The global light weapons market size was USD 12.61 billion in 2019 and is projected to reach USD 17.33 billion by 2027, exhibiting a CAGR of 4.67% during the forecast period. Light weapons Market generally refer to portable weapons that can be carried and operated by an individual or a small crew. These weapons are commonly used by infantry and special forces in various military and paramilitary operations.
Informational Source:
https://www.fortunebusinessinsights.com/light-weapons-market-103529
Here is a unique piece of information related to Light weapons Market:
Advancements in technology have led to the development of smart features in Light weapons Market. Some modern Light weapons Market are equipped with smart systems that enhance their capabilities. For instance, smart scopes with integrated sensors and computing capabilities can provide real-time ballistic calculations, weather data, and even target tracking. This technology allows for increased accuracy and efficiency in a variety of conditions.
Smart Light weapons Market may also have connectivity features, enabling them to communicate with other weapons or command centers. This interconnectedness can facilitate better coordination among units in the field. Additionally, some smart Light weapons Market may have biometric locks or other security measures to prevent unauthorized use.
The integration of smart technologies into Light weapons Market reflects the ongoing trend of incorporating digital advancements into traditional weaponry, aiming to improve overall performance, reduce collateral damage, and enhance the situational awareness of the user.
Key Companies Covered in Light Weapons Market are:
- ARSENAL (Bulgaria)
- BAE Systems (The U.K)
- FN HERSTAL (Belgium)
- General Dynamics Corporation (The U.S.)
- Heckler & Koch GmbH (Germany)
- Lockheed Martin Corporation (The U.S.)
- Northrop Grumman Corporation (The U.S.)
- Raytheon Technologies Corporation (The U.S.)
- Rheinmetall AG (Germany)
- Saab AB (Sweden)
- Thales Group (France)
The report on the light weapons market reveals:
- Superior analysis of the market
- Notable and vital industry development
- COVID-19 effect on the industry
- Prominent insights into the competitive landscape
Market Driver:
Dwindled Defense Budget to Negatively Influence Market During COVID-19
The defense sector has witnessed a downfall due to the widespread of coronavirus. The growing focus of governments towards healthcare has subsequently limited the supply of weapons and reduced defense expenditure. The halt on allocated contracts owing to the restrictions imposed by the governments to curb the spread of the infection will further impede the market growth. The disruption in the supply chain and pause on production processes will aggravate the growth of the market. Nonetheless, the current border clashes will escalate the demand for light weapons in the forthcoming years, which, in turn, will bode well for the market.
Surging Terrorist Activities to Brighten Business Possibilities
The growing terrorist activities and border disputes will spur demand for the light weapons market in the foreseeable future. The rising conflicts among neighboring countries are expected to provide tremendous opportunities for the market. For instance, the ongoing disputes between China and India. The increasing military modernization programs will have an excellent effect on the market. The surge in the military budget is expected to influence the healthy growth of the market during the forecast period. The enormous R&D investment for lighter and efficient vehicles during combat will enhance the potential of the market in the foreseeable future. The perpetual advancements in weapons such as elevated range of anti-tank missiles, precision-guided firearms, and laser enabled light cannons will spur golden opportunities for the market in the near future.
Regional Analysis:
Presence of Major OEMs to Augment Market in North America
The market size in North America generated a revenue of USD 5.67 billion in 2019 and is expected to remain dominant during the forecast period. The growth in the region is attributed to the growing defense budget in the U.S and Canada. The existing key manufacturers such as General Dynamics Corporation, Northrop Grumman Corporation, and Raytheon Technologies Corporation are expected to drive the market in the region. Asia Pacific is expected to witness a rapid growth rate during the forecast period owing to the rising defense expenditure in emerging nations such as India and China. The growing emphasis on military modernization programs will further aid the expansion of the market in Asia Pacific. The growing border conflicts and political disturbances will spur sales opportunities for the market. Europe is expected to rise tremendously during the forecast period owing to the booming defense sector in Russia, the U.K, Germany, and France.
Important Development:
July 2019: Raytheon Technologies Corporation announced that it has signed a contract with the Taiwan army worth USD 223.6 million to supply 250 Block I-92F MANPAD Stinger missiles and four Block I-92F MANPAD Stinger Fly-to-Buy missi
About Author
