Airborne Weapon Systems Market to Expand at 3.6% CAGR, Hitting US$ 119 Billion by 2032

The airborne weapon systems market was estimated to be worth US$ 80.5 billion in 2021 and is expected to grow by 3.7% year over year to reach US$ 83.6 billion in 2022. Demand is predicted to increase at a 3.6% value CAGR over the assessment period of 2022-2032, most likely reaching US$ 119 billion by the conclusion of the forecast period.

Until 2032, the market for airborne weapon systems is expected to provide an absolute monetary potential of US$ 38.5 billion. Fighter jet airborne weapon system sales are expected to grow at a recorded CAGR of 3.1% from 2015 to 2021. Furthermore, airborne missiles will probably see a 3.8% compound annual growth rate (CAGR) from 2022 to 2032, being the predominant armament choice. During the projection period, North America is expected to maintain its leading position and generate an opportunity valued at US$ 13 billion.

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As per Fact.MR, a market research and competitive intelligence service, the airborne weapon system industry saw a compound annual growth rate (CAGR) of 2.8% between 2015 and 2021. Investments in advancing aerial warfare are growing as nations bolster their military prowess. Among the weapon parts purchased in greater quantities are automated gun fire control systems, missile control systems, multiple weapon release systems, and jettison systems, to mention a few.

Today's governments mostly depend on weaponry that provides a high level of accuracy when fighting. Countries are spending large sums of money on everything from electro-optical weaponry to infrared controlled projectiles and laser guided bombs. Global military spending reportedly increased by more than 2% even amid the pandemic crisis as nations sought to accumulate armaments for any scenario. This improved chances for weapon systems carried in the air.

Key Airborne Weapon System Players

• Safran S.A
• FN Herstal
• Rheinmetall AG
• Boeing
• BAE Systems Plc.
• Saab AB
• Lockheed Martin Corporation
• Raytheon Company
• Ultra-Electronics Holdings
• Airbus SE

Growing Defense and Military Expenditure Worldwide to Promote Adoption

Budgets for the military and defense are increasing dramatically on a global scale. Governments have been forced to build up their military might and armaments by an extremely unstable international political climate and the potential for international conflict. SIPRI reports that military spending increased by 2.6% in 2020 compared to 2019, totaling US $2 trillion. Consequently, the worldwide average of military spending as a percentage of GDP increased to 2.4% in 2020 from 2.2% in 2019.

It is not surprising that demand for high grade airborne weapon systems is expected to expand dramatically in the upcoming years, given these encouraging developments. To make firearms more dangerous, designers are always trying to decrease the weight and size of the weapon while increasing its effective range. Furthermore, there are significant development prospects in the market for technologies including laser-based missile interception systems, anti hypersonic weapon systems, and 4D Active Electronically Scanned Array (AESA) radar.

New Technological Developments Could Help the Market Expand

Significant upheavals have occurred in the worldwide aerospace and defense sector in recent years. Governments are enhancing capabilities by integrating cutting-edge technologies like information warfare, cloud computing, artificial intelligence, cyber security, and robots, among others, with a focus on the accuracy of military weapons. Interest in airborne weapons is mostly driven by innovative advancements in rocketry that enable them to destroy enemy aircraft or helicopters at quicker speeds.

As international conflicts escalate worldwide, countries are assembling arsenals of aerial weaponry to bolster security. Such cutting-edge aerial warfare systems are already being implemented in a number of nations. For example, in July 2021, Elbit Systems Ltd, a defense contractor, and the Israeli Ministry of Defense worked together to create an airborne laser weapon that could bring down drones and other flying targets.

They claimed that this as-yet-unnamed laser weapon could be extremely helpful and could be integrated into the nation's multiple air defense systems, such as the David's Sling and Arrow systems against ballistic missiles and the Iron Dome system for stopping short-range rockets. The ministry, Elbit, and the state-owned Rafael Advanced Defense Systems Ltd. are also developing a ground-based laser weapon with an 8-10 km range that will be operational by 2025 to target airborne threats.

Growth May Be Hindered by Countries' Changing Budget Allocation Priorities

Even if worries about cross-border violence have grown recently, a few of countries have not allocated large sums of money to purchase cutting-edge weapons and increase their total military and defense capabilities. This issue is probably going to make it more difficult for the airborne weapon systems business to expand in the years to come.

In order to fulfill the increasing requirements of their people and to foster growth via investments in human and physical capital, emerging economies have made a concerted effort to devote a higher portion of their budgets to infrastructure, health care, and education since the turn of the twenty-first century. The accomplishment of the Sustainable Development Goals of the United Nations, which calls for a significant rise in government spending on the development of human capital, has taken center stage in recent times.

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Competitive Landscape

Leading producers of airborne weapon systems are keeping an eye on technical advancements to ensure that their clients receive the most exact and accurate weapon system configurations. In order to increase their presence in key regions, businesses are collaborating with governments as the possibility of conflict looms large over the globe.

Key Segments Covered in the Airborne Weapon Systems Market Study

• Airborne Weapon System by Aircraft Type
o Airborne Weapon System for Fighter Jets
o Airborne Weapon System for Helicopters
• Airborne Weapon System by Weapons Type
o Airborne Bombs
o Airborne Guns
o Airborne Rifles
o Airborne Missiles
o Other Airborne Weapons
• Airborne Weapon System by Region
o North America Airborne Weapon System Market
o Europe Airborne Weapon System Market
o Asia Pacific Airborne Weapon System Market
o Latin America Airborne Weapon System Market
o Middle East & Africa Airborne Weapon System Market

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This release was published on openPR.