LONDON, Feb. 28, 2017 /PRNewswire/ -- The global small arms light weapons market is expected to reach USD 25.76 billion by 2024, according to a new report by Grand View Research, Inc. The increasing issues on human rights and safety and security are expected to drive the demand. The increasing effects of urban warfare along with increasing terrorism incidents have also led to the development of the small arms light weapons across various regions. An increase in the urban warfare along with increased terrorist activity is anticipated to propel the market growth. The development of light-weight weapons for further enhancement of defense system is an ongoing trend in the developed countries.
Increasing criminal activities and human rights violations have resulted in the increased efforts for the technology advancements and modernization of the weapons utilized by law enforcement. The Combat Development and Integration Command's Fires and Maneuver Integration Division of marines introduced the small arms modernization strategy which is expected to focus on updating and developing the current weapons in short-term and futuristic systems that could hit the fleet in the 2020s.
The governments of various countries are also investing their resources for the development of highly sophisticated weapon accessories such as night vision devices, laser rangefinders, weapon sights, aiming lasers, and fire control systems. High investment in the defense Research & Development (R&D) for shoulder –wired weapons made for developing a highly robust, reliable, and durable weapons system has also catapulted the demand for light weapons in military applications. The limited defense budget to boost the development of defense system is expected to hinder the market growth.
Further key findings from the study suggest:
In 2015, light weapons market accounted for over 60% of the overall market share and is also expected to significantly growth over the forecast period. The implementation of modernization programs for police and the military forces is expected to drive the growth.
Rifles in small arms segment are expected to witness a significant growth at a CAGR of over 20% over the forecast period. The increasing interest of civilians in the shooting sports is expected to be the reason for growth.
Grenade and grenade launchers are expected to witness enormous growth in the light weapons segment owing to increased stress between countries and increased development of grenade launchers
The military application segment is anticipated to witness substantial growth and is estimated to reach over USD 13.0 billion by 2024. The widespread geographic presence of terrorism and human rights violation had led to the increased demand of light weapons market. Increased violation of civilians rights and law enforcement regulations have also triggered its growth.
The Asia Pacific SALW market is anticipated to grow at a CAGR of over 25% over the forecast period. Increasing technology and economic developments in the emerging countries such as China and India with their cross-border disputes has contributed to the growth.
Notable companies operating in the SALW market include Raytheon, Berette S.p.A., GLOCK Ges m.b.H., and FN Herstal SA
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