Increasing Demand for Advanced Military Technologies and Increasing Investment in Military and Defense Sector to Augment Growth of Airborne Weapon Delivery Systems Market
There are three major types of airborne weapon delivery
systems in development; Long-range Unmanned Aerial Vehicles (LAV), Short-range
Unmanned Aerial Vehicle (SRAV), and Laser-guided Air Ballistic Missiles (AGM).
There are several programs currently active for each category, including;
Ground-based Air Defense, Air-dropped Firepower Capability (AFFC), and Robotic,
and Unmanned Aerial Vehicle (URAV).
Market Dynamics
Increasing demand for advanced military technologies is
expected to propel growth of the airborne weapon delivery systems market. For
instance, in February 2021, BAE Systems secured a US$ 247 million contract from
the U.S Space Force to deliver advanced military GPS receivers and chips for
the troops.
Increasing investment in the military and defense sector is
expected to offer lucrative growth opportunities for players in the airborne
weapon delivery systems market. For instance, in March 2019, China's Ministry of Finance announced a yearly
budget of US$ 177.5 billion for the defense sector compared to US$ 167.4
billion in 2018. Moreover, increasing in software defined radio systems is also
expected to aid in growth of the market. For instance, in February 2021, India's
Ministry of Defense and Defense Public Sector Undertaking Bharat Electronics
Limited signed a contract for procurement of Software Defined Radio
Tactical.
Among regions, North America is expected to witness
significant growth in the airborne weapon delivery systems market, owing to
increasing investment in airborne platforms. For instance, in November 2020,
BAE Systems was awarded a five-year US$ 94 million single-award indefinite
delivery indefinite quantity contract to deliver advanced technology capability
to the U.S. Navy.
Competitive Analysis
Major players operating in the airborne weapon delivery
systems market are focused on gaining contracts to enhance their market share. For
instance, in February 2021, Cubic Corporation’s Cubic Mission and Performance
Solutions business division received a contract to deliver P5 Combat Training
System pods and auxiliary training hardware in support of the Combat Air Force
Contracted Air Support program.
Major players operating in the airborne weapon delivery systems
market are also focused on adopting various marketing strategies to enhance
their market share. For instance, in February 2021, BAE Systems exhibited its
product portfolio at Aero India’.
Major players operating in the airborne weapon delivery
systems market include, Boeing, BAE Systems, General Dynamics, Elbit Systems,
Cubic Corporation, CMC Electronics, Lockheed Martin, Raytheon, Northrop
Grumman, and Saab.
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