PORTLAND, Oregon, October 7, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "World Non-Lethal Weapons Market by Product, Technology, Application, and Geography - Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the world non-lethal weapons market is expected to garner $9,656 million by 2022, registering a CAGR of around 8% from 2016 to 2022. Directed energy weapons segment is expected to register the highest growth rate during the forecast period. North America is expected to be the leading region in the global non-lethal weapons market throughout the forecast period.
Summary of the World Non-Lethal Weapons Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/non-lethal-weapons-market
The popularity of non-lethal weapons for handling critical riot situations has significantly increased, owing to factors such as minimal causalities, availability of cost-effective & advanced products, high efficiency to incapacitate targets, and others.
Increasing budgetary expenses in defense sector, proactive research & development initiatives by market players, funding from government organizations, rising incidence of civil unrest, and other factors drive the market growth for non-lethal weapons industry. In addition, the adoption of non-lethal weapons, such as TASER, pepper sprays, and smoke bombs has increased among law enforcement agencies worldwide due to supportive government regulations and availability of low-cost products. Moreover, developments are under pipeline to introduce advanced weapons in directed energy weapons segment. For instance, Governments of U.S., China, and India have taken initiatives to develop advanced active denial systems to control riots. Increased awareness about benefits associated with the use of non-lethal self-defense weapons has fueled the demand for non-lethal weapons among civilians. However, stringent regulation and variations in weapon laws in specific regions limit the growth of non-lethal weapons industry.
In 2015, explosives, gases, and sprays accounted for maximum revenue shares in the overall non-lethal weapons market size due to their high demand, and availability of low-cost products. The latest developments in this segment are expected to boost the non-lethal weapons market growth. For instance, in July 2014, General Dynamics Corporation launched a 66-mm grenade system, Medusa and flashbang grenades. In 2014, Edgewood Chemical and Biological Center (ECBC) tested the first-of-its-kind multicolored smoke bombs used for signaling by the U.S. army. In addition, in 2015, the directed energy weapons segment was the fastest growing segment, and is projected to grow at a CAGR of around 9% during the forecast period due to increasing scope of applications and technological advancements in this sector.
The chemical non-lethal weapons segment dominated the global market in 2015. Furthermore, acoustic non-lethal weapons segment is anticipated to grow at a CAGR of over 9% during the forecast period due to increasing military expenditures, inclination towards mass crowd repellent weapons, and continuous technological improvements in product features.
In 2015, law enforcement agencies segment generated the highest revenue in the global market, followed by the military segment. Moreover, personal application segment is projected to grow at the fastest CAGR of over 8% during the forecast period due to factors such as increased number of violent crimes & homicide rates, increased awareness about personal safety and availability of low cost products.
"Asia-Pacific is projected to be the fastest growing non-lethal weapon markets during the forecast period due to strong economic growth, increasing military expenditure, rapid industrial development, and growing civil unrest situations in countries including India, Japan, and China," states lead analysts, Pankaj Lanjudkar, ICT & Media Research, AMR. North America accounted for majority of the global market share in 2015, and is expected to maintain its dominance during the forecast period. Introduction of advanced non-lethal weapons technologies, such as active denial systems, coupled with increased awareness among consumers is expected to boost sales in this region.
Key findings of the study
- In 2015, explosives, gases, and sprays segment dominated the overall non-lethal weapons market in terms of revenue, and is projected to grow at a CAGR of around 7% during the forecast period.
- Acoustic non-lethal weapons segment is expected to grow at a remarkable CAGR of over 9% from 2016 to 2022.
- Directed energy weapons segment is projected to grow at the highest CAGR of 9% during the forecast period.
- Law enforcement agencies segment is projected to generate the highest revenue in the market during the forecast period.
- In 2015, North America generated the highest revenue among all regions in the world non-lethal weapons market.
General Dynamics Corporation, TASER International, Inc., LRAD Corporation, and Chemring Group PLC. are some of the prominent players in the market. Market players have focused on technological advancements of products, and partnerships & acquisitions for expansion in the market. For instance, in January 2016, Taser International, Inc. announced the launch of its latest non-lethal self-defense weapon, TASER Pulse, for personalized application segment to expand its customer base and increase product offerings in non-lethal weapons market. In April 2016, Safariland, LLC announced its partnership with ECM Technologies to expand its presence in South Africa.
Summary of similar reports can be viewed at https://www.alliedmarketresearch.com/aerospace-&-defence-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research