Market Research Report
Global Weapons Carriage & Release System Market - 2019-2026
|Published by||DataM Intelligence||Product code||914693|
|Published||Content info||130-180 Pages
Delivery time: 1-2 business days
|Global Weapons Carriage & Release System Market - 2019-2026|
|Published: October 19, 2019||Content info: 130-180 Pages||
The global Weapons Carriage & Release System Market expected to reach $XX billion by 2026, at a CAGR of over 5% during the forecast period. Factors such as the increasing number of security violation incidents by such unauthorized unmanned aerial vehicles (UAVs) coupled with increased military and defense expenditure from developing nations are expected to drive the market over the forecast period.
Weapons Carriage & Release System is the system to store and release weapons using for fast jets, rotorcraft, and Unmanned Aerial Vehicles. Weapons Carriage and Release products may include a range of missile launchers, bomb racks, ejection launchers, etc.
The report covers all the major trends and drivers playing a vital role in the growth of the global Weapons Carriage & Release System Market. The market has been segmented based on region, Platform, Type, and Component.
The Weapons Carriage & Release System Market growth is primarily driven by the rising defense and military expenditure by developing and developed countries globally. For instance, according to the Stockholm International Peace Research Institute (SIPRI), total world military expenditure rose to $1,822 billion in 2018, representing an increase of 2.6 percent from 2017. The five biggest spenders in 2018 were the United States, China, Saudi Arabia, India, and France, which together accounted for 60% of global military spending. The growth in total spending in 2018 was largely influenced by expenditure patterns in the Americas and Asia and Oceania, in particular by substantial rises in military expenditure by the United States and China.
In the US, For Fiscal Year 2019 (FY2019), the Department of Defense's budget authority is approximately US$693.05 Billion. The rise in US military spending can be attributed to two factors: a 2.4 percent increase in the salaries of military personnel; and the implementation of large and costly conventional and nuclear arms acquisition programs.
Therefore, growing preference for technologically advanced weapon systems, increasing the military budget coupled with the development of common and scalable launch systems, is providing opportunities for market growth.
By Platform, the global Weapons Carriage & Release System Market is segmented into Fighter Jets, Combat Support Aircraft, Helicopters, and Unmanned Aerial Vehicles (UAVs). UAVs segment is expected to witness highest growth over the forecast period. UAVs are now being largely used in performing ISR missions, target recognition, and electronic warfare. Defense ministries around the world are investing in this capability, to reduce troop casualties, and as they are a less costly alternative to manned aircraft.
By type, the global Weapons Carriage & Release System Market is segmented into Air-to-Air and Air-to-Ground. In 2018, Air-to-Ground segment accounted for the majority share in the global market. However, Air-to-Air segment is expected to witness highest growth rate over the forecast period. Weapon carriage and discharge frameworks are utilized for air to ground and aerial arrangements in naval force and flying corps. Companies like Cobham plc offers Air to Ground Bomb Racks and Air to Ground Rail Launchers. Cobham has single, dual, and triple rail launcher systems capable of integrating Hellfire & Brimstone class missiles for use on all types of aircraft, from helicopters to light attack to fast jets.
By geography, the global Weapons Carriage & Release System Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, North America and Europe dominated the global weapons carriage and release systems market. However, APAC is expected to emerge as a lucrative region, owing to low production costs, low maintenance costs, and availability of cheap labor with adequate expertise in the field. Moreover, rise in expenditure in defense sector by emerging countries like China and India to modernize military with technologically advanced equipment, the APAC market is expected to witness the highest CAGR over the forecast period.
Europe is expected to witness steady growth rate over the forecast period owing to a rise in the deployment of fighter aircraft, such as Eurofighter Typhoon, Dassault Rafale, Saab Gripen, and F-35, in various European countries, including the UK, Italy, Turkey, and Finland. The induction of UAVs loaded with missiles and bombs for combat roles has also led to an increase in demand for weapons carriage & release systems in Europe.
Global Weapons Carriage & Release System Market is moderately consolidated with the presence of global and regional players in the market. Some major players in the market are Cobham PLC, Raytheon Company, Harris Corporation, Ultra Electronics, Marvin Group, Marotta Controls, Rafaut Group, Moog, Inc., Ruag Group, Ferra Engineering Pty Ltd, Systima Technologies Inc, Alkan, and among others.
In June 2019, Harris Corporation announced its merger with L3 Technologies. The two merged companies will be renamed L3 Harris Technologies, Inc., with the shares of L3 Harris common stock to be traded on the NYSE under the ticker symbol "LHX."
*The Global Weapons Carriage & Release System Market report would provide an access to an approx, 71 market data table, 65 figures and 150 pages.
*List not Exhaustive