Market Trends of Decoys And Dispensers Industry
Fixed Wing Aircraft is Expected to Dominate the Market During the Forecast Period
Fighter jets, bombers, transport planes, and UAVs are integral to national security and equipped with sophisticated avionics and weapon systems to maintain a strategic edge. However, this advanced technology also makes them susceptible to modern threats like heat-seeking missiles, driving the need for innovative countermeasures to protect these assets.
Rising warfare situations, political disputes among neighboring countries, and a growing number of cross-border conflicts lead to growing spending on the defense sector. For instance, in January 2024, the US Department of Defense (DoD) awarded a USD 31 million contract modification to Chemring Australia, a global supplier of aerial countermeasures to support various F-35 Joint Strike Fighter nations with 19,570 MJU-68/B flare infrared (IR) decoys. Thus, increasing procurement of fighter jets and rising expenditure on military aircraft modernization programs are expected to drive the market's growth during the forecast period.
Asia-Pacific is Expected to Witness Significant Growth During the Forecast Period
Asia-Pacific is expected to witness significant growth during the forecast period. By the end of 2023, there were 15,653 active aircraft in the Asia-Pacific region, of which fixed-wing aircraft accounted for 60% while rotorcraft accounted for the remaining fleet. China, India, Japan, and South Korea together accounted for 55% of the total active fleet in the region.
The modernization of military forces is a significant aspect of national security for many countries in this region. For instance, in November 2023, the Indian MoD contracted Hindustan Aeronautics Limited to deliver 97 Tejas Light Combat Aircraft (Mark 1A) for the Indian Air Force (IAF). The Tejas Mk-1A Light Combat Aircraft is an indigenously designed and manufactured fourth-generation fighter equipped with AESA Radar, EW suite consisting of radar warning and self-protection jamming, Digital Map Generator (DMG), Smart Multi-function Displays (SMFD), Combined Interrogator and Transponder (CIT), advanced radio altimeter, and other advances features.
In October 2023, Japan signed a defense agreement with Britain and Italy to jointly develop a sixth-generation fighter jet. Developments such as these are expected to drive the market's growth during the forecast period.
