Decoy Flares Market Continuous Demand Growth with 14.4% of CAGR by 2027

Decoy Flares Market Continuous Demand Growth with 14.4% of CAGR by 2027

“The Insight Partners”
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)” 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.

In response to the international disputes over the last few years, many nations take measures to improve and capitalize their defense status. There has been evolution in threats from the conventional land-based force to hybrid warfare. To address security threats and tackle terrorism, governments of several nations have already started increasing their defense budgets.

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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.

According to the Stockholm International Peace Research Institute (SIPRI), the global defense spending reached US$ 1.92 billion in 2019, with an increase of 3.6% in the spending in previous year, which was the highest one-year increase since 2010The top 5 defense spenders in 2019, which together accounted for 62% of the global defense expenditure, include the US, China, India, Russia, and Saudi Arabia. The increasing geopolitical tensions and trade wars among major countries drive high investments in the defense sector. Thus, continuously growing military budgets is one of the major factors driving the growth of decoy flares market.

Decoy Flares Market – by Products

•             Pyrotechnic Flares

•             Pyrophoric Flares

•             Highly Flammable Payloads

Decoy Flares Market – by Caliber

•             26mm

•             50mm

•             1”x1”x8” NATO Square Format

•             2”x1”x8” NATO Square Format

Decoy Flares Market – by Application

•             Fixed Wing

•             Rotary Wing

Decoy Flares Market – by Geography

•             North America

•             Europe

•             Asia Pacific (APAC)

•             Middle East and Africa (MEA)

•             South America (SAM)

Decoy Flares Market – Companies Mentioned

•             Chemring Group PLC

•             Armtec Defense Technologies

•             Mil-Spec Industries Corporation

•             LACROIX

•             Mechanical and Chemical Industry Corporation

•             Owen International

•             Premier Explosives Limited

•             Rheinmetall AG

•             Rosoboronexport

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