Global Aircraft Weapons Market - Global Analysis, Forecast and Trends (2018 - 2023)
The high budget spending has provided impetus to the aircraft weapons market growth. Globally, USD 1,756 billion is being spent for defense products and solutions up-gradation, of which the US alone accounts for USD 721.03 billion: the highest military expenditure made among other nations. Based on aircraft weapons types, the aircraft weapons market is primarily classified into air-dropped bombs, air-launched rocket, air-launched missiles, and air-launched torpedoes amongst others.
Increasing militarization and push towards better accuracy at reduced cost of military equipment are the main factors fuelling the growth of the global aircraft weapons market. The increasing threat of terrorists has resulted in greater need for high accuracy in weapons that can be used for focused attacks. Need for defense capabilities in aircraft transporting high-value cargo has also helped in the growth of the market. Increase in international border disputes and race for regional supremacy has also helped in the expansion of the aircraft weapons market.
Based on the type of weapon, the market can be segmented into air to air weapons, air to ground weapons, aircraft missiles, aircraft guns, aircraft ammunition, etc.
Growing Demand for Aircraft Weapons Market
Technological advancement is one of the key factors fueling the demand of air-dropped bombs in the aircraft weapons market.
New generation aircraft weapons are designed to be highly accurate and easily controllable by the pilot. These weapons can be used for both offense and defense and can be used to arm different aircraft like combat helicopters, fighter jets, VIP transportation aircraft, and military transport aircraft. Greater computer control is utilized in these weapons in order to reduce human error. High levels of militarization and modernization of military equipment are the primary growth factors of the market.
Key players include -LOCKHEED MARTIN CORPORATION, BAE SYSTEMS, RAYTHEON, GENERAL DYNAMICS CORPORATION, amongst others.
Key Developments in the Market
December 2017 - In a milestone series of three tests in June, the destroyer U.S.S. John Paul Jones used Standard Missile-6 interceptors to destroy cruise missile targets flying 'over the horizon' -- part of a Navy exercise that utilized a networked system of sensors, aircraft, and ship-borne weapons.
March 2018 - Saudi Arabia agrees to buy more Typhoon Combat Jets. The deal for 48 Eurofighters from BAE Systems has been years in the making and follows the purchase of 72 jets in 2007.
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