As cited by the research report titled ‘Global Weapons Carriage & Release System Market by Platform (Fighter Aircraft, Combat Support Aircraft, Helicopters, UAVs), Weapon Type (Missiles, Bombs, Rockets, Torpedoes), Systems Component (Carriage System, Release System), End Use (OEM, Aftermarket), Regional Forecasts 2021-2027’, available with Market Study Report, global weapons carriage & release system market was worth USD 0.47 billion in 2020 and is projected to grow with a CAGR of 3.1% to accumulate USD 0.59 billion over the forecast period 2021-2027.
 

Rising demand for unmanned aerial vehicles and increasing aircraft fleets around the world are the major factors driving global weapons carriage & release system market growth.
 

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For instance, in September 2019, The Boeing Company was given a contract worth USD 11.4 million to start Phase 1 design maturity, analysis, and test planning for the AGM-84 SLAM-ER, which is a precision-guided, air-launched cruise missile. Many aircrafts, including F/A-18 Super Hornet, F/A-18 Hornet, F-15E Strike Eagle, and P-3C Orion, can fire the AGM-84 SLAM-ER.
 

Additionally, advancing technologies & platforms have changed the fighting plans of countries like Russia, the U.S., and China, as these countries have shifted their focus towards developing complex & powerful weaponry capable of causing huge destruction and gaining a strategic advantage in the armed standoff scenario, hence creating opportunities for the businesses in this domain.
 

For the record, defense aircrafts are built & designed as a complete integrated weapons system for airborne weapons. The missile system is connected to the aircraft's radio detection and range system, along with other weapons, like bomb release systems. Thousands of aircrafts depend on weapon carrying & release technologies to accurately deliver their mission payloads. The system is capable of safely transporting & releasing air-to-ground missiles.
 

The report cites that, reducing defense budgets due to economic slowdown is likely to restrain the market progression over the forecast duration.
 

Based on platform, global weapons carriage & release system industry is segmented into fighter aircraft, helicopters, combat support aircraft, and UAVs among others. Considering weapon type, the marketplace is divided into missiles, rockets, bombs, and torpedoes. On the basis of systems component, the business space is categorized into carriage system, and release system. Speaking of end use range, the industry space is fragmented into OEM, and aftermarket.
 

Geographically, North America is anticipated to amass considerable market share by 2027, as the U.S. has one of the most innovative fleet of aerial combat platforms and is continuously advancing its existing fleets. Moreover, with presence of major producers & integrators of weapons carriage & release systems, the country is a significant exporter and user of such equipment around the world.
 

Prominent players influencing the worldwide weapons carriage & release system market trends are Raytheon Company, RUAG Holding, Moog Inc., RAFAUT Group, Marotta Controls Inc., Ultra Electronics Holdings, Harris Corporation, Systima Technologies Inc., Ferra Engineering Pty Ltd., and Marvin Group.