployed manually or automatically to counter the missile, which enabling the heavy adoption of decoy flares by armed forces across the world. Besides military use, the decoy flares are also implemented some civilian aircrafts and helicopters to counter the threat from terrorism in volatile regions of the world. The decoy flare market is experiencing significant growth owing to increasing year on year government budgets for national security.
Many countries across the world are heavily spending for the procurement of new advanced state of the art combat aircrafts. In order to cater to the dynamic challenges of defense industry market players are heavily investing to develop innovative countermeasures solutions, which has led to wide adoption of decoy flares. Additionally, heavy adoption of combat helicopter across the world is further fueling the growth of the market.
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According to our latest market study on “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), and Application (Fixed Wing and Rotary Wing),” the market was valued at US$ 1,172.84 million in 2019 and is projected to reach US$ 3,547.07 million by 2027; it is expected to grow at a CAGR of 14.4% from 2020 to 2027.
COVID–19 Impact on Decoy Flares Market
The COVID-19 pandemic has significantly affected the world, and it continues to shatter several countries. 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.
The overall decoy flares market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the decoy flares market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the decoy flares market. Chemring Group PLC, Armtec Defense Technologies, Mil-Spec Industries Corporation, LACROIX, Mechanical and Chemical Industry Corporation, Owen International, Premier Explosives Limited, Rheinmetall AG, Rosoboronexport, Elbit Systems Ltd., TARA Aerospace AD, Ordtech, MBDA, and TransDigm Group Incorporated are among the players operating in the decoy flares market.
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