The Weapons Carriage And Release Systems Market is estimated to be valued at US$ 482.91 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Weapons carriage and release systems are used in military aircraft to carry and release various types of ordnance such as bombs, missiles, rockets, etc. during combat missions. These systems consist of carriages, racks and pylons to carry weapons externally and software controlled mechanisms to release ordnance when required. They offer several benefits such as high payload capacity, flexibility in weapon selection, and ease of maintenance. With growing defense budgets and modernization of air forces worldwide, the demand for these systems is increasing.
Market Dynamics:
The weapons carriage and release systems market is driven by the modernization of aging fighter jet fleets and procurement of new generation combat aircraft by armed forces globally. Many countries are upgrading their existing fleets of fourth-generation fighter jets with advanced weapons carriage and release systems to increase their weapons loading and integration capabilities. For instance, the U.S. is engaged in upgrading F-15, F-16, and F/A-18 fleets. Similarly, the rapid procurement of fifth-generation stealth fighter jets such as F-35 by U.S. and its allies is further fueling market growth. Between 2015-2019, over 500 F-35 aircraft were ordered by U.S. and its allies. Furthermore, growing geopolitical tensions and territorial conflicts have increased defense budgets of many nations, translating into higher demand for military aircraft and associated weapons carriage systems.
Segment Analysis
The weapons carriage and release systems market is segmented into aircraft type and system type. By aircraft type, the fighter aircraft segment dominates the market as these aircraft require high-tech weapons carriage and release systems to carry missiles, bombs, rockets etc. There is an increase in procurement of advanced fighter jets by countries globally which is fuelling the demand for weapons carriage and release systems in this segment.
PEST Analysis
Political: Increase in defense budget of major economies and rise in geo-political tensions is driving demand. Governments are procuring more military equipment including advanced fighter jets.
Economic: Rise in GDP has increased defense spending of developing nations. Growing economy propels the procurement of advanced weapons.
Social: Risk of terrorist activities and issues related to national security have increased military upgrades.
Technological: Demand is driven by integration of advanced technologies like internet of things, artificial intelligence etc in military platforms. This necessitates advanced weapons carriage and release systems.
Key Takeaways
Global Weapons Carriage And Release Systems Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing procurement of advanced fighter aircraft globally especially in Asia Pacific region.
The Asia Pacific region dominates the market and is expected to witness fastest growth due to rising defense budgets and procurement of fighter aircraft by major economies like China and India. China is procuring J-20 and J-10C while India has procured Rafale and plans to procure additional aircraft.
Key players operating in the weapons carriage and release systems market are Cobham (U.K.), Harris Corporation (U.S.), AVIC (China), Raytheon (U.S.), Moog (U.S.), Ultra Electronics (U.K.), Circor Aerospace & Defense (U.S.), Systima Technologies (U.S.), Marotta Controls (U.S.), and AEREA S.p.A (Italy). Major players are focusing on offering innovative and customized systems for integration on various aircraft to gain more contracts.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
