Northbrook, IL 60062 -- (SBWIRE) -- 06/24/2022 -- The weapons carriage & release systems market is estimated at USD 463 million in 2021 and is projected to reach USD 571 million by 2026, at a CAGR of 4.3% from 2021 to 2026.
The weapons carriage & release systems market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period. The rising demand of different types of missiles with various ranges to defend the nation from various threat is driving the market are fueling the growth of the weapons carriage & release systems market. From short-range anti-aircraft and anti-armor missiles to short, medium, and long range air-to-air and air-to-ground weapons, ballistic and cruise missiles, they are now a vital part of the country's most capable armed forces. The rising adoption of these systems is largely a function of their perceived military effectiveness.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=103469056
Increase in procurement of fighter aircrafts will drive the market
Procurement programs for fighter aircraft around the world have led to a continuous increase in combat aircraft fleets. The increasing fleets of aircraft have created an increasing demand for modular carriage & release systems. These systems are being employed on combat aircraft, combat support aircraft, helicopters, and unmanned aerial vehicles.
The missiles segment is projected to lead the weapons carriage & release system market from 2021 to 2026
Based on weapon type, the weapons carriage & release system market has been classified into missiles, bombs, rockets, and torpedoes. The missiles segment is estimated to account for the largest share of the weapons carriage & release system market in 2021. The growth of this segment can be attributed to the increased deployment of missiles in fighter aircraft, helicopters, and combat support aircraft for a range of operations. Fighter aircraft deploy missiles according to mission needs. They carry air-to-air and air-to-ground missiles having varied range and capabilities. Weapons carriage & release systems are used to carry and release single and multiple missiles. Companies such as ALKAN, L3Harris Corporation, Cobham PLC, and Marvin Engineering, among others, provide weapons carriage & release systems for carrying single and multiple missiles.
Based end user, OEM is projected to lead the weapons carriage & release system market from 2021 to 2026
Based on end use, the weapons carriage & release system market has been classified into original equipment manufacturer (OEM) and aftermarket. The OEM is estimated to be a larger market then aftermarket segment. The weapons carriage & release systems installed in new aircraft are covered under the OEM segment. This segment includes the installation of weapons carriage & release systems in various airborne platforms, including fighter aircraft, combat support aircraft, helicopters, and UAVs. The OEM segment is expected to grow at a higher CAGR. This can be attributed to the increasing inventory of newly inducted airborne platforms, including unmanned aerial vehicles, fourth-, fifth-, and sixth-generation fighter aircraft, and helicopters. The use of these airborne platforms is increasing in applications such as anti-submarine warfare, air-to-ground support, and air defense roles. Moreover, the development of new missiles such as beyond-visual-range missiles, anti-radiation missiles, etc., for newly inducted platforms have also added to the demand at the OEM level.
The North America is projected to grow at a the highest rate within the weapons carriage & release system market from 2021 to 2026
Based on region, North America is projected to grow at the highest rate within the weapons carriage & release system market from 2021 to 2026. Significant investments in R&D activities for the development of advanced weapons carriage and release systems by key players and increased demand for fighter aircraft fleet are some of the factors expected to fuel the growth of the weapons carriage & release system market in this region. The US is expected to drive the growth of the North American weapons carriage & release system market during the forecast period, owing to easy access to various innovative technologies and significant investments being made by manufacturers in the country for the development of improved military weapon systems. Several developments have taken place in the field of weapons carriage & release system in the region. For instance, as per DoD 2019 – Five Year Plan, the US is projected to induct more than 1500 F-35s in the coming years. This is expected to result in an increasing demand for weapon carriage & release systems. Companies such as Harris, Cobham, and others are focusing on the development of internal carriage & release systems for fifth-generation aircraft.
Request Free Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=103469056
Key Market Players
Prominent companies include L3Harris Technologies (US), Cobham PLC (UK), and Systima Technologies (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East and Rest of the World. COVID-19 has impacted their businesses as well.