Press Release Description
Global Missile Decoy Systems Market to Grow at a CAGR of 20.59% During 2023-28
The size of Global Missile Decoy Systems Market is projected to grow at a CAGR of 20.59% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is attributed to the ongoing improvement in missile technology, owing to the increasing integration of sensor-based technologies like infrared, radar, and electronic signature, which has presented a challenge for missile defense systems for safeguarding military assets. To address this challenge, major economies worldwide are deploying counter-evasive decoy missiles to divert incoming projectiles launched by allies, thereby ensuring the safety of valuable targets. In parallel, the advancement of aircraft technology, including modern avionics, electronic warfare systems, and radar-absorbent materials, has prompted global economies to develop efficient countermeasures such as mobile surface-to-air missiles.
As technology advances, challenges arise from sophisticated long-range and highly maneuverable cruise missiles, necessitating innovative defense solutions. The appeal of cruise missile-based decoys lies in their ability to replicate flight patterns and characteristics of real missiles, diverting enemy threats. Additionally, sub-surface warfare gained prominence, with countries investing heavily in robust submarine fleets. To enhance the survivability of these submarines against advanced submarine hunting ships, aircraft, and standoff torpedoes, the demand for submarine-fired decoys with sonar-based deception is rising across economies such as China, France, the US, etc. Thus, the continued inclination of economies across the globe to integrate their military assets with advanced weapon technologies is a prominent factor anticipated to drive the revenue growth of the Global Missile Decoy Systems Market in the forecast years, further states the research report, “Global Missile Decoy Systems Market Analysis, 2023.”
Radar Decoy Systems to Hold Considerable Market Share in the Global Missile Decoy Systems Market
Based on the Function, the market is further bifurcated into, infrared decoy systems, radar decoy systems, laser decoy systems, electronic warfare decoy systems, and Others (Acoustic, Visual, etc.). Among them, Radar Decoy Systems are anticipated to hold a substantial market share in the Global Missile Decoy Systems Market in the forecast years, driven by the evolution of radar technologies including Passive and Active Electronically Scanned Array on naval & air platforms globally.
Moreover, radars have the advantage of long stand-off ranges and have high versatility which allows air, land, and naval platforms to early detect and evade of multiple types of incoming radar-guided threats. As a result, economies such as the US, Germany, India, and the UK, etc., are increasingly deploying radar-guided missile decoys such as Nulka, & AN/ALE-50, etc., in their military aircraft & naval systems.
Further, the inclination of the countries across North & South America, Asia-Pacific, Europe, and the Middle East & Africa, is surging towards acquiring advanced electronic warfare systems, as global tensions are emerging across Russia and Ukraine. Thus, the need for the new deployment of advanced radar decoy systems and replacing the existing ones would continue to emerge in the coming years as well.
North America to Hold Sizeable Market Share in the Global Missile Decoy Systems Market
Geographically, the Global Missile Decoy Systems Market is bifurcated into North America, South America, Europe, the Middle East & Africa, and Asia-Pacific. Among them, North America is anticipated to witness a substantial demand for the deployment of missile decoy systems in the forecast years, driven by increased military hardware deployment activities and investments in integrating missile decoys for military & country asset protection. Manufacturers such as BAR Systems, Leaonardo, and Rathyon, etc., are increasingly collaborating with the militaries of North American countries to deploy advanced decoy systems in their air, and naval fleets. As, the US & Canada are active members of NATO, there exists a need to maintain strong military capabilities to fulfill obligations in case any member faces a military threat, as NATO operates on the principle of collective defense. This sustained need for advanced counter technologies is projected to fuel the demand for missile decoys, contributing to North America's overall market growth.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (Raytheon Technologies Corporation, BAE Systems, Leonardo S.p.A., Bharat Electronics Ltd., Terma, Elbit Systems Ltd., Safran, Rheinmetall AG, Mitsubishi Heavy Industries, Lacriox, System Engineering & Assessment, JSK Naval Support, and Others) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various regions, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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