The aircraft weapons market is expected to grow a high rate in the coming years. Upsurge in terrorist attacks, increase in the defense investment and modernization of the military equipment are some of the key factor driving the market for the aircraft weapons market in the coming years.
Based on weapons types, the aircraft weapons market is segmented into air-launched missiles, air-dropped bombs, air-launched torpedoes, air-launched rockets and others. Among various weapons types, in 2016, the air-dropped bombs segment dominated the aircraft weapons market followed by air-launched missiles and anticipated to be the same during the forecast period. Technological advancement is one of the key factor fueling the demand of air-dropped bombs segment in aircraft weapons market during the forecast period.
Based on aircraft type, the aircraft weapons market is segmented into fighter aircraft, bomber aircraft, transport aircraft, helicopters and others. Among various types, in 2016, the fighter aircraft segment dominated the aircraft weapons market and estimated to be the same in the coming years. High defense budget in developed as well as developing countries such as the U.S., the U.K., China and India among others is one of the major factor fueling the demand of fighter aircraft segment in aircraft weapons market.
The Asia-Pacific region is anticipated to be the key growth area for aircraft weapons in the coming years. India, China, Japan, Thailand and South Korea among others has increased their defense budget which in turn expected to fuel the demand of aircraft weapons market in the coming years. Increasing terror attacks in Iraq, Afghanistan, India, Thailand, Russia, and the U.K. are predicted to be the prime driver of the market for smart bullets during the forecast period. The governments of these countries plan to increase their defense budgets, such as India by approx. 6%, China by approx. 7%, and the U.S. by approx. 9%. The ten worst affected countries in 2015 were all in Africa, Asia, and the Middle East, which propelled the market for smart bullets in these regions. In addition, Asia Pacific is anticipated to witness a high CAGR in the next few years.
By geography, the aircraft weapons market has been segmented into five regions namely North America, Asia-Pacific, Europe, Middle East and Africa and Latin America. In 2016, North America is expected to be the major market followed by Asia Pacific. However, in 2025, Asia Pacific will be the major market for aircraft weapons market followed by North America. In addition, Asia Pacific is anticipated to rise at a high CAGR during the forecast period. Countries such as China and India have improved their military budgets which in turn helping aircraft weapons market to boost the region. In 2016, the U.K. hold the largest market share in Europe and estimated to be the same in the coming years. Increase in the terrorist attacks is one of the major factor for increasing the defense budget by the governments of different countries such as the U.K., Germany and France among other which in turn expected to boost the demand of aircraft weapons market in Europe. Saudi Arabia is expected to be the key market in Middle East and Africa. Increase in the involvement in various wars such as Yemeni civil war and cold war with Iran is one of the major factor boosting the demand of aircraft weapons market in the coming years.
The major company in the global aircraft weapons market are General Dynamics Corporation (United States), Lockheed Martin Corporation (United States), Thales Group (France), BAE Systems PLC. (United States), The Raytheon Company (United States), Northrop Grumman Corporation (United States), Boeing Company (United States), Taser International, Inc. (United States) and Harris Corporation (United States) among others.
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